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Exam 27 Appendix : Accounting With Special Journals

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Question 41

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Individual transactions in the sales journal are regularly posted to customer accounts in the accounts payable ledger.

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Question 42

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External users of financial statements are generally uninterested in segment information to understand a company's business activities.

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Question 43

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Auditors rely on accounting system databases when they audit financial statements and a company's controls.

The purchases journal is used for recording:

Internal controls include policies to direct operations toward common goals, procedures to ensure reliable financial reports, safeguards to protect company assets and methods to achieve compliance with laws and regulations.

The purchases journal is used to record cash purchases of merchandise.

The special journals of many accounting systems include all the following except:

A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal and general journal. A perpetual inventory system is used. The following transactions were completed by the company during the current month of October: Record these transactions in the appropriate journal shown below.

The SAP enterprise-resource planning software is already being used to help direct the operations of many of the world's largest companies.

___________________ processing enters and processes data as soon as source documents are available.

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

The ledger that contains the financial statement accounts of a company is the:

Enterprise resource planning software packages include the programs that manage a company's vital operations.

Input devices include journal entries, keyboards, scanners and modems.

An accounts payable ledger is:

A company uses a cash receipts journal (periodic system) as shown below. How would the following transactions be recorded in this cash receipt journal? 12/08 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/09 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, N/30.

Internal control procedures do not include:

Explain the purposes, types and uses of special journals.

Accounting information systems collect and process data from transactions and events, organize them in useful forms and communicate results to decision makers.

A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n) :