1. Which of the following is conducted as a follow up to a system’s recent implementation? A) Troubleshooting B) a systems survey C) a post-implementation review D) systems maintenance Points Earned: 1.0/1.0 Correct Answer(s): C 2. After the conversion is completed‚ the systems development project team writes the project completion report. A) True B) False Points Earned: 0.0/1.0 Correct Answer(s): True 3. Which of the following is not a task required to complete structured systems analysis
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weekly‚ monthly or quarterly which really depends on how big is the business. The next step is to document what each transaction was for with the amount‚ date and why the transaction was made. The next step is to translate over to the ledger accounts. All the ledger account comes over on to the trial balance which the debits and credits should equal out if not there is a mistake somewhere on the first three steps of the process. Next step is to check over and record adjusting account amounts. These
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is the preparation of Control account to confirm that the total of the sales ledger balances and the total of the purchases ledger balances are accurate What is Control Account? • A control account is one which records the total of what may be a large number of individual ledger account balances. • For example‚ there may be numerous accounts‚ perhaps thousands‚ for individual debtors in the Trade Receivable Ledger‚ each reporting the amount receivable from particular debtors whereas a Trade
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Q1.Evaluate the following items‚ and determine the correct amount to report on the income statement for each‚ using the accrual basis of accounting for the referenced period of time. Revenues A Company had beginning accounts receivable of $8‚000. The company reported cash basis revenues of $100‚000. The ending accounts receivable amounted to $18‚000. Supplies B Company purchased $25‚000 of supplies. Supplies on hand decreased by $5‚000 during the period. Rent C Company started the year
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ends with closing of the books. Step 1. Collect and analyze the transactions and determine their effect on the financial position of the company. Step 2. Journalize transactions into the general journal‚ also known as the book of original entry. Step 3. Post to the general ledgers which are organized by account. Step 4. Prepare an unadjusted trial balance to ensure that debits and credits are indeed equal. Step 5. Prepare adjustments to bring accounts to their proper balances
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made by the clerk. 2. Trace a sample of customers’ accounts from journal to ledgers. 3. Investigate debit entries in the general ledger cash account other than from the cash receipt journal and examine supporting documents. 4. Trace the postings of the deposit slips to the subsidiary accounts receivable ledger. 5. Observe the accounts receivable clerk counting cash receipts‚ posting from journal to subsidiary ledger‚ and mail the deposits to the bank. 6. Obtain a cutoff bank statement
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INTRODUCTION TO ACCOUNTING ACNT 1303 Lecture Notes GENERAL INFORMATION FOR COMPLETING THE CLASS The following is a summary of the twelve chapters that you will be completing this semester. Be sure that you are taking the time to read and STUDY each chapter. It is important to go through each of the examples in the book and to complete the Review Quiz. Spending time reading and understanding before you start the homework assignment will help you to complete in the exercises and case problems
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CHAPTER Introduction to Transaction Processing hapter 1 introduced the transaction processing system (TPS) as an activity consisting of three major subsystems called cycles: the revenue cycle‚ the expenditure cycle‚ and the conversion cycle. Even though each cycle performs different specific tasks and supports different objectives‚ they share common characteristics. For example‚ all three TPS cycles capture financial transactions‚ record the effects of transactions in accounting records‚ and
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Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30‚ 2011. The budget provides for estimated revenues of $2‚700‚000 as follows: property taxes‚ $1‚900‚000; licenses and permits‚ $350‚000; fines and forfeits‚ $250‚000; and intergovernmental (state grants)‚ $200‚000. The budget approved appropriations of $2‚650‚000 as follows: General Government‚ $500‚000; Public Safety‚ $1‚600‚000;
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ACCT504 Midterm Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The Midterm is open book and open notes. The maximum time you can spend in the exam is 2 hours‚ 30 minutes. If you have not clicked the Submit for Grading button by then‚ you will be exited from the exam automatically. In the exam environment‚ the Windows clipboard is disabled‚ so you will not be able to copy exam questions or answers to or from other applications. 2. You should click the Save Answers button in the exam frequently
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