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Exam 5: Accounting Systems

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Question 1

Multiple Choice

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

A) Transactions are recorded and posted at the same time.
B) Accuracy is usually better with a computerized system.
C) Current balances are always available.
D) Internal controls are optional to the computerized system.

E) None of the above
F) A) and B)

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Question 2

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Payton Company has the following segment revenues for the two most recent fiscal years.​​ Prepare a vertical analysis of the segment data.Round to one decimal place.​

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Question 3

Multiple Choice

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In which journal is the return of supplies purchased on account recorded?

The primary ledger containing all the balance sheet and income statement accounts is the

Mickey Co.does business in three regional segments: West,East,and Central.The following information is available:​​ Prepare a horizontal analysis of the segment data.Round percentages to two decimal places.

The following cash receipts journal headings have been suggested for Tower Tree-Trimming Service Company.What problems do you see with these headings?

A cash purchase of supplies should be recorded in the

Most accounting systems evolve as the business grows and requires changes in its methods for collecting,accumulating,and reporting information.

Two transactions were posted to the following supplier's (creditor's)account:NAME: Xample,Inc.Address: 567 Harrison Blvd.​ Describe each transaction and the source of each posting.

Every controlling account must have its own

Generally,subsidiary ledgers are used for general ledger accounts that consist of a large number of individual items.

Processing methods

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

Match the following types of journal transactions with the journal in which they would be entered. -Sale on account

Two transactions were posted to the following customer account.NAME: Boogie Board Water WearADDRESS: 2340 Xtreme Surf​ Describe each transaction and the source of each posting.

Davidson,Inc.incurred the following transactions during the month of January.Record the appropriate ones in the cash receipts journal.If a transaction should not be recorded in the cash receipts journal,indicate where it should be posted.​

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. -Received a check from a customer for payment on account

Computerized accounting systems

Computerized accounting systems

In computerized accounting systems,reports may be generated at any time.