Question 1

A company received payment of $9,800 from a customer within the discount period.Identify the journal the transaction would be recorded in.

Accepted Answer

A)  Cash disbursements journal.
B)  Sales journal.
C)  Cash receipts journal.
D)  Purchases journal.
E)  General journal.F) A) and D)
G) A) and C)

Question 2

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

Accepted Answer

The segment return on assets is segment ...

Question 3

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

Accepted Answer

A)  Cash disbursements journal.
B)  Sales journal.
C)  Cash receipts journal.
D)  Purchases journal.
E)  General journal.F) C) and D)
G) B) and D)

Question 4

Describe the posting process for special journals.

Accepted Answer

Posting to special journals is a three-s...

Question 5

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

Accepted Answer

segment re...

Question 6

A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n) :

Accepted Answer

A)  Controlling account.
B)  Accounts receivable ledger.
C)  Accounts payable ledger.
D)  General ledger.
E)  Special journal.F) B) and D)
G) C) and D)

Question 7

A company had average total assets of $982,450 and net income of $190,700,and reports various segment information.Segment A had average total assets of $437,800 and segment operating income of $98,230.Segment B had average assets of $151,200 and segment operating income of $16,190.Calculate the segment return on assets for Segment A.

Accepted Answer

A)  19.4%.
B)  22.4%.
C)  26.1%.
D)  10.7%.
E)  20.2%.F) B) and E)
G) B) and D)

Question 8

Input devices include journal entries,keyboards,scanners,and modems.

Accepted Answer

A) True 
 B)False

Question 9

The use of an Accounts Payable controlling account:

Accepted Answer

A)  Reduces the number of accounts in the subsidiary ledger.
B)  Reduces the total number of accounts maintained.
C)  Reduces the number of entries in the general journals.
D)  Reduces the number of accounts in the general ledger.
E)  Increases the number of columns in the journals.F) A) and B)
G) B) and D)

Question 10

An accounts payable ledger is:

Accepted Answer

A)  A subsidiary ledger that contains an account for each supplier (creditor) .
B)  A list of the balances of all the accounts in the accounts receivable ledger that is added to show the total amount of accounts receivable outstanding.
C)  A book of original entry that is designed and used for recording only a specific type of transaction.
D)  The ledger that contains the financial statement accounts of a business.
E)  A subsidiary ledger that contains a separate account for each party that grants both short-term and long-term credit on account to the company.F) A) and B)
G) B) and D)

Question 11

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.

Accepted Answer

The answer of The ___________ principle requires that an accounting...

Question 12

Output devices include all of the following except:

Accepted Answer

A)  Printers.
B)  Monitors.
C)  LCD projectors.
D)  Web communications.
E)  Bar code readers.F) C) and D)
G) B) and E)

Question 13

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?

Accepted Answer

a.N.America = $2,320/$6,590 = 35.2%
S.Am...

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A)  Cash disbursements journal.
B)  Sales journal.
C)  Cash receipts journal.
D)  Purchase journal.
E)  General journal.F) None of the above
G) A) and C)

Question 17

All of the following statements regarding source documents are true except:

Accepted Answer

A)  Source documents provide the basic information processed by an accounting system.
B)  Source documents include bank statements, cash register files, and employee earnings records.
C)  Source documents are insignificant and play a minor role in the reliability of the information system.
D)  Source documents can be paper or electronic files.
E)  Source documents can include Web communications.F) A) and C)
G) None of the above

Question 18

A subsidiary ledger is a listing of individual accounts with a common characteristic.

Accepted Answer

A) True 
 B)False

Question 19

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

Accepted Answer

A) True 
 B)False

Question 20

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Accepted Answer

accounts r...

Exam 7: Accounting Information Systems

A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n) :

Correct Answer
verified

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Correct Answer
verified
accounts r...
View Answer

The use of an Accounts Payable controlling account:

Correct Answer
verified

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

Correct Answer
verified

Describe the posting process for special journals.

Correct Answer
verified
Posting to special journals is a three-s...
View Answer

All of the following statements regarding source documents are true except:

Correct Answer
verified

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

Correct Answer
verified

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?

Correct Answer
verified
a.N.America = $2,320/$6,590 = 35.2%
S.Am...
View Answer

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.

Correct Answer
verified

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

Correct Answer
verified

A company received payment of $9,800 from a customer within the discount period.Identify the journal the transaction would be recorded in.

Correct Answer
verified

Output devices include all of the following except:

Correct Answer
verified

A subsidiary ledger is a listing of individual accounts with a common characteristic.

Correct Answer
verified

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

Correct Answer
verified

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.

Correct Answer
verified

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

Correct Answer
verified
segment re...
View Answer

Input devices include journal entries,keyboards,scanners,and modems.

Correct Answer
verified

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

Correct Answer
verified
The segment return on assets is segment ...
View Answer

An accounts payable ledger is:

Correct Answer
verified

Correct Answer
verified

Exam 7: Accounting Information Systems

A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n) :

Correct AnswerverifiedShow Answer

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Correct Answerverifiedaccounts r...View AnswerShow Answer

The use of an Accounts Payable controlling account:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Describe the posting process for special journals.

Correct AnswerverifiedPosting to special journals is a three-s...View AnswerShow Answer

All of the following statements regarding source documents are true except:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct Answerverifieda.N.America = $2,320/$6,590 = 35.2%S.Am...View AnswerShow Answer

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.

Correct AnswerverifiedShow Answer

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

Correct AnswerverifiedShow Answer

A company received payment of $9,800 from a customer within the discount period.Identify the journal the transaction would be recorded in.

Correct AnswerverifiedShow Answer

Output devices include all of the following except:

Correct AnswerverifiedShow Answer

A subsidiary ledger is a listing of individual accounts with a common characteristic.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

Correct Answerverifiedsegment re...View AnswerShow Answer

Input devices include journal entries,keyboards,scanners,and modems.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedThe segment return on assets is segment ...View AnswerShow Answer

An accounts payable ledger is:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
accounts r...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Posting to special journals is a three-s...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
a.N.America = $2,320/$6,590 = 35.2%
S.Am...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
segment re...
View Answer

Correct Answer
verified

Correct Answer
verified
The segment return on assets is segment ...
View Answer

Correct Answer
verified

Correct Answer
verified