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Exam 5: Accounting Systems

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Question 81

True/False

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The format and number of specialized journals that a business uses depends upon the legal organization of the business.

A) True
B) False

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Question 82

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If a company uses special journals

A) it must have one for cash, receivables, and payables
B) it may have no more than four
C) the quantity and design depend on the needs of the company
D) the design must comply with the FASB requirements

E) B) and C)
F) A) and D)

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Question 83

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The methods or procedures used to record and report financial data are called the accounting system.

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Xample, Inc. Address: 567 Harrison Blvd. Describe each transaction and the source of each posting.

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What will be recorded on the post ref column of this transaction?

Discuss the process of posting from a revenue journal to the subsidiary ledger and to the general ledger.

In which journal would adjusting entries be found?

The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.

Which of the following is NOT a special journal?

When a large number of individual accounts with a common characteristic are grouped together, accounting calls this a controlling account.

Describe and discuss e-commerce.

When using a purchases journal

The purchase of supplies for cash would be recorded in the purchases journal.

Which of the following is true about the revenue journal?

Define the meaning of B2C and B2B.

The three phases of setting up an accounting system are, in order

In which journal would you find cash revenues recorded?

The following cash receipts headings have been suggested for Tower Tree-Trimming Service Company. Which of the following statements is false? $\begin{array}{|l|l|l|l|l|l|}\hline \text { Date } & \text { Account Debited } & \begin{array}{l}\text { Post. } \\\text { Ref. }\end{array} & \text { Accounts Receivable Cr. } & \begin{array}{l}\text { Cash } \\\text { Cr. }\end{array} & \text { Other Accounts Dr. } \\\hline & & & & & \\\hline & & & & &\end{array}$

Anderson, Inc. incurred the following transactions during the month of February, 2010. Record the appropriate ones in the Cash payments journal. If a transaction should not be recorded in the Cash payments journal, indicate where it should be posted.

Which of the following journals is called an all-purpose journal?