Question 1

The five fundamental principles of accounting information systems are:

Accepted Answer

A)  Control,accountability,relevance,compatibility,and flexibility.
B)  Historical cost,relevance,compatibility,flexibility,and cost-benefit.
C)  Control,relevance,compatibility,flexibility,and safety.
D)  Historical cost,relevance,compatibility,timeliness,and cost-benefit.
E)  Control,relevance,compatibility,flexibility,and cost-benefit.F) C) and D)
G) A) and E)

Question 2

The process of adding the Debit column totals,then the credit column totals of a journal and comparing the two sums for equality is an example of:

Accepted Answer

A)  Crossfooting.
B)  Footing.
C)  Journalizing.
D)  Posting.
E)  Reconciling.F) C) and D)
G) B) and E)

Question 3

Examples of other subsidiary ledgers besides those for accounts receivable and accounts payable may include all of the following except:

Accepted Answer

A)  Equipment.
B)  Cash.
C)  Payroll.
D)  Inventory.
E)  Investments.F) A) and E)
G) B) and E)

Question 4

A company sells merchandise on credit for $6,000.The merchandise cost is $3,400.The journal that the transaction would be recorded in is the:

Accepted Answer

A)  Cash disbursements journal.
B)  Sales journal.
C)  Cash receipts journal.
D)  Purchases journal.
E)  General journal.F) A) and B)
G) A) and E)

Question 5

_____________________ are the part of the accounting information system that interprets,transforms,and summarizes information for use in analysis and reporting.

Accepted Answer

Informatio...

Question 6

The control principle for accounting information systems requires that the:

Accepted Answer

A)  Benefits from an activity outweigh the costs of the activity.
B)  System report useful,understandable,timely,and pertinent information for effective decision making.
C)  System must have methods and procedures allowing managers to control and monitor business activities.
D)  System be able to adjust to changes in the company,business environment,and needs of decision makers.
E)  System conforms to a company's activities,personnel,and structure.F) A) and B)
G) B) and D)

Question 7

Maxie's Game World sold games to a customer on credit for $2,600,terms 1/10,n/30 and the cost of the games was $1,700.When recording the collection from the customer made within the discount period,in its cash receipts journal,Maxie's would enter:

Accepted Answer

A)  $2,600 in the Cash Dr.column and $2,600 in the Accounts Receivable Cr.column.
B)  $2,574 in the Cash Dr.column and $2,574 in the Accounts Receivable Cr.column.
C)  $2,574 in the Cash Dr.column,$26 in the Sales Discount Dr.column and $2,600 in the Accounts Receivable Cr.column.
D)  $2,600 in the Accounts Receivable Dr./Sales Cr.column and $2,600 in the Cash Cr.column.
E)  $2,600 in the Cash Dr.column.$2,600 in the Sales Cr.column,and $1,700 in the Cost of Goods Sold Dr./Inventory Cr.column.F) A) and B)
G) B) and E)

Question 8

Chandler Company purchased merchandise on credit from Lighting Supply for $5,600.Chandler would record this sale in the:

Accepted Answer

A)  General journal.
B)  Cash receipts journal.
C)  Cash disbursements journal.
D)  Purchases journal.
E)  Accounts Payable controlling account.F) A) and E)
G) C) and D)

Question 9

____________________________________ refers to the programs that help managers direct a company's vital operations.

Accepted Answer

Enterprise...

Question 10

A company borrowed $80,000 from a bank by signing a long-term note payable.The journal the transaction would be recorded in is the.

Accepted Answer

A)  Cash disbursements journal.
B)  Sales journal.
C)  Cash receipts journal.
D)  Purchases journal.
E)  General journal.F) B) and D)
G) D) and E)

Question 11

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Accepted Answer

accounts r...

Question 12

Information processors are systems that:

Accepted Answer

A)  Keep data in an accessible form.
B)  Interpret,transform,and summarize information for use in analysis and reporting.
C)  Eliminate the need for professional judgment due to their accuracy.
D)  Are the means to make information available to users.
E)  Capture information from source documents.F) All of the above
G) A) and B)

Exam 7: Accounting Information Systems

The control principle for accounting information systems requires that the:

Correct Answer
verified

The process of adding the Debit column totals,then the credit column totals of a journal and comparing the two sums for equality is an example of:

Correct Answer
verified

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Correct Answer
verified
accounts r...
View Answer

____________________________________ refers to the programs that help managers direct a company's vital operations.

Correct Answer
verified
Enterprise...
View Answer

Examples of other subsidiary ledgers besides those for accounts receivable and accounts payable may include all of the following except:

Correct Answer
verified

A company borrowed $80,000 from a bank by signing a long-term note payable.The journal the transaction would be recorded in is the.

Correct Answer
verified

The five fundamental principles of accounting information systems are:

Correct Answer
verified

_____________________ are the part of the accounting information system that interprets,transforms,and summarizes information for use in analysis and reporting.

Correct Answer
verified
Informatio...
View Answer

Maxie's Game World sold games to a customer on credit for $2,600,terms 1/10,n/30 and the cost of the games was $1,700.When recording the collection from the customer made within the discount period,in its cash receipts journal,Maxie's would enter:

Correct Answer
verified

Chandler Company purchased merchandise on credit from Lighting Supply for $5,600.Chandler would record this sale in the:

Correct Answer
verified

A company sells merchandise on credit for $6,000.The merchandise cost is $3,400.The journal that the transaction would be recorded in is the:

Correct Answer
verified

Information processors are systems that:

Correct Answer
verified

Exam 7: Accounting Information Systems

The control principle for accounting information systems requires that the:

Correct AnswerverifiedShow Answer

The process of adding the Debit column totals,then the credit column totals of a journal and comparing the two sums for equality is an example of:

Correct AnswerverifiedShow Answer

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Correct Answerverifiedaccounts r...View AnswerShow Answer

____________________________________ refers to the programs that help managers direct a company's vital operations.

Correct AnswerverifiedEnterprise...View AnswerShow Answer

Examples of other subsidiary ledgers besides those for accounts receivable and accounts payable may include all of the following except:

Correct AnswerverifiedShow Answer

A company borrowed $80,000 from a bank by signing a long-term note payable.The journal the transaction would be recorded in is the.

Correct AnswerverifiedShow Answer

The five fundamental principles of accounting information systems are:

Correct AnswerverifiedShow Answer

_____________________ are the part of the accounting information system that interprets,transforms,and summarizes information for use in analysis and reporting.

Correct AnswerverifiedInformatio...View AnswerShow Answer

Maxie's Game World sold games to a customer on credit for $2,600,terms 1/10,n/30 and the cost of the games was $1,700.When recording the collection from the customer made within the discount period,in its cash receipts journal,Maxie's would enter:

Correct AnswerverifiedShow Answer

Chandler Company purchased merchandise on credit from Lighting Supply for $5,600.Chandler would record this sale in the:

Correct AnswerverifiedShow Answer

A company sells merchandise on credit for $6,000.The merchandise cost is $3,400.The journal that the transaction would be recorded in is the:

Correct AnswerverifiedShow Answer

Information processors are systems that:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
accounts r...
View Answer

Correct Answer
verified
Enterprise...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Informatio...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified