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Exam 5: Accounting Systems

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Question 91

Multiple Choice

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Match each subsidiary ledger and general ledger posting to one of the descriptions of activities (a−e) . -No subsidiary ledger posting

A) Purchases on account
B) Collections from customers on account
C) Adjustment for expired insurance
D) Payments to creditors on account
E) Sales on account

F) A) and D)
G) A) and E)

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Question 92

Multiple Choice

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Month-end postings to control accounts in a computerized accounting system are not required because

A) control accounts are not used in computerized systems
B) transactions are posted to accounts immediately
C) the input operator can choose to post to accounts at any time
D) transactions are posted at the end of the financial year

E) B) and D)
F) None of the above

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Question 93

Multiple Choice

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A purchase of supplies for cash is recorded in the

Connie's Specialties Inc.offers exclusive interior design services.The following revenue information was determined from Connie's records.​​ Using a horizontal analysis,which is correct?

Services performed for cash should be recorded in the

The accounts receivable subsidiary ledger is an example of a special journal.

Businesses can only be segmented by type of customer.

The controlling account in the general ledger that summarizes the individual customer accounts in the subsidiary ledger is entitled

A cash payments journal would not include a (n)

One way to report revenue earned by a company is to present it by the different segments of business.

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR) , cash payments (CP) , revenue (R) , purchases (P) , and general (G) . Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. -Purchased supplies on account

The means by which the accounting system collects,summarizes,and reports accounting information is called information

Match each subsidiary ledger and general ledger posting to one of the descriptions of activities (a−e) . -Accounts payable subsidiary ledger/Accounts Payable Cr.

The following is an example of​

Match each subsidiary ledger and general ledger posting to one of the descriptions of activities (a−e) . -Accounts receivable subsidiary ledger/Accounts Receivable Cr.

The Other Accounts column in the cash payments journal is used for recording debits to any account for which there is no specialized debit column.

Which of the following journals is called an all-purpose journal?

Voyager Electronic Services has three customers in its accounts receivable subsidiary ledger with beginning balances as follows:Fred Yao Ming,$1,150.00Kohl Townson,$850.00Chandra Jahi,$1,075.00​Record the following transactions in a general journal.Then post to the accounts receivable account in the general ledger and to the customer accounts in the accounts receivable subsidiary ledger.June 3 Kohl Townson paid $325.00 on account.10 Chandra Jahi purchased $475.00 on account.15 Fred Yao Ming paid $395.00 on account.16 Fred Yao Ming purchased $685.00 on account.23 Kohl Townson purchased $155.00 on account.​ GENERAL LEDGER

An "Accounts Receivable Customer Balances" report shows

Which of the following is recorded in the cash payments journal?