Question 1

Explain the purposes, types, and uses of special journals

Accepted Answer

Special journals are used for recording ...

Question 2

The special journals of many accounting systems include the:

Accepted Answer

A)   Sales journal.
B)   Purchases journal.
C)   Cash receipts journal.
D)   Cash disbursements journal.
E)   General Ledger.F) B) and C)
G) B) and D)

Question 3

List the five basic principles of accounting information systems.

Accepted Answer

Accounting information systems...

Question 4

A __________________ is an all-purpose journal that can record any transaction.

Accepted Answer

The answer of A __________________ is an all-purpose journal that...

Question 5

Discuss how technology based information systems affect accounting

Accepted Answer

Technology based information systems hav...

Question 6

Enterprise resource planning software is primarily used for recording journal entries.

Accepted Answer

A) True 
 B)False

Question 7

A company borrowed $50,000 from a bank by signing a long-term note payable. Identify the journal the transaction would be recorded in.

Accepted Answer

A)   Cash disbursements journal.
B)   Sales journal.
C)   Cash receipts journal.
D)   Purchases journal.
E)   General journal.F) A) and E)
G) C) and E)

Question 8

Source documents:

Accepted Answer

A)   Are input devices.
B)   Provide the basic information processed by an accounting system.
C)   Cannot be electronic files.
D)   Store processed information for future use.
E)   Cannot be paper documents.F) B) and E)
G) None of the above

Question 9

A business segment:

Accepted Answer

A)   Requires only internal reporting.
B)   Is a part of a company that is separately identified by its products, services, or geographic market.
C)   Requires special journals.
D)   Requires subsidiary ledgers.
E)   Cannot report its results separately.F) All of the above
G) A) and B)

Question 10

Accurate source documents are crucial to accounting systems to limit the possibility of entering faulty data into the system.

Accepted Answer

A) True 
 B)False

Question 11

Accounting information systems are designed to capture information about a company's transactions and events and to provide output including financial, managerial, and tax reports.

Accepted Answer

A) True 
 B)False

Question 12

All of the following statements regarding accounting information systems are except:

Accepted Answer

A)   Accounting information systems collect and process data from transactions and events.
B)   Accounting information systems organize data in useful forms.
C)   Accounting information systems do not establish internal control procedures.
D)   Accounting information systems are crucial to effective decision making.
E)   Accounting information systems communicate information to business decision makers.F) A) and C)
G) D) and E)

Question 13

The following information is available for some of Kalo's segments (all amounts are in millions)
a. Determine the segment return on assets for each geographic segment.
b. Comment on the results. How do the segments compare with respect to profitability?

Accepted Answer

a.
b. Latin America ...

Question 14

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

Accepted Answer

A) True 
 B)False

Question 15

The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries.

Accepted Answer

A) True 
 B)False

Question 16

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.

Accepted Answer

A) True 
 B)False

Question 17

Identify the accounting information system principle below that applies to each of these situations.

Accepted Answer

The answer of Identify the accounting information system principle below...

Question 18

A company had average total assets of $982,450 and net income of $190,700, and reports various segment information. Segment A had average total assets of $437,800 and segment operating income of $98,230. Segment B had average assets of $151,200 and segment operating income of $16,190. Calculate the segment return on assets for Segment A

Accepted Answer

A)   19.4%.
B)   22.4%.
C)   26.1%.
D)   10.7%.E) A) and B)
F) All of the above

Question 19

All of the following statements regarding input devices are except:

Accepted Answer

A)   Input devices capture information from source documents and enable its transfer to the system's information processing component.
B)   Input devices convert data on source documents from written form to a form usable for the system.
C)   Input devices include keyboards, scanners, and modems.
D)   Input devices include journal entries.
E)   Input devices are always reliable and no controls are needed to verify accuracy of input.F) None of the above
G) B) and E)

Question 20

A company entered into the following transactions. Match each transaction with the appropriate journal.

Accepted Answer

The answer of A company entered into the following transactions....

Exam 7: Accounting Information Systems

Correct Answer
verified

A __________________ is an all-purpose journal that can record any transaction.

Correct Answer
verified

Accounting information systems are designed to capture information about a company's transactions and events and to provide output including financial, managerial, and tax reports.

Correct Answer
verified

A business segment:

Correct Answer
verified

A company borrowed $50,000 from a bank by signing a long-term note payable. Identify the journal the transaction would be recorded in.

Correct Answer
verified

Identify the accounting information system principle below that applies to each of these situations.

Correct Answer
verified

Discuss how technology based information systems affect accounting

Correct Answer
verified
Technology based information systems hav...
View Answer

List the five basic principles of accounting information systems.

Correct Answer
verified
Accounting information systems...
View Answer

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

Correct Answer
verified

Source documents:

Correct Answer
verified

The following information is available for some of Kalo's segments (all amounts are in millions) a. Determine the segment return on assets for each geographic segment. b. Comment on the results. How do the segments compare with respect to profitability?

Correct Answer
verified
a.
b. Latin America ...
View Answer

Accurate source documents are crucial to accounting systems to limit the possibility of entering faulty data into the system.

Correct Answer
verified

A company entered into the following transactions. Match each transaction with the appropriate journal.

Correct Answer
verified

The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries.

Correct Answer
verified

The special journals of many accounting systems include the:

Correct Answer
verified

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.

Correct Answer
verified

Enterprise resource planning software is primarily used for recording journal entries.

Correct Answer
verified

All of the following statements regarding input devices are except:

Correct Answer
verified

All of the following statements regarding accounting information systems are except:

Correct Answer
verified

Explain the purposes, types, and uses of special journals

Correct Answer
verified
Special journals are used for recording ...
View Answer

Exam 7: Accounting Information Systems

Correct AnswerverifiedShow Answer

A __________________ is an all-purpose journal that can record any transaction.

Correct AnswerverifiedShow Answer

Accounting information systems are designed to capture information about a company's transactions and events and to provide output including financial, managerial, and tax reports.

Correct AnswerverifiedShow Answer

A business segment:

Correct AnswerverifiedShow Answer

A company borrowed $50,000 from a bank by signing a long-term note payable. Identify the journal the transaction would be recorded in.

Correct AnswerverifiedShow Answer

Identify the accounting information system principle below that applies to each of these situations.

Correct AnswerverifiedShow Answer

Discuss how technology based information systems affect accounting

Correct AnswerverifiedTechnology based information systems hav...View AnswerShow Answer

List the five basic principles of accounting information systems.

Correct AnswerverifiedAccounting information systems...View AnswerShow Answer

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

Correct AnswerverifiedShow Answer

Source documents:

Correct AnswerverifiedShow Answer

The following information is available for some of Kalo's segments (all amounts are in millions) a. Determine the segment return on assets for each geographic segment. b. Comment on the results. How do the segments compare with respect to profitability?

Correct Answerverifieda.b. Latin America ...View AnswerShow Answer

Accurate source documents are crucial to accounting systems to limit the possibility of entering faulty data into the system.

Correct AnswerverifiedShow Answer

A company entered into the following transactions. Match each transaction with the appropriate journal.

Correct AnswerverifiedShow Answer

The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries.

Correct AnswerverifiedShow Answer

The special journals of many accounting systems include the:

Correct AnswerverifiedShow Answer

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.

Correct AnswerverifiedShow Answer

Enterprise resource planning software is primarily used for recording journal entries.

Correct AnswerverifiedShow Answer

All of the following statements regarding input devices are except:

Correct AnswerverifiedShow Answer

All of the following statements regarding accounting information systems are except:

Correct AnswerverifiedShow Answer

Explain the purposes, types, and uses of special journals

Correct AnswerverifiedSpecial journals are used for recording ...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Technology based information systems hav...
View Answer

Correct Answer
verified
Accounting information systems...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
a.
b. Latin America ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Special journals are used for recording ...
View Answer