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Exam 7: Accounting Information Systems

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Question 51

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Two common subsidiary ledgers are cash receipts and cash disbursements.

A) True
B) False

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Question 52

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The SAP enterprise-resource planning software is already being used to help direct the operations of many of the world's largest companies.

A) True
B) False

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Question 53

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___________________ processing enters and processes data as soon as source documents are available.

A ____________________ is a part of a company that is separately identified by its products, or services, or by the geographic market it serves.

A log that is used to record and post transactions of a similar type is a:

An approach that enters and processes data as soon as source documents are available is called:

The __________________ principle requires that an accounting information system conform with a company's activities, personnel, and structure, and must adapt to a company's unique characteristics.

______________________ capture information from source documents and enable its transfer to the system's information processing component.

A company uses four special journals: purchases, sales, cash receipts, and cash disbursements. The following transactions were incurred during August: Record these transactions in the appropriate special journals below.

Williams Company began business on May 1. They use the perpetual inventory method. The following transactions involving purchases and cash disbursements occurred during the first week of May. a. Use the purchases journal and the cash disbursements journal to record these transactions. b. Prepare a schedule of accounts payable. There was no accounts payable on May 1.

The five fundamental principles of accounting information systems are:

Most transactions for merchandising businesses fall into four groups: sales, purchases, cash receipts, and cash disbursements.

The following special journal is taken from a merchandising company that uses the perpetual inventory system: 1. What is the name of the journal shown above? 2. Write an explanation for each entry in this journal. 3. What do the numbers in parentheses at the bottom of the journal indicate?

Williams Company began business on May 1. They use the periodic inventory method. The following transactions involving purchases and cash disbursements occurred during the first week of May. a. Use the purchases journal and the cash disbursements journal to record these transactions. b. Prepare a schedule of accounts payable. There was no accounts payable balance on May 1.

What is the segment return on assets ratio? What is it used for?

The purchases journal is used for recording:

External users of financial statements are generally uninterested in segment information to understand a company's business activities.

The segment return on assets:

A company received payment of $9,800 from a customer within the discount period. Identify the journal the transaction would be recorded in.

The Sun Company completed the following sales and cash receipts transactions during the first week of December. The Sun Company uses the periodic inventory system. a. Use the sales journal and the cash receipts journal to record these transactions. b. Prepare a schedule of accounts receivable. There was no accounts receivable balance at December 1.