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Question(s) / Instruction(s):

1.            Equipment, inventory, and investments are other accounts that can include detailed information in a subsidiary ledger.

a)            True

b)            False

Answer:               a)            True

 

2.            Computer networks are links among computers giving different users and different computers access to common databases and programs.

a)            True

b)            False

Answer:               a)            True

 

3.            Accounting information systems:

a)            Collect and process data from transactions and events.

b)            Organize data in useful forms.

c)            Communicate information to business decision makers.

d)            Are crucial to effective decision making.

e)            All of these.

Answer :              e)            All of these.

 

4.            The accounting principle that requires an accounting information system to report useful, understandable, timely, and pertinent information for effective decision-making is the:

a)            Control principle.

b)            Compatibility principle.

c)            Relevance principle.

d)            Flexibility principle.

e)            Cost-Benefit principle.

Answer:               c)            Relevance principle.

 

5.            Assume that 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:

a)            Sales journal.

b)            General journal.

c)            Cash receipts journal.

d)            Accounts receivable ledger.

e)            Cash disbursements journal.

Answer:               b)            General journal.

 

6.            Two common subsidiary ledgers are cash receipts and cash disbursements.

a)            True

b)            False

Answer:               b)            False

 

7.            A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n):

a)            Controlling account.

b)            Accounts receivable ledger.

c)            Accounts payable ledger.

d)            General ledger.

e)            Special journal.

Answer:               c)            Accounts payable ledger.

 

8.            The accounts receivable ledger:

a)            Is for storing transaction data for customers.

b)            Is for storing transaction data for individual customers.

c)            Is for storing transaction data for individual creditors.

d)            Is for storing transaction date for creditors.

e)            Is also the controlling account.

Answer:               e)            is also the controlling account.

 

9.            Input devices include:

a)            Bar-code readers.

b)            Printers.

c)            Software.

d)            Ledgers.

e)            All of these.

Answer:               a)            Bar-code readers.

 

10.          Off-the-shelf accounting software is not adequate to meet the needs of small businesses.

a)            True

b)            False

Answer:               b)            False

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