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Exam 7: Accounting Information Systems

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Question 1

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Subsidiary ledgers do all of the following except:

A) Remove excessive detail from the general ledger.
B) Provide up-to-date information on customer or other specific account balances.
C) Aid in error identification for individual accounts.
D) Help with division of labor (recordkeeping tasks) .
E) Eliminate the need for individual postings to the customer or supplier accounts.

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

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Question 2

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The following information is available for Bosc, Inc. (all amounts are in millions): a. Determine the segment return on assets for each geographic segment. b. Comment on the results. How do the segments compare with respect to profitability?

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Question 3

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External users of financial statements are generally uninterested in segment information to understand a company's business activities.

The __________________ principle requires that an accounting information system must be able to adapt to changes in the company, business environment, and needs of decision makers.

______________________ capture information from source documents and enable its transfer to the system's information processing component.

Source documents:

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

Which of the following does not apply to enterprise resource planning (ERP) software:

A company issued a check for $7,900 in payment of the salaries expense for the last half of the month. Identify the journal the transaction would be recorded in.

Most transactions for merchandising businesses fall into four groups: sales, purchases, cash receipts, and cash disbursements.

The accounts payable ledger is used for storing transactions data regarding individual customers.

A company uses four special journals: purchases, sales, cash receipts, and cash disbursements. The following transactions were incurred during August:

A record that contains all accounts (with amounts) of a company is the:

A columnar journal is any journal with only one column.

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.

The following special journal is taken from a merchandising company that uses the perpetual inventory system: 1. What is the name of the journal shown above? 2. Write an explanation for each entry in this journal. 3. What do the numbers in parentheses at the bottom of the journal indicate?

When the sales journal's column for accounts receivable and sales is totaled at the end of the month, its total is:

The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries.

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

If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account, then the accounts are presumed to be correct.