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WorksheetsCHAP 7 MC
Total questions: 57
Worksheet time: 29mins
1. The principle of an efficient accounting system that states that an accounting system should accommodate a variety of users is
cost effectiveness
flexibility
useful output
implementation
33. Which of the following is not a basic principle of designing and developing an effective accounting information system
Approval by the SEC
Usefulness
Flexibility
Cost effectiveness
34. In developing an accounting system, cost-effectiveness does not imply that
the benefits obtained from the system outweigh the cost
an electronic system must be cheaper than the system it is replacing
the system should be cost effective
the value of an accounting report should be at least equal to the cost of producing it
36. To be useful, the information outputs of a system should be
relevant, reliable, timely and accurate
reliable, flexible, understandable and timeless
such that one report meets all different users needs
distributed only to management personnel
37. The accounting environment does not change as a result of
technological advances
government regulation
the double entry systems
organizational growth
38. The principle of developing an accounting information system do not include
usefulness
flexibility
cost effectiveness
elimination of human involvement
39. A student should organize a need to manual accounting systems because
the structure of electronic systems differs greatly from manual systems
all small companies only use manual accounting systems
the software and hardware of electronic systems vary greatly, which makes manual procedures more practical to study
company that use manual systems hire more accountants
40. Which of the following is a true statement about manual and electronic accounting systems
Few small companies begin with manual systems
The design and structure of manual and electronic systems are essentially the same
Many companies convert from electronic to manual systems
The design and structure of manual and electronic systems are fundamentally different
41. Posting to the control accounts in the general ledger are made
annually
daily
monthly
weekly
42. The balance of a control account in the general ledger
must always be zero
must equal the amount of total assets
is always greater than the composite balance of individual accounts in a related subsidiary ledger
must equal the composite balance of individual accounts in a related subsidiary ledger
43. A subsidiary ledger is
used in place of the general ledger if the general ledger is destroyed or stolen
a group of accounts used by branches and subsidiaries of a corporate business
a group of accounts with a common characteristic that provides detailed information about a control account in the general ledger
used to post excess transactions if a general ledger account becomes full during an accounting periood
44. Postings are made daily to the
accounts receivable control account
accounts payable control account
accounts receivable subsidiary ledger
control accounts in the general ledger
45. A company would not likely use subsidiary ledgers for
inventory
OC
equipment
accounts receivable
47. Postings are made daily to subsidiary ledgers so that
employees are kept busy
debits equal credits
individual account information is kept current
the control account will balance to the subsidiary ledger
48. Accounts receivable and account payable are examples of
normal accounts
controlling
subsidiary ledger accounts
both nominal accounts and controlling account
49. The composite balance of individual accounts in the accounts payable subsidiary ledger must
equal the composite balance of the individual accounts receivable subsidiary ledger
always be zero
equal the balance of the accounts payable account in the general ledger
agree with the total of the accounts payable column in the cash receipt journal
50. The one characteristic that all entries in a cash payments journal have in common is
that they all represent purchases or merchandise
a credit to the cash account
that they are all posted to the account payable subsidiary ledger
a debit to the accounts payable or purchases accounts
51. In which journal would a customer's partial payment on account be recorded
sales journal
cash receipts journal
general journal
cash payments journal
52. In which journal would a cash purchase of inventory be recorded
purchases journal
general journal
cash payments journal
none of these answer choices are correct
53. The individual amounts in the sales journal are posted to the accounts receivable subsidiary ledger
daily
weekly
monthly
yearly
54. A sales journal is used to record
only cash sales of merchandise
sales of all assets on credit an for cash
only credit sales of merchandise
credit sales of merchandise, sales returns and allowances and sales discounts
55. If a transaction cannot be recorded in a special journal
the company must refuse to enter into the transaction
it is recorded in the general journal
it is recorded directly in the accounts in the general ledger
it is recorded as an adjustments on the work sheet
56. The one characteristic that all entries recorded in a cash receipts journal have in common is
a credit to the cash account
that they all represent collections from customers
that they originate from the sales of merchandise
a debit to the cash account
57. A one-column purchases journal indicates that
only purchases of merchandise on account can be recorded
all purchases of merchandise can be recorded
all acquisitions on account can be recorded
another column must be added so that debits and credits can be recorded
58. The one characteristic that all entries recorded in a multi-column purchases journal have in common is a
credit to the cash account
debit to the cash account
debit to the account payable account
credit to the accounts payable account
59. A company that uses special journals should record a transaction involving the purchase of merchandise for cash in a
one column purchase journal
multi-column purchase journal
cash payments journal
general journal
60. If a customer returns merchandise from a cash sale for a refund, the sales return is recorded in the
general journal
cash receipts journal
cash payments journal
sales journal
61. Which of the following is not a special journal
sales journal
purchases journal
general journal
cash receipts journal
63. Adjusting entries are recorded
only on the worksheet
only in the general ledger
in the general journal
in the special journal
64. All of the column totals in the cash receipts journal posted general ledger accounts except the
accounts receivable column total
cash column total
sales column total
other accounts column total
65. If a transaction cannot be recorded in a special journal, it is
not recorded
a correcting entry
recorded in the general journal
an error
66. A company uses a sales journal, cash receipts journal, purchases journal, cash payments journal, and general journal. A cash sales return would be recorded in the
sales journal
cash receipts journal
cash payments journal
general journal
67. The entries in a sales journal will show
all sales of merchandise
the cash sales of the company
the credit sales of merchandise
all sales of the company
68. Entries in a sales journal
are made from sales invoices
will indicate the invoice number in the reference column of the sales journal
in occupy two liners of the sales journal
indicate either a cash debit of accounts receivable debit
69. Journalizing in a sales journal will not
require a debit to accounts receivable
show a sales invoice number
affect the reference column of the journal
include a credit to the sales revenues account
70. If an owner withdraws cash for personal use, the transaction should be recorded in the
sale journal
cash receipts journal
general journal
cash payments journal
71. If a company purchases merchandise for cash, the transaction should be recorded in the
purchases journal
sale journal
cash receipts journal
general journal
73. Posting from the purchases journal to the general ledger are made
daily
monthly
weekly
yearly
74. The individual amounts in the Accounts Payable column in the cash payments journal are posted to the subsidiary ledger
daily
monthly
weekly
yearly
75. Debit postings to the individual accounts in a accounts receivable subsidiary ledger generally come from the
sales journal
cash receipts journal
purchases journal
cash payments journal
76. Entries in a sales journal are
posted only to accounts in an accounts, receivable subsidiary ledger
posted only to accounts in the general ledger
posted to accounts in an accounts receivable subsidiary ledger and to accounts in the general ledger
never posted
77. Which one of the following columns in a cash receipts journal is not posted in journal to an account in the general ledger
Cash column
Sales Discounts column
Accounts Receivable column
Other Accounts column
78. The use of special journals to record transactions
eliminates the need for a general ledger
can save time in the posting process
eliminates the need for a general journal
should only be used if the volume of transactions is small
79. Posting a sales journal to the accounts in the general ledger requires a
debit to Cash and a credit to Sales Revenue
debit to Sales Revenue and a credit to Inventory
debit to Accounts Receivable and a credit to Inventory
debit to Accounts Receivable and a credit to Sales Revenue
80. The entries recorded in the Other Accounts column of a cash payments journal
Các mục được ghi trong cột Tài khoản khác của nhật ký thanh toán bằng tiền mặt
are posted to the accounts payable subsidiary ledger daily
are posted individually to accounts in the general ledger
are not posted individually but are posted as a column total to the general ledger
do not require posting
81. The entry to record the granting of credit to a customer for a sales return is posted to
the account receivable subsidiary ledger only
the general ledger only
both the accounts receivable subsidiary ledger and the general ledger
both the accounts payable subsidiary and the general ledger
82. Proving the equality of the totals in the columns of multiple-column special journals is called
Chứng minh sự bằng nhau của tổng số trong các cột của tạp chí đặc biệt nhiều cột được gọi là
posting to the subsidiary
debiting and crediting
footing and crossfooting
updating the master file
83. If a company records merchandise it returns to suppliers in the general journal, then
a posting must be made only to the accounts payable control account
a posting must be made only to the accounts payable subsidiary ledger account
a dual posting posting must be made
there will be a debit to inventory
84. Reno's Whole sale uses a sales journal. An entry in this journal represents a
debit to cash, credit to sales revenue
debit to accounts receivable, credit to sales revenue
debit to sale discounts, credit to cash
debit to accounts payable, credit to sales returns and allowance
85. Which accounts in the general ledger are affected when the monthly posting is made from the sales journal
AR,AR subsidiary accounts
AR subsidiary accounts, Sales Revenue
Accounts Receivable, Purchases
AR, Sale Revenue
86. Which of the following is not a true statement about the daily posting of the sales journal
There is a debit posting to accounts in the accounts receivable subsidiary ledger
There is no credit posting
The reference column in the sales journal is checked when the posting is complete for each entry in the journal
The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger
87. Evidence that the monthly posting of the sales journal total has been accomplished is indicated by
a signature of the accountant doing the closing
a date under the double-line total
the general ledger account numbers under the double-line total
inspecting the posting in the accounts payable subsidiary ledger
88. Which of the following economic events would not be recorded in the cash receipts journal
cash sales of merchandise
collections of accounts receivable
cash from sale of land
cash purchases of merchandise
89. The 'Other Accounts" columns in cash receipts journal is also referred to as the
miscellaneous column
excess column
sundry accounts column
compound-entry column
90. An entry in the 'Other Accounts' column in a cash receipts journal could occur when the credit is to
Owner's Drawing
Account Payable
Owner's Capital
Inventory
91. The process of totaling the columns of a journal is termed
ruling
columnizing
sizing
footing
92. An (X) below the "Other Accounts" column in a cash receipts journal indicates the
total has been posted to the general ledger
total is not posted to the general ledger
column has been footed
column has been cross-footed
