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Exam 7: Accounting Information Systems

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Question 41

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When a Cash Disbursements Journal has a column for cheque numbers,it is sometimes called a(n)_____________.

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Question 42

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A schedule of accounts receivable is a listing of all creditor accounts and account balances.

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Question 43

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Most transactions for merchandising businesses fall into four groups: sales on credit,purchases on credit,cash receipts,and cash disbursements.

A subsidiary ledger:

An example of a specialty component of an AIS is:

Explain how the balances in the subsidiary accounts are tested for accuracy.

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording.

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording.In the same manner GST receivable and PST receivable columns may be added to the Purchases Journal and the Cash Disbursements Journal.

The Forty-Niner Company uses a periodic system and records its transactions and other events in four special journals and a general journal.The money columns of these journals are numbered as follows: Show how each of the following transactions would be recorded in the above set of accounting journals by inserting the number(s)of the columns in which the debit(s)would appear in the column labeled "Debits" below and by inserting the number(s)of the columns in which the credits would appear in the column labeled "Credits" below.

Three issues involving the Sales Journal include: (1)recording sales taxes (2)recording sales returns and allowances and (3)recording purchase discounts.

A company uses a Sales Journal,a Purchases Journal,a Cash Receipts Journal,a Cash Disbursements Journal,and a General Journal.A sales return for credit on account would be recorded in the:

Dina Company uses a Sales Journal,a Purchases Journal,a Cash Receipts Journal,a Cash Disbursements Journal,and a General Journal,and a perpetual inventory system.The following transactions occurred during the month of December: -Prepare a Cash Disbursements Journal for Dina Company and journalize the appropriate transactions.

A subsidiary ledger that contains a separate account for each party that grants credit on account to the business is called a(n) :

The Purchases Journal is the same in both the periodic and perpetual systems.

The basic components of an accounting system include:

The MIS is a subsystem of the accounting information system.

The General Journal is flexible and can be used for original,adjusting,closing,and correcting entries.

Each transaction recorded in the Sales Journal includes a debit to Accounts Receivable and a credit to Sales Revenue.

Under the perpetual system cash sales are recorded at the point of sale.

The Accounts Payable ledger is used for storing transaction data regarding individual customers.