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Exam 5: Accounting Systems

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Question 61

True/False

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Systems analysis is the final phase in the creation or revision of an accounting system.

A) True
B) False

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Question 62

Multiple Choice

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Snelling Company does business in two regional segments: North and South.The following annual revenue information was determined from the accounting system's invoice data:Using horizontal analysis,determine the percentage change in revenues for the South region.Round to one decimal place.

A) 18.2%
B) 84.6%
C) (18.2) %
D) 15.4%

E) B) and C)
F) A) and B)

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Question 63

Multiple Choice

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A cash investment made by the owner should be recorded in the

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. -Issued check for rent

Match the transactions below with the journal or ledger in which it would be entered. -Record purchase on account from vendor

The methods and procedures for collecting,classifying,summarizing,and reporting a business's financial and operating information are called the accounting system.

The total on the "Cash Receipts" report generated by QuickBooks^® software at January 31 would be equal to the

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

The Internet creates opportunities for improving the speed and efficiency of transactions.Name and describe three key areas besides e-commerce where the Internet is being used for business purposes.

For each of the following businesses,explain how a revenue journal might be modified for the specific business. 1.Jon's Auto Repair Business 2.Esquire Movie Theater 3.Beach Hut Snack Bar,Restaurant,and Lounge

Which of the following transactions is recorded in the revenue journal?

Define and describe an accounting system.

Match the transactions below with the journal or ledger in which it would be entered. -Record payment made to vendor

Match the following types of journal transactions with the journal in which they would be entered. -Payment for supplies bought on account

The posting references in the following purchases journal are indicated by letters.Identify each posting reference [ (a)through (i)] as representing (1)a posting to a general ledger account, (2)a posting to a subsidiary ledger account,or (3)that no posting is required.​

Specialized journals are books of original entry.

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

The format and number of specialized journals that a business uses depend upon the legal organization of the business.

A purchase of supplies on account is recorded in the

Match each subsidiary ledger and general ledger posting to one of the descriptions of activities (a−e) . -Accounts receivable subsidiary ledger/Accounts Receivable Dr.