Question 1

Morgan Company has the following segment revenues for fiscal 2011 and 2010.
 $\begin{array}{|l|l|l|}
\hline & \textbf{2011} & \textbf{2010} \
&\textbf {(in millious) } & \textbf {(in millions) } \
\hline \text { U.S. } & \$ 775.0 & \$ 650.00 \
\hline \text { Canada } & 325.5 & 245.5 \
\hline \text { Other countries } & 215.5 & 168.5 \
\hline \text { Total Revenues } & 1,316.0 & 1,064.0 \
\hline\
\end{array}$ Prepare a vertical analysis of the segment data.

Accepted Answer

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Question 2

Some of the more common subsidiary ledgers are:

Accepted Answer

A)   Accounts Payable, Accounts Receivable, and Owner's Equity subsidiary ledgers.
B)   Accounts Receivable and Accounts Payable subsidiary ledgers.
C)   Accounts Receivable, Accounts Payable, Cash, Checking, Petty Cash, and Owner's Equity subsidiary ledgers.
D)   Cash and Owner's Equity subsidiary ledgers.E) C) and D)
F) None of the above

Question 3

Purchase journals will have an Other Accounts Cr. column.

Accepted Answer

A) True 
 B)False

Question 4

Define and describe an accounting system.

Accepted Answer

An accounting system is the methods and ...

Question 5

The customers ledger and the creditors ledger refer to subsidiary ledgers.

Accepted Answer

A) True 
 B)False

Question 6

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $18 which is the correct entry?

Accepted Answer

A)   Cash Cr. $18, Food Revenue Dr. $18,
B)   Cash Dr. $18, Food Revenue Dr. $18
C)   Cash Dr. $18, Food Revenue Cr. $18
D)   Cash Cr. $18, Food Revenue Cr. $18E) None of the above
F) A) and B)

Question 7

The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

Accepted Answer

Accounts Receivable and Cash are not nee...

Question 8

Computerized accounting systems

Accepted Answer

A)   is a tedious form of recordkeeping process.
B)   improve the timeliness of reporting.
C)   prevent all journalizing errors.
D)   are only used in medium and large businesses.E) B) and C)
F) A) and D)

Question 9

An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information

Accepted Answer

A) True 
 B)False

Question 10

E-commerce

Accepted Answer

A)   accounts for less than 1% of all retail sales.
B)   only relates to transactions between a company and a consumer
C)   can improve the speed and efficiency of transactions.
D)   increases paperwork.E) B) and C)
F) C) and D)

Question 11

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is always recorded in the general journal?

Accepted Answer

A)   rendering services for cash
B)   purchases of supplies on account
C)   rendering services on account
D)   closing entriesE) B) and C)
F) All of the above

Question 13

Which of the following is always recorded in the general journal?

Accepted Answer

A)   services rendered for cash
B)   correction of error in billing client
C)   purchases of equipment on account
D)   purchases of equipment for cashE) A) and C)
F) C) and D)

Question 14

Which of the following statements is false?

Accepted Answer

A)   Most computerized accounting systems use principles from manual systems.
B)   Subsidiary ledgers and special journals are only useful when a business doesn't have a large number of similar transactions.
C)   Even small companies use computerized accounting systems.
D)   Large companies often integrate their accounting system with their automated business systems.E) A) and B)
F) A) and C)

Question 15

Waller Company does business in two regional segments: North and South. The following annual revenue information was determined from the accounting system's invoice information:  Using horizontal analysis, determine the percentage change in revenues for the South region.
Round to one decimal place.

Accepted Answer

A)   30.0%
B)   77.6%
C)   (30.0%) 
D)   (77.6%) E) C) and D)
F) A) and D)

Question 16

The goal of systems analysis is to determine

Accepted Answer

A)   when to implement a system
B)   information needs
C)   the size of the competitor's system
D)   changes to the present systemE) All of the above
F) A) and C)

Question 17

Processing methods:

Accepted Answer

A)   are the policy and procedures that protect assets from misuse.
B)   must be computerized.
C)   are the means by which the accounting system reports information.
D)   ensure that business laws and regulations are followed.E) B) and C)
F) A) and D)

Question 18

Select the correct subsidiary ledger and appropriate posting for each of the following customer and creditor activities.

Accepted Answer

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Question 19

Computerized accounting systems

Accepted Answer

A)   are only used by medium and large sized companies
B)   are generally not as accurate as manual systems
C)   record and post transactions at the same time
D)   must make use of special journalsE) None of the above
F) A) and B)

Question 20

The accounts receivable subsidiary ledger is an example of a special journal.

Accepted Answer

A) True 
 B)False

Exam 5: Accounting Systems

Some of the more common subsidiary ledgers are:

Correct Answer
verified

Define and describe an accounting system.

Correct Answer
verified
An accounting system is the methods and ...
View Answer

Processing methods:

Correct Answer
verified

E-commerce

Correct Answer
verified

Computerized accounting systems

Correct Answer
verified

Select the correct subsidiary ledger and appropriate posting for each of the following customer and creditor activities.

Correct Answer
verified
_TB2085_00...
View Answer

Computerized accounting systems

Correct Answer
verified

Which of the following statements is false?

Correct Answer
verified

The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

Correct Answer
verified
Accounts Receivable and Cash are not nee...
View Answer

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

Correct Answer
verified

An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information

Correct Answer
verified

Waller Company does business in two regional segments: North and South. The following annual revenue information was determined from the accounting system's invoice information: Using horizontal analysis, determine the percentage change in revenues for the South region. Round to one decimal place.

Correct Answer
verified

The customers ledger and the creditors ledger refer to subsidiary ledgers.

Correct Answer
verified

Which of the following is always recorded in the general journal?

Correct Answer
verified

Correct Answer
verified
_TB2085_00...
View Answer

Purchase journals will have an Other Accounts Cr. column.

Correct Answer
verified

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $18 which is the correct entry?

Correct Answer
verified

Which of the following is always recorded in the general journal?

Correct Answer
verified

The goal of systems analysis is to determine

Correct Answer
verified

The accounts receivable subsidiary ledger is an example of a special journal.

Correct Answer
verified

Exam 5: Accounting Systems

Some of the more common subsidiary ledgers are:

Correct AnswerverifiedShow Answer

Define and describe an accounting system.

Correct AnswerverifiedAn accounting system is the methods and ...View AnswerShow Answer

Processing methods:

Correct AnswerverifiedShow Answer

E-commerce

Correct AnswerverifiedShow Answer

Computerized accounting systems

Correct AnswerverifiedShow Answer

Select the correct subsidiary ledger and appropriate posting for each of the following customer and creditor activities.

Correct Answerverified_TB2085_00...View AnswerShow Answer

Computerized accounting systems

Correct AnswerverifiedShow Answer

Which of the following statements is false?

Correct AnswerverifiedShow Answer

The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

Correct AnswerverifiedAccounts Receivable and Cash are not nee...View AnswerShow Answer

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

Correct AnswerverifiedShow Answer

An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information

Correct AnswerverifiedShow Answer

Waller Company does business in two regional segments: North and South. The following annual revenue information was determined from the accounting system's invoice information: Using horizontal analysis, determine the percentage change in revenues for the South region. Round to one decimal place.

Correct AnswerverifiedShow Answer

The customers ledger and the creditors ledger refer to subsidiary ledgers.

Correct AnswerverifiedShow Answer

Which of the following is always recorded in the general journal?

Correct AnswerverifiedShow Answer

Correct Answerverified_TB2085_00...View AnswerShow Answer

Purchase journals will have an Other Accounts Cr. column.

Correct AnswerverifiedShow Answer

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $18 which is the correct entry?

Correct AnswerverifiedShow Answer

Which of the following is always recorded in the general journal?

Correct AnswerverifiedShow Answer

The goal of systems analysis is to determine

Correct AnswerverifiedShow Answer

The accounts receivable subsidiary ledger is an example of a special journal.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
An accounting system is the methods and ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
_TB2085_00...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Accounts Receivable and Cash are not nee...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
_TB2085_00...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified