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Exam 7: Accounting Information Systems

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Question 41

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The Woodview Company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. They use the periodic inventory method. The following transactions occurred during the month of December: Record these transactions using the journals below.

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Question 42

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All of the following statements regarding internal control procedures are true except:

A) Internal control procedures are designed to ensure reliable financial reports.
B) Internal control procedures are designed to safeguards company assets.
C) Internal control procedures direct operations toward common goals.
D) Internal control procedures include methods to achieve compliance with laws and regulation.
E) Internal control procedures are bit affected by the cost-benefit principle.

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

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Question 43

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

Special journals are designed in a manner that is best suited for each business, so good systems design for a business could include collapsing the sales and cash receipts journal into one journal.

All of the following statements regarding accounting information systems are true except:

The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.

What is the segment return on assets ratio? What is it used for?

Computer networks are links among computers giving different users and different computers access to common databases and programs.

The special journals of many accounting systems include the:

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

Segment return on assets is segment operating income divided by segment average assets.

A company had cash sales of $24,000 (cost is $13,000) . Identify the journal the transaction would be recorded in.

All of the following statements regarding input devices are true except:

The Sun Company completed the following sales and cash receipts transactions during the first week of December. The Sun Company uses the periodic inventory system. a. Use the sales journal and the cash receipts journal to record these transactions. b. Prepare a schedule of accounts receivable. There was no accounts receivable balance at December 1.

What is purpose of footing and crossfooting the column totals in special journals

Three transactions that would be recorded in the sales journal are: (1) recording sales taxes (2) recording sales returns and allowances and (3) recording purchases discounts.

A company sold merchandise on credit for $5,000 (cost is $2,400) . Identify the journal the transaction would be recorded in.

_____________________________________ consist of people, records, methods, and equipment that collect and process data from transactions and events, organize them in useful reports and communicate results to decision makers.

A business segment:

A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. A perpetual inventory system is used. The following transactions were completed by the company during the current month of October: Record these transactions in the appropriate journal shown below.