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Exam 5: Accounting Systems

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Question 71

True/False

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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.

A) True
B) False

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Question 72

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The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.

A) True
B) False

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Question 73

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The revenue journal is to make it more efficient to record sales transactions made for cash.

Morgan Company has the following segment revenues for fiscal 2011 and 2010. Prepare a vertical analysis of the segment data.

When a large number of individual accounts with a common characteristic are grouped together, accounting calls this a controlling account.

Morgan Company has the following segment revenues for fiscal 2014 and 2013. Prepare a horizontal analysis of the segment data using 2013 as the base year.

Which of the following is always recorded in the general journal?

What is meant by the term B2C?

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

Read each transaction and identify the appropriate journal that it should be recorded in; 1. Owner withdrew supplies 2. Sale made on account 3. Payment to vendor on account 4. Payment received from customer on account 5. Purchases on account 6. Adjusting journal entry for supplies used 7. Owner withdrew cash 8. Company borrows money from bank 9. Record monthly depreciation 10. Close revenue accounts at month end

Which of the following is true about the revenue journal?

Match the following types of journal transactions with the journal in which it would be entered.

The following cash receipts headings have been suggested for Tower Tree-Trimming Service Company. Which of the following statements is false?

The total on the "Cash Receipts" report at January 31 should equal

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 South region. Round to one decimal place.

When posting a column total in the purchases journal, a credit should be posted to

Select the correct subsidiary ledger and appropriate posting for each of the following customer and creditor activities.

A Cash Payments journal would not include a

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.

Which of the following could not be considered a business segment?