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1. (Points: 6) Which of the following is reco...

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1. (Points: 6) Which of the following is recorded in the cash receipts journal? 1. cash received on customer's account 2. cash withdrawn by the owner 3. adjusting entry for depreciation 4. cash purchase of equipment Save Answer 2. (Points: 6) The phase of accounting system installation in which the information needs of people in the organization are taken into account is 1. design 2. implementation 3. analysis 4. installation Save Answer 3. (Points: 6) Which of the following is not an element of Internal Controls? 1. to protect assets from misuse 2. ensure the accuracy of business information 3. to ensure that the company?s policies are in place to maximize profits 4. ensure that laws and regulations are followed Save Answer 4. (Points: 6) A cash purchase of supplies should be recorded in the 1. General journal 2. Cash Receipts journal 3. Purchase journal 4. Cash Payments journal Save Answer 5. (Points: 6) When there are a large number of individual accounts with a common characteristic, it is common to place them in a separate ledger called a(n) 1. creditors ledger 2. accounts payable ledger 3. subsidiary ledger 4. accounts receivable ledger Save Answer 6. (Points: 6) A new curve to e-commerce is that 1. consumers still prefer shopping at malls. 2. vendors are contacting companies via the Internet to increase their sales. 3. businesses are increasing their sales to each other. 4. consumers are researching prices and features online, becoming more informed consumers. Save Answer 7. (Points: 6) When posting the column totals of a cash payments journal, a debit should be posted to 1. Accounts Payable 2. Sales Discounts 3. Cash 4. Unearned Revenue Save Answer 8. (Points: 6) The owner transfers a personal automobile to the company with a fair market value of $12,000. The entry will be made in the 1. cash payments journal 2. cash receipts journal 3. purchases journal 4. general journal Save Answer 9. (Points: 6) Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What will be recorded on the post ref column of this transaction? Cash Receipts Journal Date Account Credited Post Ref Cash Dr Bev Revenue Cr Food Revenue Cr Retail Revenue Cr Sales Tax Payable Cr 3/17/09 Cash Sale $137 $137 General Ledger Acct: Customer Acct Cash 10 CCC 345 Acct Receivable 12 FFF 367 Retail Supplies 15 Sales Tax Payable 23 Beverage Revenue 41 Food Revenue 42 Retail Revenue 43 1. 10 2. 15 3. 42 4. ? Save Answer 10. (Points: 6) Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What would be recorded as the Post Ref for the Other column, and where on the journal would it appear? Cash Receipts Journal Date Account Credited Post Ref Cash Dr Bev Revenue Cr Food Revenue Cr Sales Tax Pay. Cr Other Cr 3/31/09 5,444 3,089 1,907 55 393 General Ledger Acct: Customer Acct Cash 10 CCC 345 Acct Receivable 12 FFF 367 Retail Supplies 15 Sales Tax Payable 23 Beverage Revenue 41 Food Revenue 42 Retail Revenue 43 1. (367), under the amount on the Other column 2. (12), under the amount on the Other column 3. (?), Post Ref for the total of the Other column 4. (?), on the Post Ref. Column Save Answer 11. (Points: 4) Data will be kept in a database and used for easy retrieval of accounting information. 1. False 2. True Save Answer 12. (Points: 4) Systems analysis is the final phase in the creation or revision of an accounting system. 1. False 2. True Save Answer 13. (Points: 4) The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable. 1. False 2. True Save Answer 14. (Points: 4) Computerized accounting typically uses specialized journals. 1. False 2. True Save Answer 15. (Points: 4) Most accounting systems evolve as the business grows and requires changes in their methods for collecting, accumulating, and reporting information. 1. True 2. False Save Answer 16. (Points: 4) Since the concepts, methods, and procedures of a manual accounting system do not apply to a computerized system, there is no need to learn the manual system if one plans to work only for firms that use computerized accounting systems. 1. True 2. False Save Answer 17. (Points: 4) The only individual amount posting done from the Purchase journal is what is listed in the Other Accounts column. 1. False 2. True Save Answer 18. (Points: 4) The purchase of supplies for cash would be recorded in the purchases journal. 1. True 2. False Save Answer 19. (Points: 4) One way to report revenue earned by a company is to present it by the different segments of business. 1. False 2. True Save Answer 20. (Points: 4) Transactions must first be recorded into the general journal before they can be entered into specialized journals. 1. False 2. True Save Answer

 

Paper#11034 | Written in 18-Jul-2015

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