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Exam 7: Accounting Information Systems

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Question 61

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Amounts are posted individually from the purchases journal to the:

A) cash account in the general ledger.
B) inventory account in the general ledger.
C) accounts payable account in the general ledger.
D) accounts payable subsidiary ledger.

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

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Question 62

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The sales journal contains columns for:

A) accounts receivable/sales revenue and supplies/inventory.
B) accounts receivable/sales revenue and inventory/accounts payable.
C) accounts receivable/sales and cost of goods sold/inventory.
D) accounts receivable/inventory and cost of goods sold/accounts payable.

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

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Question 63

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Which of the following is recorded in the cash payments journal?

The accounts receivable credit column of the cash receipts journal is:

Describe in detail the process of posting data from the sales journal of a company using a perpetual inventory system. Where does it go, when is it posted, and what steps are followed?

The system of electronic linkages that allows different computers to share the same information is called a worksheet.

The seller would record the return of merchandise sold on account in the sales journal.

Design of an accounting system begins with the:

Special journals save much time in recording repetitive transactions and posting to the ledgers.

The accounts payable subsidiary ledger controls the accounts payable account in the general ledger.

Big Industries purchased merchandise from Small Company paying $5,000 in cash and promising to pay the remaining $5,000 in 30 days. Assuming the use of special journals, Big Industries would record this entry in the:

An advantage of enterprise resource planning (ERP)systems is the integration of all company activities from purchasing to production to customer service.

In a computerized accounting system, the posting to the general accounts ledger is done automatically.

In a manual accounting system the posting from a sales journal includes daily posting for cash transactions.

Given the following unidentified journal, write an explanation for each transaction. $~~~~~~~~~~~~~~~~~~~~~~~~~~~{ \text { Debits } } ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ { \text { Credits } }$ $\begin{array} { | c | r | r | r | r | r | r | r | } \hline \text { Date } & \text { Cash } & \begin{array} { c } \text { Sales } \\\text { Dis. }\end{array} & \begin{array} { c } \text { Acc. } \\\text { Rec. }\end{array} & \begin{array} { c } \text { Sales } \\\text { Rev. }\end{array} & \text { Other Acct. } & \text { Amount } & \begin{array} { l } \text { CGS Dr. } \\\text { Inv. Cr. }\end{array} \\\hline \text { Aug. 8 } & 3,000 & & & 3,000 & & & 1,250 \\\hline 10 & 2,500 & & & & \text { Ruff, Capital } & 2,500 & \\\hline 15 & 340 & & 340 & & \text { Lucille Adams } & & \\\hline 27 & 490 & 10 & 500 & & \text { Marshall Field } & & \\\hline 31 & \underline { 6,330 } & \underline { 10 } & \text { 840 } & \text { 3,000 } & \text { Totals } & \underline { 2,500 } & \underline { 1,250 } \\\hline\end{array}$

Which of the following best describes the action known as balancing the ledgers?

With a computerized accounting system, the accounting cycle has several additional steps.