A(n) ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business"s financial and operating information.a. accounting b. fiduciary c. operations d. auditing


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Which of the following is not one of the three phases needed when changing an accounting system, either in its entirety or in part? evaluation architecture evaluation implementation
The goal of systems analysis is to determinea. when to implement a system b. information needs c. the size of the competitor"s system d. changes to the present system
After an accounting system has been set up, what is the next step? Analysins Feedback Implementati~ above Internal controls
Every controlling account must have its own revenue ledger general ledger subsidiary ledger journal
At the end of the month, the total of the amount column of the revenue journal is posted as aa. debit to Accounts Receivable and a credit to Cashb. debit to Accounts Receivable and a credit to Fees Earnedc. debit to Cash and a credit to Fees Earned d. debit to Cash and a credit to Accounts Payable
The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled Purchases Accounts Payable Fees Earned Accounts Receivable
A purchase of supplies for cash is recorded in the Revenue journal Purchases newspaper Cash Receipts journal Cash Payments journal
A purchase of supplies on account is recorded in the Revenue newspaper General newspaper Purchases journal Cash Payments journal
Which of the following transactions is recorded in the purchases journal?a. purchase of store supplies on account b. return of damaged office equipment c. purchase of store supplies for cash d. purchase of office equipment for cash
When posting a column total in the purchases journal, a credit should be posted to Merchandise Inventory Accounts Paymay be Sales Returns and Allowancens Cash
In which journal would an adjustment for an overcharge by a creditor be recorded? General newspaper Purchases newspaper Cash Payments journal Cash Receipts journal
Which of the following is always recorded in the general journal?a. services rendered for cash b. correction of error in billing client c. purchases of equipment on account d. purchases of equipment for cash
Which of the following is recorded in the cash payments journal?a. adjusting entry for accrued salaries b. receipt of cash on supplies returned c. receipt of cash from services rendered d. payment of employees" salaries
In which journal is the return of supplies purchased on account recorded? General journal Cash Receipts journal Cash Payments newspaper Purchases journal
When posting the column totals of a cash payments journal, a debit should be posted to Cash Accounts Paymaybe Sales Discountns Unearned Revenue
A cash investment made by the owner should be recorded on the cash receipts newspaper purchases newspaper cash payments journal revenue journal
In which journal would you find cash revenues recorded? cash payments journal general journal revenues newspaper cash receipts journal
Which transaction is normally recorded in a special journal? sales returns depreciation price purchases on accounting issued stock dividend
If a company uses special journalsa. it must have one for cash, receivables, and payablesb. it may have no more than four c. the quantity and design depend on the needs of the companyd. the design must comply with the FASB requirements
Computerized accounting systemsa. are only used by medium and large sized companiesb. are generally not as accurate as manual systems c. record and post transactions at the same time d. must make use of special journals
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?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. $18
A computerized accounting system will not allow which of the following type of journalizing error?a. Entering an amount in an incorrect account b. Reversing the debit and credit account in a transactionc. Processing a transaction that has unequal debits and credits.d. Entering a transaction with an incorrect date.
What is meant by the term B2C? Balance to cash Business to cash Book to funding Business to consumer
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:Segment 20142013North $ 75,000$100,000South 260,000 200,000 Total revenues $335,000$300,000Using horizontal analysis, determine the percentage change in revenues for the South region.Round to one decimal place. 30.0% 77.6% (30.0%) (77.6%)
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