Accounting

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The basic principles of an accounting information system include all of the following except|
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 | Student Answer:| |  cost effectiveness. (Cost effectiveness is one of the basic principles of accounting information systems.)|  | | |  flexibility. (Flexibility is one of the basic principles of accounting information systems.)|  | | |  useful output. (Useful output is one of the basic principles of accounting information systems.)|  | | |  periodicity. (Correct! Periodicity is not one of the basic principles of accounting information systems.)| |

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 2.| Question :| All of the following statements are true except|
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 | Student Answer:| |  subsidiary ledgers show transactions affecting one customer or one creditor in a single account. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").)|  | | |  subsidiary ledgers free the general ledger of excessive details. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").)|  | | |  subsidiary ledgers eliminate errors in individual accounts. (Correct! Subsidiary ledgers help locate, not eliminate, errors in individual accounts ("Advantages of Subsidiary Ledgers").)|  | | |  subsidiary ledgers make possible a division of labor. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").)| |

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 3.| Question :| A purchase of equipment with cash is recorded in the|
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 | Student Answer:| |  cash receipts journal. (The cash receipts journal would be used only if cash is received.)|  | | |  purchases journal. (purchases journal is used only to record a purchase on account.)|  | | |  cash payments journal. (Correct!  The cash payments journal is used because this is a cash purchase.)|  | | |  general journal.|

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 4.| Question :| Which of the following is incorrect concerning the posting of the cash receipts journal?|
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 | Student Answer:| |  The total of the Other Accounts column is not posted. (This statement about the posting of the cash receipts journal is true.)|  | | |  All column totals except the total for the Other Accounts column are posted once at the end of the month to the account title(s) specified in the column heading. (This statement about the posting of the cash receipts journal is true.)|  | | |  The totals of all columns are posted daily to the accounts specified in the column heading. (Correct! All column totals except the total for the Other Accounts column (which is never posted) are posted once at the end of the month to the account title(s) specified in the column heading.)|  | | |  The individual amounts in a column posted in total to a control account are posted daily to the subsidiary ledger account specified in the Account Credited column. (This statement about the posting of the cash receipts journal is true.)| |

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 5.| Question :| Principles of an efficient and effective accounting information system include all of the following except|
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 | Student Answer:| |  cost effectiveness. (All of the options are principles of an efficient and effective accounting information system ("Basic Concepts of Accounting Information Systems").)|  | | |  flexibility. (All of the options are principles of an efficient and effective accounting information system ("Basic Concepts of Accounting Information Systems").)|  | | |  useful output. (All of the options are principles of an efficient and effective accounting information system ("Basic Concepts of Accounting Information Systems").)|  | | |  all of these options are...
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