Question 1

_____________________________________ consist of people,records,methods and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

Accepted Answer

Accounting...

Question 2

An accounts receivable ledger is:

Accepted Answer

A)   A subsidiary ledger that contains an account for each credit customer.
B)   A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant accounts receivable outstanding.
C)   A book of original entry that is designed and used for recording only a specified type of transaction.
D)   The ledger that contains the financial statement accounts of a business.
E)   A subsidiary ledger that contains a separate account for each creditor (supplier)  to the company.F) All of the above
G) B) and D)

Question 3

The flexibility principle of accounting information systems requires that the:

Accepted Answer

A)   Benefits from an activity outweigh the costs of the activity.
B)   System report useful, understandable, timely, and pertinent information for effective decision making.
C)   System aid managers in controlling and monitoring business activities.
D)   System adapt to changes in the company, business environment, and needs of decision makers.
E)   System conform with a company's activities, personnel, and structure.F) A) and E)
G) A) and C)

Question 4

______________________ capture information from source documents and enable its transfer to the system's information processing component.

Accepted Answer

The answer of ______________________ capture information from source documents and...

Question 5

The __________________ principle requires that an accounting information system report useful,understandable,timely,and pertinent information for effective decision making.

Accepted Answer

The answer of The __________________ principle requires that an accounting...

Question 6

The __________________ principle requires that an accounting information system must be able to adapt to changes in the company,business environment,and needs of decision makers.

Accepted Answer

The answer of The __________________ principle requires that an accounting...

Question 7

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Accepted Answer

The controlling accounts are part of the...

Question 8

An approach that enters and processes data as soon as source documents are available is called:

Accepted Answer

A)   Date storage
B)   Batch processing
C)   Online processing
D)   Computer programming
E)   Web communicationF) C) and D)
G) None of the above

Question 9

A subsidiary ledger is a listing of individual accounts with a common characteristic.

Accepted Answer

A) True 
 B)False

Question 10

What is the segment return on assets ratio? What is it used for?

Accepted Answer

The segment return on assets is segment ...

Question 11

Effective accounting information systems will do all of the following except:

Accepted Answer

A)   Collect data from transactions and events.
B)   Organize data in useful forms.
C)   Communicate information to business decision makers.
D)   Process data from transactions and events.
E)   Eliminate all errors.F) A) and E)
G) B) and D)

Question 12

What are the five basic components of accounting information systems?

Accepted Answer

The five basic components of a...

Question 13

The management of Pasama Inc.is evaluating the three segments of the company.Given the data below,which of the following statements is true regarding segment return on assets?

Accepted Answer

A)   Segment Africa has the highest operating income and the highest return on assets.
B)   Segment Belgium has the highest operating income and the highest return on assets.
C)   Segment Canada has the highest operating income and the highest return on assets.
D)   Segment Canada has the highest return on assets and Segment Africa has the lowest return on assets.
E)   Segment Belgium has a higher return on assets than Segment Canada.F) B) and D)
G) B) and E)

Question 14

_______________________________________ refers to the programs that help managers direct a company's vital operations.

Accepted Answer

Enterprise...

Question 15

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 16

The main difference in the sales journal under the perpetual and periodic inventory system is:

Accepted Answer

A)   The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic.
B)   The sales tax receivable column that is used under the perpetual system but not the periodic.
C)   The sales tax payable column that is used under the perpetual system but not the periodic.
D)   The accounts receivable column that is used under the perpetual system but not the periodic.
E)   The column for recording cash that is used under the perpetual system but not the periodic.F) A) and B)
G) A) and C)

Question 17

Segment information is often useful to investors for evaluating a company's profitability,risk,and growth.

Accepted Answer

A) True 
 B)False

Question 18

An advantage of online processing is up-to-date databases.

Accepted Answer

A) True 
 B)False

Question 19

Segment return on assets is segment operating income divided by segment average assets.

Accepted Answer

A) True 
 B)False

Question 20

Information storage:

Accepted Answer

A)   Eliminates the need for professional judgment.
B)   Keeps data in a form accessible to information processors.
C)   Provides the basic information processed by an accounting system.
D)   Captures information from source documents.
E)   Is always in electronic format.F) All of the above
G) C) and D)

Exam 25: Accounting With Special Journals

The __________________ principle requires that an accounting information system must be able to adapt to changes in the company,business environment,and needs of decision makers.

Correct AnswerverifiedShow Answer

An advantage of online processing is up-to-date databases.

Correct AnswerverifiedShow Answer

Segment information is often useful to investors for evaluating a company's profitability,risk,and growth.

Correct AnswerverifiedShow Answer

What is the segment return on assets ratio? What is it used for?

Correct AnswerverifiedThe segment return on assets is segment ...View AnswerShow Answer

The main difference in the sales journal under the perpetual and periodic inventory system is:

Correct AnswerverifiedShow Answer

A subsidiary ledger is a listing of individual accounts with a common characteristic.

Correct AnswerverifiedShow Answer

_____________________________________ consist of people,records,methods and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

Correct AnswerverifiedAccounting...View AnswerShow Answer

Segment return on assets is segment operating income divided by segment average assets.

Correct AnswerverifiedShow Answer

Effective accounting information systems will do all of the following except:

Correct AnswerverifiedShow Answer

What are the five basic components of accounting information systems?

Correct AnswerverifiedThe five basic components of a...View AnswerShow Answer

_______________________________________ refers to the programs that help managers direct a company's vital operations.

Correct AnswerverifiedEnterprise...View AnswerShow Answer

An approach that enters and processes data as soon as source documents are available is called:

Correct AnswerverifiedShow Answer

An accounts receivable ledger is:

Correct AnswerverifiedShow Answer

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Correct AnswerverifiedThe controlling accounts are part of the...View AnswerShow Answer

The management of Pasama Inc.is evaluating the three segments of the company.Given the data below,which of the following statements is true regarding segment return on assets?

Correct AnswerverifiedShow Answer

The __________________ principle requires that an accounting information system report useful,understandable,timely,and pertinent information for effective decision making.

Correct AnswerverifiedShow Answer

The flexibility principle of accounting information systems requires that the:

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

______________________ capture information from source documents and enable its transfer to the system's information processing component.

Correct AnswerverifiedShow Answer

Information storage:

Correct AnswerverifiedShow Answer

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The segment return on assets is segment ...
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Accounting...
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The five basic components of a...
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Enterprise...
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The controlling accounts are part of the...
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