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Exam 5: Accounting Systems

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Question 91

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The customers ledger and the creditors ledger refer to subsidiary ledgers.

A) True
B) False

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Question 92

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$\text { Match each subsidiary ledger and general ledger posting to one of the descriptions of activities } ( a - e ) \text {. }$ -Accounts receivable subsidiary ledger/Accounts Receivable Cr. a. Purchases on account b. Collections from customers on account c. Adjustment for expired insurance d. Payments to creditors on account e. Sales on account

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Question 93

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Segment data

The means by which the accounting system collects, summarizes, and reports accounting information is called information

The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR), cash payments (CP), revenue (R), purchases (P), and general (G). Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. a. CR, no subsidiary posting b. CP, no subsidiary posting c. $R$ , no subsidiary posting d. P, no subsidiary posting e. $G$ , no subsidiary posting f. CR, subsidiary posting g. CP, subsidiary posting h. R, subsidiary posting i. P, subsidiary posting j. G, subsidiary posting -Recorded the adjustment for supplies used during the month

What is meant by the term B2C?

The following is an example of ​

$\text { Match the transactions below with the journal or ledger in which it would be entered. }$ -Collection on account

Which of the following is not part of a three-step process that a growing business uses for the evolution of its accounting system?

Subsidiary ledgers

Connie and Jill operate Reardon's Bakery which has the following segment revenues for the most recent two fiscal years. Prepare a vertical analysis. Round percentages to two decimal places.?? $\begin{array} { | l | r | r | } \hline \text { Segment } & \begin{array} { c } \text { Current Year } \\\text { (in thousands) }\end{array} & \begin{array} { c } \text { Prior Year } \\\text { (in thousands) }\end{array} \\\hline \text { Cakes } & \$ 691,000 & \$ 662,000 \\\hline \text { Cupcakes } & 512,000 & 550,000 \\\hline \text { Desserts } & 417,000 & 468,000 \\\hline \text { Beverages } & \underline{ 875,000 } &\underline{ 815,000 } \\\hline{ \text { Total revenues } } & \mathbf { \$ 2 , 4 9 5 , 0 0 0 } & \mathbf { \$ 2 , 4 9 5 , 0 0 0 } \\\hline\end{array}$

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

Even when special journals are used, purchases of store equipment on account are recorded in the general journal.

$\text { Match each subsidiary ledger and general ledger posting to one of the descriptions of activities } ( a - e ) \text {. }$ -Accounts payable subsidiary ledger/Accounts Payable Dr. a. Purchases on account b. Collections from customers on account c. Adjustment for expired insurance d. Payments to creditors on account e. Sales on account

The Post. Ref. column of the revenue journal will reference the account number of the customer.

Which of the following is not an advantage of a computerized system over a manual system?

One way to report revenue earned by a company is to present it by the different segments of business.

A withdrawal of cash made by the owner will be found in the

Which of the following is true about the revenue journal?