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Exam 5: Accounting Systems

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Question 61

Multiple Choice

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A cash purchase of supplies should be recorded in the

A) Cash Receipts journal
B) Purchase journal
C) General journal
D) Cash Payments journal

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Question 62

Multiple Choice

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

A) General journal
B) Purchases journal
C) Revenue journal
D) Accounting journal

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Question 63

True/False

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The account for each supplier of merchandise will appear in the accounts payable subsidiary ledger.

Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them in the Cash Payments Journal as appropriate.

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

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

The discovery and correction of errors is important in a computerized system. What kind of error(s) might occur in these systems? What type of error(s) will be prevented in a computerized system? Potential errors: 1. Failing to record transactions. 2. Recording a transaction more than once. 3. Recording a transaction in incorrect accounts. 4. Entering an incorrect number in both the debit and credit parts of the transaction.

The following purchase transactions occurred during August for Backcountry Kayak Company. Record these transactions in a purchase journal.

List the 4 most common special journals used in accounting and describe the transaction recorded in each journal.

Utilizing the Revenue Journal, below, journalize the following five transactions of Porshe Creations:

Vision Service Company has the following debits and credits from two transactions presented in a customer account: NAME: Roswell Communications, Inc. Address: 345 Alien Way Describe each transaction and the source of each posting.

Analysis of user needs is the final phase in the creation or revision of an accounting system.

An adjustment resulting from a creditor charging too much for merchandise would be recorded in the:

Processing methods:

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

Services provided on account is recorded in the revenue journal.

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Banner Computer Services, Inc. Address: 890 Novice Lane Describe each transaction and the source of each posting.

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

When using a revenue journal:

A computerized accounting system will not allow which of the following type of journalizing error?