Question 1

The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled

Accepted Answer

A)   Purchases
B)   Accounts Payable
C)   Fees Earned
D)   Accounts ReceivableE) B) and C)
F) A) and D)

Question 2

Adjusting journal entries are recorded in a special journal.

Accepted Answer

A) True 
 B)False

Question 3

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.

Accepted Answer

1. Supply chain management (SCM) - Inter...

Question 4

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

Accepted Answer

A)   Revenue journal
B)   Cash Receipts journal
C)   General journal
D)   Purchases journalE) B) and C)
F) A) and B)

Question 5

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

Accepted Answer

A)   General journal
B)   Cash Receipts journal
C)   Cash Payments journal
D)   Purchases journalE) A) and B)
F) None of the above

Question 6

The presence of a subsidiary ledger requires the presence of a summarizing controlling account.

Accepted Answer

A) True 
 B)False

Question 7

A controlling account is used to record the details of the individual accounts.

Accepted Answer

A) True 
 B)False

Question 8

A cash refund paid to a customer who overpaid an account receivable is recorded in the cash payments journal.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Which of the following accounts normally has a subsidiary ledger?

Accepted Answer

A)   capital stock
B)   retained earnings
C)   supplies
D)   accounts payableE) C) and D)
F) B) and C)

Question 11

An "Accounts Receivable Subsidiary Ledger" report shows

Accepted Answer

A)   revenues by customer for a specified date range.
B)   cash receipts by customer for a specified date range.
C)   cash payments to creditors for a specific date range.
D)   sales by customer as of a specific date.E) A) and D)
F) All of the above

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

After an accounting system has been set up, what is the next step?

Accepted Answer

A)   Analysis
B)   Feedback
C)   Implementation
D)   Internal controlsE) C) and D)
F) None of the above

Question 14

Define and describe an accounting system.

Accepted Answer

An accounting system is the methods and ...

Question 15

Purchase journals will have an Other Accounts Cr. column.

Accepted Answer

A) True 
 B)False

Question 16

Describe and discuss e-commerce.

Accepted Answer

E-commerce is the term for using the Int...

Question 17

In which journal would an adjustment for an overcharge by a creditor be recorded?

Accepted Answer

A)   General journal
B)   Purchases journal
C)   Cash Payments journal
D)   Cash Receipts journalE) All of the above
F) C) and D)

Question 18

Which of the following is not one of the three phases needed when changing an accounting system, either in its entirety or in part?

Accepted Answer

A)   analysis
B)   design
C)   review
D)   implementationE) A) and B)
F) B) and D)

Question 19

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

Accepted Answer

A)   cash receipts journal
B)   purchases journal
C)   cash payments journal
D)   revenue journalE) None of the above
F) B) and C)

Question 20

Sales of office supplies for cash, at cost, to a neighboring business as an accommodation, are recorded in the revenue journal.

Accepted Answer

A) True 
 B)False

Exam 5: Accounting Systems

Sales of office supplies for cash, at cost, to a neighboring business as an accommodation, are recorded in the revenue journal.

Correct AnswerverifiedShow Answer

The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In which journal would an adjustment for an overcharge by a creditor be recorded?

Correct AnswerverifiedShow Answer

An "Accounts Receivable Subsidiary Ledger" report shows

Correct AnswerverifiedShow Answer

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.

Correct Answerverified1. Supply chain management (SCM) - Inter...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Purchase journals will have an Other Accounts Cr. column.

Correct AnswerverifiedShow Answer

A cash refund paid to a customer who overpaid an account receivable is recorded in the cash payments journal.

Correct AnswerverifiedShow Answer

Define and describe an accounting system.

Correct AnswerverifiedAn accounting system is the methods and ...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

A controlling account is used to record the details of the individual accounts.

Correct AnswerverifiedShow Answer

After an accounting system has been set up, what is the next step?

Correct AnswerverifiedShow Answer

Adjusting journal entries are recorded in a special journal.

Correct AnswerverifiedShow Answer

The presence of a subsidiary ledger requires the presence of a summarizing controlling account.

Correct AnswerverifiedShow Answer

Which of the following is not one of the three phases needed when changing an accounting system, either in its entirety or in part?

Correct AnswerverifiedShow Answer

Describe and discuss e-commerce.

Correct AnswerverifiedE-commerce is the term for using the Int...View AnswerShow Answer

Which of the following accounts normally has a subsidiary ledger?

Correct AnswerverifiedShow Answer

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1. Supply chain management (SCM) - Inter...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
An accounting system is the methods and ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
E-commerce is the term for using the Int...
View Answer

Correct Answer
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