Which of the following is a
benefit of using a computerized accounting information system?
A.
There is no need to
review the financial statements for accuracy.
B.
The software is easy to
use and thus no training or financial statement review is necessary.
C.
The software can
accurately measure the intrinsic value of the firm using the
builtminus−in
simulation techniques.
D.
The software automatically transfers the amounts from the
general ledger to the financial statements.
When using Quickbooks,
the Vendors tab is used to record a bill that has been received.
True
False
________ refers to purchasing software and data storage from a third party.
A.
Networking
B.
Resource planning
C.
Entryminus−level
software
D.
Cloud computing
An enterprise resource planning (ERP) is a ________.
A.
hardware system that
controls the access of employees to different levels of production in a firm
B.
hardware system of
electronic linkages that allows different computers to share the same
information
C.
software system that can integrate all of a company's
functions, departments, and data into a single system
D.
software system used by
small companies to record revenue and expenses
A disadvantage of a
typical enterprise resource planning system is that it cannot be offered
through cloud computing.
True
False
Rockville Company makes a $1,200 purchase of
merchandise inventory on account. This transaction will be recorded in the ________.
A.
cash payments journal
B.
cash receipts journal
C.
sales journal
D.
purchases journal
If there is cash involved in a
business transaction,
the transaction should be recorded in either the ________.
A.
cash payments journal or
cash receipts journal
B.
sales journal or
purchases journal
C.
cash payments journal or
general journal
D.
cash payments journal or cash receipts journal and in
general journal
Which of the following will
be recorded in the general journal when using a manual accounting information system?
A.
adjusting and closing entries
B.
payment of accounts
payable
C.
purchase of merchandise
inventory on account
D.
sale of merchandise
inventory on account
On May 31,
a retail firm pays rent of
$ 3 comma 500$3,500
for the month of May. When this transaction is recorded in
the cash payments journal, ________.
A.
assets and equity will
decrease by $ 3 comma 500$3,500
B.
assets and liabilities will decrease by $ 3 comma 500$3,500
C.
liabilities and equity
will increase by $ 3 comma 500$3,500
D.
assets and equity will increase by $ 3 comma 500$3,500
In a perpetual inventory system,
the credit columns of a typical cash payments journal are ________.
A.
Merchandise Inventory
column and Accounts Payable column
B.
Other Accounts column
and Cash column
C.
Other Accounts column
and Accounts Payable column
D.
Merchandise
Inventory column and Cash column
A cash payments journal
is a special journal that ________.
A.
differs from the cash
disbursements journal
B.
is used to record the
net of cash payments and cash receipts by check and currency
C.
eliminates the need to perform
a bank reconciliation
D.
is used
to record cash payments by check and currency
On July 10, a
hardware retailer purchased merchandise inventory on account for
$ 2 comma 100$2,100.
The company plans to pay
$ 700$700
the following week and
the remaining amount the week after. Which of the following is the correct
entry to record the July 10 transaction in a purchases journal? Assume a
perpetual inventory system is used.
A.
$ 2 comma 800$2,800
will be recorded in the
Accounts Payable DR and Merchandise Inventory DR columns.
B.
$ 2 comma 100$2,100
will be recorded in the
Accounts Payable CR and Merchandise Inventory DR columns.
C.
$ 700$700
will be recorded in the
Accounts Payable CR and Merchandise Inventory CR columns.
D.
$ 2 comma 100$2,100
will be
recorded in the Merchandise Inventory CR and Accounts Payable DR columns.
Which of the following
is true of a purchases journal?
A.
For a perpetual inventory system,
a column titled Purchases DR is needed.
B.
The Other Accounts DR
column is used for purchases on account of items other than merchandise
inventory and office supplies.
C.
For a periodic inventory system, the Merchandise
Inventory DR column is replaced with a column titled Cost of Goods Sold DR.
D.
Cash purchases are recorded in the purchases
journal.
The purchases journal is
a special journal that ________.
A.
has special columns for
credits to merchandise inventory
B.
has a special column for
debits to accounts payable
C.
is used to record all
purchases of merchandise inventory
D.
is used
to record merchandise inventory, office supplies, and other assets
purchased on account
Cash purchases are
recorded in the purchases journal.
True
False
The accounts payable
subsidiary ledger lists each vendor along with amounts paid to the vendors and
the remaining amounts owed to them.
True
False
A subsidiary ledger is a
record of accounts that provides supporting details on individual balances,
the total of which appears in a general ledger account.
True
False
Credit sales of assets
other than merchandise inventory occur infrequently and are recorded in the ________.
A.
general journal
B.
accounts receivable
journal
C.
sales journal
D.
cash receipts journal
Which of the following
serves as the "journal of last resort?"
A.
sales journal
B.
cash payments journal
C.
purchases journal
D.
general
journal
The accounting is the
same regardless of whether a business uses a manual or a computerized
accounting information system.
True
False
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