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The sales journal is used for recording:


A) Credit purchases
B) Credit sales
C) Cash sales
D) Cash purchases
E) All Sales

F) C) and D)
G) C) and E)

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Outdoors Unlimited uses special journals to record its daily transactions. They use the perpetual inventory system. Shown below is its cash receipts journal and selected ledger accounts. Post the cash receipts journal to the appropriate ledger accounts.

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Equipment, inventory, and investments can each have its own subsidiary ledger.

A) True
B) False

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After posting is completed, there may be an error if:


A) The sum of the customer account balances does not equal the total in the sales journal.
B) The sum of the accounts receivable ledger does not equal the balance in the Sales account.
C) The sum of the customer account balances does not equal the Accounts Receivable controlling account balance.
D) The balance in the sales journal does not equal the Accounts Receivable account balance.
E) The sum of the accounts receivable ledger does not equal the balance in the sales journal.

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

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What are the five basic components of accounting information systems?

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The five basic components of a...

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List the five basic principles of accounting information systems.

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Accounting information systems...

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With online systems, all information storage should be off-line to protect the data.

A) True
B) False

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Accounting information systems collect and process data from transactions and events, organize them in useful forms and communicate results to decision makers.

A) True
B) False

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Assume that a company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. A sales return for credit on account would be recorded in the:


A) Sales journal
B) General journal
C) Cash receipts journal
D) Accounts receivable ledger
E) Cash disbursements journal

F) C) and D)
G) A) and B)

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__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily, weekly, or monthly.

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A __________________ journal is used to record and post transactions of similar type.

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Segment information is often useful to investors for evaluating a company's profitability, risk, and growth.

A) True
B) False

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The five basic principles of accounting information systems are control, competency, compatibility, flexibility, and cost-benefit.

A) True
B) False

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Off-the-shelf accounting software is not adequate to meet the needs of small businesses.

A) True
B) False

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A company uses a cash receipts journal (periodic system) as shown below: A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E) How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30.


A) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)
B) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)
C) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)
D) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)
E) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)

F) None of the above
G) All of the above

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Information processors:


A) Include information storage.
B) Interpret, transform, and summarize information for use in analysis and reporting.
C) Are components of an accounting system that keep data in accessible form.
D) Are the means to take information out of an accounting system and make it available to users.
E) Include scanners.

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

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The segment return on assets:


A) Can only be determined for international companies.
B) Is a measure of the profitability of a segment.
C) Is difficult to calculate because companies with traded stock are not required to report segment information.
D) Is calculated as segment average assets divided by segment operating income.
E) Is calculated as segment sales divided by segment average assets.

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

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Information storage:


A) Eliminates the need for professional judgment.
B) Keeps data in a form accessible to information processors.
C) Provides the basic information processed by an accounting system.
D) Captures information from source documents.
E) Is always in electronic format.

F) B) and E)
G) All of the above

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A list of all the accounts in the accounts receivable ledger with their balances and the total is a(n) :


A) Chart of accounts
B) Controlling account
C) Schedule of accounts receivable
D) Subsidiary ledger
E) Special journal

F) C) and D)
G) All of the above

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A subsidiary ledger:


A) Includes transactions not covered by special journals.
B) Is a listing of all of the accounts of a business.
C) Is a listing of individual accounts with a common characteristic.
D) Is also called a general ledger.
E) Is also called a special journal.

F) A) and D)
G) A) and C)

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