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strayer acc100 week 5 QUIZ CH 7

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Question;Question 1;Postings from the purchases journal to the general ledger;are made;daily.;yearly.;monthly.;weekly.;Question 2;Which of the following statements is incorrect?;The accounting system should be able to accommodate a;variety of users and changing information needs.;To be useful, information must be understandable, relevant;reliable, timely, and accurate.;A major consideration in developing an accounting system is;cost effectiveness.;When an accounting system is designed, no consideration;needs to be given to the needs and knowledge of the various users.;Question 3;Which of the following is not a basic principle of designing;and developing an effective accounting information system?;Cost effectiveness;Flexibility;Approval by the SEC;Usefulness;Question 4;Companies record credit purchases of equipment or supplies;in the;general journal.;one-column purchases journal.;cash payments journal.;cash receipts journal.;Question 5;The entries recorded in the Other Accounts column of a cash;payments journal;are not posted individually but are posted as a column total;to the general ledger.;do not require posting.;are posted individually to accounts in the general ledger.;are posted to the accounts payable subsidiary ledger daily.;Question 6;Postings to the control accounts in the general ledger are;made;annually.;daily.;monthly.;weekly.;Question 7;When the totals of the sales journal are posted at the end;of the month, there will be credits to;Accounts Receivable and Cost of Goods Sold and debits to;Sales Revenue and Inventory.;Sales Revenue and Inventory and debits to Accounts;Receivable and Cost of Goods Sold.;Sales Revenue and debits to each individual customer;account.;The Sales Revenue account only, and no debits.;Question 8;A company uses a sales journal, cash receipts journal;purchases journal, cash payments journal, and a general journal. A cash sales;return would be recorded in the;general journal.;cash receipts journal.;sales journal.;cash payments journal.;Question 9;A one column purchases journal indicates that;all purchases of merchandise can be recorded.;all acquisitions on account can be recorded.;another column must be added so that debits and credits can;be recorded.;only purchases of merchandise on account can be recorded.;Question 10;Which of the following would not be an appropriate heading;for a column in the cash receipts journal?;Sales Discounts;Cash;Accounts Payable;Sales Revenue

 

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