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Exam 7: Accounting Information Systems

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Question 41

Multiple Choice

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The Accounts Payable controlling account:

A) Is not included in a company's chart of accounts.
B) Stores the transaction data of individual supplies.
C) Reduces the number of entries in the general journals.
D) Equals the sum of all balances of supplier accounts.
E) Increases the number of columns in the journals.

F) A) and C)
G) B) and C)

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Question 42

Multiple Choice

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Which of the following is not true about enterprise resource planning (ERP) software:

A) ERP refers to programs that help manage a company's vital operations.
B) ERP can include programs that extend from order taking to manufacturing to accounting.
C) ERP can speed up business decision making and help reduce costs.
D) ERP cannot be used to share data with customers and suppliers.
E) ERP can be designed to link every part of a company's operations.

F) D) and E)
G) B) and C)

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Question 43

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Enter the letter of the following terms on the line next to the appropriate definition of each.

Maxie's Game World sold games to a customer on credit for $2,600,terms 1/10,n/30 and the cost of the games was $1,700.When recording the sales transaction in its sales journal,Maxie's would enter:

This is a cash receipts journal (perpetual system). 2.Journal entries explanation:

Health Co.Company uses special journals to record transactions.Health Co.uses the perpetual inventory system.Journalize the following transactions in the appropriate special journal.All credit sales have 2/10,n/30 terms.

The Tigre Company uses special journals for sales,purchases,cash receipts,cash disbursements,and uses a general journal.They operate with a perpetual inventory system.Record the following transactions related to purchases and cash payments that occurred during the current month of June: Record the above transactions into the appropriate journals shown below.

The main difference in the sales journal under the perpetual and periodic inventory system is:

The accounts receivable ledger:

A company that reports segment information had average total assets of $1,522,450 and total net income of $590,700.Segment A had average total assets of $927,800 and segment operating income of $298,300.Segment B had average assets of $594,650 and segment operating income of $292,400.The segment return on assets for Segment B is:

Which of the following journals would a company use to record cash collections from customers,net of discounts taken?

_____________________________________ consist of people,records,methods,and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

The _________________ principle requires that an accounting information system report useful,understandable,timely,and pertinent information for effective decision making.

Assume that a company uses special journals for sales,purchases,cash receipts,and cash disbursements.A sales return for credit on account would be recorded in the:

Which of the following accounting principles prescribes that an accounting information system report useful,understandable,timely,and pertinent information for effective decision-making?

Chandler Company sold merchandise on credit to Jamie Morgan for $700 and the cost of the merchandise was $290.Chandler would record this sale in the:

Barrier Scuba Equipment purchased supplies costing $3,000 on credit.Identify the journal the transaction would be recorded in.

The purchases journal is used for recording:

Information storage databases:

The Skyview Company uses a sales journal,purchases journal,cash receipts journal,cash disbursements journal,and general journal.They use the periodic inventory method.The following sales and cash collections transactions occurred during the month of December: Record these transactions using the journals below.