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Exam 27 Appendix : Accounting With Special Journals

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Question 61

True/False

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

A) True
B) False

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Question 62

Multiple Choice

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

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

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Question 63

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A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

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.

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

____________________ is the accounting system component that keeps data in a form accessible to information processors.

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

Most companies use batch processing instead of online because batch processing requires continual updating of databases.

The sales journal is used for recording:

Accounting information systems are designed to capture information about a company's transactions and events and to provide output including financial, managerial and tax reports.

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.

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

List the five basic principles of accounting information systems.

Williams Company began business on May 1. They use the periodic inventory method. The following transactions involving purchases and cash disbursements occurred during the first week of May. a. Use the purchases journal and the cash disbursements journal to record these transactions. b. Prepare a schedule of accounts payable as of May 7. There was no accounts payable on May 1.

The __________________ principle requires that an accounting information system report useful, understandable, timely and pertinent information for effective decision making.

The following information is available for some of Coca-Cola's segments (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?

A company borrowed money from the bank and signed a long-term note payable. This transaction would be recorded in which of the following journals?

Due to electronic files and Web communications, source documents are no longer required.

In a typical sales journal, you would expect to see the following columns:

Renton Co. uses special journals to record its transactions. They use the perpetual inventory system. Shown below are the purchasing and cash disbursement transactions for current month of May: Record these transactions in the following journals.