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Exam 5: Accounting Systems

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Question 41

Multiple Choice

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When Richard Miller purchases a fishing pole through Amazon.com,he is utilizing

A) B1C e-commerce
B) B2B e-commerce
C) B2C e-commerce
D) B1B e-commerce

E) B) and D)
F) None of the above

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Question 42

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Payton Company has the following segment revenues for the two most recent years.​​ Prepare a horizontal analysis of the segment data.Round to one decimal place.

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Question 43

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When there are a large number of individual accounts with a common characteristic,it is common to place them in a separate ledger called a (n)

Which of the following is not an area where the Internet is used for business purposes?

Match the following types of journal transactions with the journal in which they would be entered. -Collection on account

The total on the "Accounts Payable Creditor Balances" report at January 31,the end of the first month of operations,agrees with the total of the Accounts Payable Dr.column in the cash payments journal for the same period.

An accounting system design consists of internal controls and information processing methods.

123 Kids TV operates in five major international segments.​​ Prepare a horizontal analysis of the segment data.Round percentages to two decimal places.

The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.

Match the transactions below with the journal or ledger in which it would be entered. -Monthly adjustment for supplies used

Read each transaction and identify the journal in which the transaction should be recorded. 1.Recorded adjusting journal entry for accrued interest 2.Performed advising services on account 3.Purchased office supplies on account 4.Borrowed money for expansion project 5.Received $500 from Tool Tech.on account 6.Owner withdrew cash for personal use 7.Paid monthly rent 8.Recorded depreciation on equipment 9.Completed Job 34aG for services provided to Beard Co. 10.Purchased inventory on account

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR) , cash payments (CP) , revenue (R) , purchases (P) , and general (G) . Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. -Issued check for advertising expense

The purchase of supplies for cash would be recorded in the purchases journal.

When a large number of individual accounts with a common characteristic are grouped together in a separate ledger,the summarizing account in the general ledger is called a control account.

In which journal would you find cash revenues recorded?

The posting references in the following revenue journal are indicated by letters.Identify each posting reference [ (a)through (h)] as representing (1)a posting to a general ledger account, (2)a posting to a subsidiary ledger account,or (3)that no posting is required.

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

Listed below are selected transactions completed by Ridge Company during March of the current year.​ ​ ​

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

The cash receipts journal will be used for