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Exam 5: Accounting Systems

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Question 31

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For each of the following businesses, explain how a purchase journal might be modified for the specific business. 1. North County Medical Center 2. Tri-County Farms, Inc. 3. Prescott's Quick Lube and Tire Store

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The purchases journal for North County M...

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Question 32

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

A) sale of excess office equipment for cash
B) rendering services for cash
C) rendering services on account
D) sale of excess office equipment on account

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

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Question 33

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Using the Internet to perform business transactions is called e-commerce.

The subsidiary ledger that includes customer account activity is called the

Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them in the Cash Payments Journal as appropriate.

The accounts included on specialized journals should not be customized for a businesses particular activities.

Identify the three main advantages of a computerized accounting system over a manual accounting system.

Specialized journals are books of original entry.

Month-end posting to controlling accounts in a computerized accounting system is not required because

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

A personal withdrawal of cash is recorded in the general journal.

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

When a sale for $1,350 takes place, with a $250 deposit having been received in advance, only the $1,100 on account is recorded into the Revenue journal.

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Banner Computer Services, Inc. Address: 890 Novice Lane Describe each transaction and the source of each posting.

An adjustment resulting from a creditor charging too much for merchandise would be recorded in the:

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

Which of the following is recorded in the cash receipts journal?

Accounting systems evolve through a three-step process: analysis, design and feedback.

If the individual subsidiary ledger accounts of Accounts Receivable and Accounts Payable contained the following data: Cadence Company - Vendor - $250 credit balance Franklin Enterprises - Customer - $750 debit balance Marcelo Construction - Client - $125 - debit balance Peyton Supplies - Supplier - $375 - credit balance The Accounts Receivable (A/R) controlling account and the Accounts Payable (A/P) controlling account balances would be:

When specialized journals are used, the general journal is necessary.