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Exam 27 Appendix : Accounting With Special Journals

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Question 31

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Account balances in the general ledger and the subsidiary ledgers should be proved for accuracy after posting is complete.

A) True
B) False

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Question 32

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Accounting information processes are structured to eliminate the need for professional judgment.

A) True
B) False

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Question 33

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A ____________________ is a part of a company that is separately identified by its products or services or by the geographic market it serves.

A company records its transactions and events in four special journals and a general journal. The amount columns of these journals are numbered as follows: Show how each of the following transactions would be recorded in the above set of accounting journals by inserting the number(s) of the columns in which the debit(s) would appear in the column labeled "Debits" below and by inserting the number(s) of the columns in which the credits would appear in the column labeled "Credits" below.

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

Subsidiary ledgers provide all the following benefits 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 were no accounts receivable at December 1.

Source documents:

Information storage:

When a company uses special journals, the general journal is used for selected transactions and events including:

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

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

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

Discuss how technology based information systems affect accounting.

A business segment:

The main difference in the sales journal under the perpetual and periodic inventory system is:

Each transaction recorded in the sales journal yields a debit to Accounts Receivable and a credit to Sales.

A company entered into the following transactions. For each transaction, indicate the appropriate journal in which it would be recorded. $\begin{array}{|l|l|}\hline {\text { Transaction }} & \text { Record in Journal } \\\hline \text { 1. Borrowed cash from the bank } & \\\hline \text { 2. Purchased merchandise for cash } & \\\hline \text { 3. Paid cash to settle the utility bill } & \\\hline \text { 4. Customer sent in cash to settle an account } & \\\text { receivable } & \\\hline \text { 5. Purchased merchandise on credit } & \\\hline \text { 6. Recorded depreciation for the period } & \\\hline \text { 7. Sold merchandise on credit } & \\\hline \text { 8. Sold merchandise for cash } & \\\hline \text { 9. Bought store supplies for cash } & \\\hline \text { 10. Owner invested more cash in the business } & \\\hline\end{array}$

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

When posting from special journals each debit and credit entry is entered as a separate amount.