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Exam 11: Accounting Information Systems

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Question 21

True/False

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Accounting information systems are designed to capture information about a company's transactions and to provide output including financial statements and special purpose reports.

A) True
B) False

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Question 22

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The sale of inventory may

A) decrease inventory
B) impact the Sales Journal
C) create accounts receivable
D) initiate billing
E) All of these

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

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Question 23

Multiple Choice

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The use of an Accounts Payable controlling account

Heidi Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following are the totals from the special journals for the month ended July 31: Required: Post the appropriate amounts to the Accounts Receivable and Accounts Payable controlling T-accounts.

A management information system (MIS) is designed to collect and process data within an organization for the purpose of providing users with information.

A Sales Journal is used to record cash sales.

Find the errors in the cash disbursements journal below and rewrite the journal with corrections. The company chart of accounts is as follows:

Why do we use invoice date rather than the purchase date when recording transactions in the purchase journal.

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

(1) What is the name of the journal illustrated below? (2) Write an explanation for each entry.

Outdoors Unlimited uses special journals to record its daily transactions. Shown below is a Cash Receipts Journal and selected ledger accounts. Post the Cash Receipts Journal to the appropriate accounts.

Enterprise-application software packages keep the programs that manage a company's vital operations.

Each transaction recorded in the Sales Journal includes a debit to Accounts Receivable and a credit to Sales Revenue.

When posting from special journals all debit and credit entries are entered as separate amounts.

An accounting information system uses __________ to provide internal and external users with ________.

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording. In the same manner GST receivable and PST receivable columns may be added to the Purchases Journal and the Cash Disbursements Journal.

Abercrombie Company uses a periodic inventory system and four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August: Record the above transactions in the appropriate journals below. Ignore transactions that should not be posted to the journals provided.

A management information system (MIS) is designed to collect and process data within an organization for the purpose of providing users with information.

A book of original entry that is designed and used for recording only a specified type of transaction is called a

A company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. A sales return for credit on account would be recorded in the