Question 1

A Sales Journal is used to record sales of merchandise on credit.

Accepted Answer

A) True 
 B)False  True

Question 2

The General Ledger system represents the primary data base in the AIS.

Accepted Answer

A) True 
 B)False

Question 3

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 journal.
D)   Reduces the number of accounts in the general ledger.
E)   Increases the number of columns in the journals.F) A) and D)
G) C) and E)

Question 4

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 5

__________________________ consist of people,records,methods,and equipment.

Accepted Answer

Accounting...

Question 6

(1)What is the name of the journal illustrated below?
(2)Write an explanation for each entry.  (1)This is a cash receipts journal.
(2)Explanation for each entry:

Accepted Answer

The answer of (1)What is the name of the journal...

Question 7

A columnar journal is a journal with only one column.

Accepted Answer

A) True 
 B)False

Question 8

The _____________________ provide the basic information processed by an AIS.

Accepted Answer

The answer of The _____________________ provide the basic information processed...

Question 9

The special journals under the perpetual inventory system:

Accepted Answer

A)   Include an additional sales tax payable journal.
B)   Include the sales journal,cash receipts journal,purchases journal,and cash disbursements journal.
C)   Include an additional inventory journal.
D)   Include an additional cost of goods sold journal.
E)   Include both an additional inventory journal and an additional cost of goods sold journal.F) A) and E)
G) None of the above

Question 10

If the total balance of the Accounts Receivable Ledger equals the total of the controlling Accounts Receivable account,then the individual accounts are presumed to be correct.

Accepted Answer

A) True 
 B)False

Question 11

The sale of inventory may:

Accepted Answer

A)   decrease inventory.
B)   impact the Sales Journal.
C)   create accounts receivable.
D)   initiate billing.
E)   All of these answers are correct.F) A) and B)
G) A) and E)

Question 12

The three primary components of accounting information systems are:

Accepted Answer

A)   Relevance,compatibility,and flexibility.
B)   Compatibility,flexibility,and cost-benefit.
C)   Compatibility,flexibility,and safety.
D)   Compatibility,timeliness,and cost-benefit.
E)   Accounts payable,accounts receivable,and payroll.F) B) and D)
G) All of the above

Question 13

Individual transactions in the Sales Journal are posted regularly to customers' accounts in the ______________________.

Accepted Answer

Accounts R...

Question 14

An Accounts Payable subledger is:

Accepted Answer

A)   A subsidiary ledger that contains an account for each supplier that grants credit to the company.
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 specified 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 customer that grants credit to the company.F) D) and E)
G) None of the above

Question 15

The Accounts Payable account in the General Ledger is:

Accepted Answer

A)   The account that controls the subsidiary accounts payable ledger.
B)   The account that controls the purchases journal.
C)   The subsidiary account to the purchases journal.
D)   Part of a special journal.
E)   Part of a subsidiary ledger.F) A) and E)
G) A) and D)

Question 16

A bookkeeper using a Purchases Journal recorded new store supplies purchased on account.The subledger that would be impacted as a result of this transaction is the:

Accepted Answer

A)   Accounts payable subledger.
B)   Accounts receivable subledger.
C)   Merchandise inventory subledger.
D)   Sales subledger.
E)   Cash receipts journal.F) B) and E)
G) A) and B)

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

The following transactions were completed by Augsburg Company during the month of May.The company uses a perpetual inventory system. 
-Prepare a multi-column Purchases Journal for Augsburg and record the appropriate transactions.Complete the process and prepare a schedule of accounts payable.

Accepted Answer

The answer of The following transactions were completed by Augsburg...

Question 19

The periodic system does not record the increase in cost of goods sold and decrease in inventory at the time of sale.

Accepted Answer

A) True 
 B)False  True

Question 20

A Sales Journal is used to record cash sales.

Accepted Answer

A) True 
 B)False

Exam 7: Accounting Information Systems

A Sales Journal is used to record sales of merchandise on credit.

Correct AnswerverifiedTrue

The General Ledger system represents the primary data base in the AIS.

Correct AnswerverifiedShow Answer

The use of an Accounts Payable controlling account:

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

__________________________ consist of people,records,methods,and equipment.

Correct AnswerverifiedAccounting...View AnswerShow Answer

(1)What is the name of the journal illustrated below? (2)Write an explanation for each entry. (1)This is a cash receipts journal. (2)Explanation for each entry:

Correct AnswerverifiedShow Answer

A columnar journal is a journal with only one column.

Correct AnswerverifiedShow Answer

The _____________________ provide the basic information processed by an AIS.

Correct AnswerverifiedShow Answer

The special journals under the perpetual inventory system:

Correct AnswerverifiedShow Answer

If the total balance of the Accounts Receivable Ledger equals the total of the controlling Accounts Receivable account,then the individual accounts are presumed to be correct.

Correct AnswerverifiedShow Answer

The sale of inventory may:

Correct AnswerverifiedShow Answer

The three primary components of accounting information systems are:

Correct AnswerverifiedShow Answer

Individual transactions in the Sales Journal are posted regularly to customers' accounts in the ______________________.

Correct AnswerverifiedAccounts R...View AnswerShow Answer

An Accounts Payable subledger is:

Correct AnswerverifiedShow Answer

The Accounts Payable account in the General Ledger is:

Correct AnswerverifiedShow Answer

A bookkeeper using a Purchases Journal recorded new store supplies purchased on account.The subledger that would be impacted as a result of this transaction is the:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The following transactions were completed by Augsburg Company during the month of May.The company uses a perpetual inventory system. -Prepare a multi-column Purchases Journal for Augsburg and record the appropriate transactions.Complete the process and prepare a schedule of accounts payable.

Correct Answerverified11eaa327_a861_6b1c_9fad_9147e9afd225_TB4591_00

The periodic system does not record the increase in cost of goods sold and decrease in inventory at the time of sale.

Correct AnswerverifiedTrue

A Sales Journal is used to record cash sales.

Correct AnswerverifiedShow Answer

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Accounting...
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Accounts R...
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11eaa327_a861_6b1c_9fad_9147e9afd225_TB4591_00

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