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Exam 5: Accounting Systems

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Question 61

Multiple Choice

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Segment data:

A) can be used for vertical, but not horizontal analysis.
B) is gathered from invoice data.
C) is only useful by product line.
D) analysis is required by GAAP.

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

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Question 62

Multiple Choice

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

A) adjusting entry for accrued salaries
B) receipt of cash on supplies returned
C) receipt of cash from services rendered
D) payment of employees' salaries

E) A) and B)
F) C) and D)

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Question 63

Multiple Choice

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In which journal would an adjustment for an overcharge by a creditor be recorded?

Purchases of store equipment on account are recorded in the general journal.

In computerized accounting systems, reports may be generated at any time.

Read each transaction and identify the appropriate journal that it should be recorded in; 1. Owner withdrew supplies 2. Sale made on account 3. Payment to vendor on account 4. Payment received from customer on account 5. Purchases on account 6. Adjusting journal entry for supplies used 7. Owner withdrew cash 8. Company borrows money from bank 9. Record monthly depreciation 10. Close revenue accounts at month end

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.

Vision Service Company has the following debits and credits from two transactions presented in a customer account: NAME: Roswell Communications, Inc. Address: 345 Alien Way Describe each transaction and the source of each posting.

The discovery and correction of errors is important in a computerized system. What kind of error(s) might occur in these systems? What type of error(s) will be prevented in a computerized system? Potential errors: 1. Failing to record transactions. 2. Recording a transaction more than once. 3. Recording a transaction in incorrect accounts. 4. Entering an incorrect number in both the debit and credit parts of the transaction.

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

Closing journal entries are recorded in the general journal.

Adjusting journal entries are recorded in a special journal.

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

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

When using a revenue journal:

The total on the "Cash Receipts" report at January 31 should equal

List the 4 most common special journals used in accounting and describe the transaction recorded in each journal.

Utilizing the Revenue Journal, below, journalize the following five transactions of Porshe Creations:

The following cash receipts journal heading have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

Systems analysis is the final phase in the creation or revision of an accounting system.