Question 1

Each individual entry in the revenue journal is posted to the

Accepted Answer

A)  accounts receivable controlling account
B)  accounts receivable subsidiary ledger
C)  revenue controlling account
D)  accounts receivable subsidiary ledger and the controlling accountE) B) and C)
F) B) and D)

Question 2

If a two-column 
(all-purpose)general journal,a revenue journal,and a cash receipts journal are used,indicate the journal in which each of the following transactions should be recorded:

Accepted Answer

The answer of If a two-column 
(all-purpose)general journal,a revenue journal,and...

Question 3

Which of the following statements is false?

Accepted Answer

A)  Most computerized accounting systems use principles from manual systems.
B)  Subsidiary ledgers and special journals are only useful when a business doesn't have a large number of similar transactions.
C)  Even small companies use computerized accounting systems.
D)  Large companies often integrate their accounting system with their automated business systems.E) All of the above
F) A) and C)

Question 4

Two transactions were posted to the following customer account:NAME: Roswell Communications,Inc.Address: 345 Alien Way​  Describe each transaction and the source of each posting.

Accepted Answer

The answer of Two transactions were posted to the following...

Question 5

After an accounting system has been set up,what is the next step?

Accepted Answer

A)  Create the chart of accounts.
B)  Obtain input from users to analyze and improve the system.
C)  Implement analysis and design.
D)  Set up internal controls.E) A) and B)
F) None of the above

Question 6

The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable.

Accepted Answer

A) True 
 B)False

Question 7

A control account is used to record the details of the individual subsidiary accounts.

Accepted Answer

A) True 
 B)False

Question 8

Accounting systems evolve through a three-step process: analysis,design,and feedback.

Accepted Answer

A) True 
 B)False

Question 9

Harris,Inc.incurred the following transactions during the month of February.Record the appropriate ones in the cash payments journal.Include posting references.If a transaction should not be recorded in the cash payments journal,indicate where it should be posted.​

Accepted Answer

Transaction
(a)should be r...

Question 10

If a two-column 
(all-purpose)general journal,a purchases journal,and a cash payments journal are used,indicate the journal in which each of the following transactions should be recorded:

Accepted Answer

The answer of If a two-column 
(all-purpose)general journal,a purchases journal,and...

Question 11

Even when special journals are used,purchases of store equipment on account are recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 12

The revenue journal is designed for the efficient recording of cash sales transactions.

Accepted Answer

A) True 
 B)False

Question 13

Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage,food,and retail items.The accountant has implemented a purchases journal.Which of the following columns should be included in the new purchases journal?

Accepted Answer

A)  Accounts Payable Cr., Beverage Supplies Dr., Food Supplies Dr., Retail Items Dr., Other Accounts Dr.
B)  Accounts Payable Dr., Other Accounts Dr., Beverage Supplies Cr., Food Supplies Cr., Retail Items Cr.
C)  Beverage Supplies Dr., Food Supplies Dr., Retail Items Dr., Other Accounts Dr., Cash Cr.
D)  Beverage Supplies Dr., Food Supplies Dr., Retail Items Dr., Other Accounts Cr., Accounts Payable Dr.E) A) and B)
F) A) and C)

Question 14

When posting column totals in the purchases journal,a credit should be posted to

Accepted Answer

A)  Merchandise Inventory
B)  Accounts Payable
C)  Sales Returns and Allowances
D)  CashE) C) and D)
F) All of the above

Question 15

Transactions must first be recorded in the general journal before they can be entered in specialized journals.

Accepted Answer

A) True 
 B)False

Question 16

Briefly describe the three-step process of accounting system development.

Accepted Answer

The answer of Briefly describe the three-step process of accounting...

Question 17

Which of the following transactions is recorded in the purchases journal?

Accepted Answer

A)  purchase of store supplies on account
B)  return of damaged office equipment
C)  purchase of store supplies for cash
D)  purchase of office equipment for cashE) A) and B)
F) None of the above

Question 18

At the end of the month,the total of the amount column of the revenue journal is posted as a

Accepted Answer

A)  debit to Accounts Receivable and a credit to Cash
B)  debit to Accounts Receivable and a credit to Fees Earned
C)  debit to Cash and a credit to Fees Earned
D)  debit to Cash and a credit to Accounts PayableE) None of the above
F) A) and B)

Question 19

Which of the following general ledger accounts normally has a subsidiary ledger?

Accepted Answer

A)  Owner's Capital
B)  Drawing
C)  Supplies
D)  Accounts PayableE) All of the above
F) A) and B)

Question 20

Which of the following is not part of a three-step process that a growing business uses for the evolution of its accounting system?

Accepted Answer

A)  analysis
B)  design
C)  implementation
D)  feedbackE) None of the above
F) A) and B)

Exam 5: Accounting Systems

Each individual entry in the revenue journal is posted to the

Correct AnswerverifiedShow Answer

Briefly describe the three-step process of accounting system development.

Correct AnswerverifiedShow Answer

If a two-column (all-purpose)general journal,a revenue journal,and a cash receipts journal are used,indicate the journal in which each of the following transactions should be recorded:

Correct AnswerverifiedShow Answer

Which of the following statements is false?

Correct AnswerverifiedShow Answer

Which of the following transactions is recorded in the purchases journal?

Correct AnswerverifiedShow Answer

The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable.

Correct AnswerverifiedShow Answer

Harris,Inc.incurred the following transactions during the month of February.Record the appropriate ones in the cash payments journal.Include posting references.If a transaction should not be recorded in the cash payments journal,indicate where it should be posted.​

Correct Answerverified​ Transaction (a)should be r...View AnswerShow Answer

Transactions must first be recorded in the general journal before they can be entered in specialized journals.

Correct AnswerverifiedShow Answer

After an accounting system has been set up,what is the next step?

Correct AnswerverifiedShow Answer

The revenue journal is designed for the efficient recording of cash sales transactions.

Correct AnswerverifiedShow Answer

Which of the following is not part of a three-step process that a growing business uses for the evolution of its accounting system?

Correct AnswerverifiedShow Answer

Accounting systems evolve through a three-step process: analysis,design,and feedback.

Correct AnswerverifiedShow Answer

A control account is used to record the details of the individual subsidiary accounts.

Correct AnswerverifiedShow Answer

When posting column totals in the purchases journal,a credit should be posted to

Correct AnswerverifiedShow Answer

Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage,food,and retail items.The accountant has implemented a purchases journal.Which of the following columns should be included in the new purchases journal?

Correct AnswerverifiedShow Answer

Two transactions were posted to the following customer account:NAME: Roswell Communications,Inc.Address: 345 Alien Way​ Describe each transaction and the source of each posting.

Correct AnswerverifiedShow Answer

At the end of the month,the total of the amount column of the revenue journal is posted as a

Correct AnswerverifiedShow Answer

If a two-column (all-purpose)general journal,a purchases journal,and a cash payments journal are used,indicate the journal in which each of the following transactions should be recorded:

Correct AnswerverifiedShow Answer

Which of the following general ledger accounts normally has a subsidiary ledger?

Correct AnswerverifiedShow Answer

Even when special journals are used,purchases of store equipment on account are recorded in the general journal.

Correct AnswerverifiedShow Answer

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Harris,Inc.incurred the following transactions during the month of February.Record the appropriate ones in the cash payments journal.Include posting references.If a transaction should not be recorded in the cash payments journal,indicate where it should be posted.

Correct Answer
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Transaction
(a)should be r...
View Answer

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Two transactions were posted to the following customer account:NAME: Roswell Communications,Inc.Address: 345 Alien Way Describe each transaction and the source of each posting.

Correct Answer
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