ch 5 accounting

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A(n) ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business’s financial and operating information.


Which of the following is not one of the three phases needed when changing an accounting system, either in its entirety or in part?


The goal of systems analysis is to determine

information needs

After an accounting system has been set up, what is the next step?


Every controlling account must have its own

subsidiary ledger

At the end of the month, the total of the amount column of the revenue journal is posted as a

debit to Accounts Receivable and a credit to Fees Earned

The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled

Accounts Receivable

A purchase of supplies for cash is recorded in the

Cash Payments journal

Which of the following transactions is recorded in the purchases journal?

purchase of store supplies on account

When posting a column total in the purchases journal, a credit should be posted to

Accounts Payable

In which journal would an adjustment for an overcharge by a creditor be recorded?

General journal

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

correction of error in billing client

Which of the following is recorded in the cash payments journal?

payment of employees’ salaries

In which journal is the return of supplies purchased on account recorded?

General journal

When posting the column totals of a cash payments journal, a debit should be posted to

Accounts Payable

A cash investment made by the owner should be recorded on the

cash receipts journal

In which journal would you find cash revenues recorded?

cash receipts journal

Which transaction is normally recorded in a special journal?

purchases on account

If a company uses special journals

the quantity and design depend on the needs of the company

Computerized accounting systems

record and post transactions at the same time

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?

Cash Dr. $18, Food Revenue Cr. $18

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

Processing a transaction that has unequal debits and credits.

What is meant by the term B2C?

Business to consumer

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