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Exam 5: Accounting Systems

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Question 1

Multiple Choice

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Subsidiary ledgers

A) are used only for Accounts Payable and Accounts Receivable
B) may be used for various ledger accounts
C) may be used for only for the Cash account
D) are never used for more than four accounts

E) None of the above
F) C) and D)

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Question 2

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Posting from a revenue journal to the customer account is normally done only at the end of the month.

A) True
B) False

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Question 3

Multiple Choice

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

For each of the following business, 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

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.

Computerized accounting systems prevent all journalizing errors.

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

The Other Accounts column in the Cash Receipts journal is used for recording debits to any account for which there is no special debit column.

If a two lists (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, select the journal in which each of the following transactions should be recorded:

A purchase of supplies for cash is recorded in the

What is meant by the term B2C?

Briefly describe the three-step process of accounting system development.

Businesses must implement controls to help guide the behavior of their employees toward business objectives.

Johnson Corporation provided revenue disclosures for 2009 by its major product segments in the notes to its financial statements as follows: Prepare a vertical analysis.

Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage, food, and retail items. The accountant has implemented a purchases journal. Which of the following columns should be included in the new purchases journal?

The basic procedure of posting from a revenue journal is to make all postings at the end of the month.

A purchase of supplies on account is recorded in the

In which journal is the receipt of a promissory note from a customer on account recorded?

Which of the following is not an element of internal controls?

The following is an example of: