Question 1

A company had cash sales of $24,000 (cost is $13,000) . Identify the journal the transaction would be recorded in.

Accepted Answer

A)   Cash disbursements journal.
B)   Sales journal.
C)   Cash receipts journal.
D)   Purchase journal.
E)   General journal.F) C) and E)
G) All of the above

Question 2

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Accepted Answer

The controlling accounts are part of the...

Question 3

Segment information is often useful to investors for evaluating a company's profitability, risk, and growth.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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 6

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Accepted Answer

The answer of ____________________ is the accounting system component that...

Exam 7: Accounting Information Systems

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Correct Answer
verified

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 Answer
verified

A company had cash sales of $24,000 (cost is $13,000) . Identify the journal the transaction would be recorded in.

Correct Answer
verified

Segment information is often useful to investors for evaluating a company's profitability, risk, and growth.

Correct Answer
verified

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Correct Answer
verified
The controlling accounts are part of the...
View Answer

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

Correct Answer
verified

Exam 7: Accounting Information Systems

____________________ is the accounting system component that keeps data in a form accessible to information processors.

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

A company had cash sales of $24,000 (cost is $13,000) . Identify the journal the transaction would be recorded in.

Correct AnswerverifiedShow Answer

Segment information is often useful to investors for evaluating a company's profitability, risk, and growth.

Correct AnswerverifiedShow Answer

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Correct AnswerverifiedThe controlling accounts are part of the...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The controlling accounts are part of the...
View Answer

Correct Answer
verified