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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. |
accounting |
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Which of the following is not one of the three phases needed when changing an accounting system, either in its entirety or in part? |
review |
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The goal of systems analysis is to determine |
information needs |
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After an accounting system has been set up, what is the next step? |
Feedback |
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Every controlling account must have its own |
subsidiary ledger |
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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 |
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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 |
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A purchase of supplies for cash is recorded in the |
Cash Payments journal |
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Which of the following transactions is recorded in the purchases journal? |
purchase of store supplies on account |
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When posting a column total in the purchases journal, a credit should be posted to |
Accounts Payable |
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In which journal would an adjustment for an overcharge by a creditor be recorded? |
General journal |
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Which of the following is always recorded in the general journal? |
correction of error in billing client |
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Which of the following is recorded in the cash payments journal? |
payment of employees’ salaries |
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In which journal is the return of supplies purchased on account recorded? |
General journal |
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When posting the column totals of a cash payments journal, a debit should be posted to |
Accounts Payable |
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A cash investment made by the owner should be recorded on the |
cash receipts journal |
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In which journal would you find cash revenues recorded? |
cash receipts journal |
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Which transaction is normally recorded in a special journal? |
purchases on account |
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If a company uses special journals |
the quantity and design depend on the needs of the company |
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Computerized accounting systems |
record and post transactions at the same time |
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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 |
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A computerized accounting system will not allow which of the following type of journalizing error? |
Processing a transaction that has unequal debits and credits. |
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What is meant by the term B2C? |
Business to consumer |
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