Chapter 5 – Accounting Systems – Flashcards
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An accounting system must be able to
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All of these choices are correct.
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The design stage of developing an accounting system should
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ensure the system meets the users' needs.
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The best definition for processing systems is the
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means by which the system collects, summarizes, and reports accounting information.
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Which of the following is a common special journal?
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All of these choices are correct.
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Which of the following is a common special journal to record cash sales
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Cash receipts journal
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What column would be used in a purchases journal for a lawn service company?
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Accounts payable credit
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Computerized accounting systems are used to
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simplify the record-keeping system.
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Large companies have their accounting systems integrated within the automated business systems of the firm. Such integrated software is known as
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enterprise resource planning.
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An advantage of using a computer system is
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the simultaneously updating of customer or vendor subsidiary ledgers.
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The term B2B refers to e-commerce transactions between
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business and business.
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Internet applications to plan and coordinate marketing and sales efforts are known as
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customer relationship management.
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E-commerce has streamlined the
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purchase and payment cycle by automating transactions and eliminating paperwork.
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When reporting segment revenue, businesses can be segmented by
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All of these choices are correct.
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Stevens Company does business in two regional segments: Black and Rose. The following annual revenue information was determined: Using vertical analysis, what is revenue as a percent of total revenues for the Rose region in 2014 (rounded to the nearest one decimal place)?
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51.9%
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Leggett Company does business in two regional segments: Mountains and Plains. The following annual revenue information was determined: Using horizontal analysis, what is the percentage change of the Mountains region?
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12.5 increase
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Which of the following is not true regarding segment analysis?
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Segment analysis dictates total operating performance of a company.
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The term B2C refers to transactions between
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business and consumer.
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The Internet is being used by businesses for supply chain management (SCM), which can be defined as
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internet applications to plan supply needs and coordinate suppliers.
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Segment analysis helps to
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All of these choices are correct.
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Thompson Company does business in two regional segments: North and South. The following annual revenue information was determined: Using horizontal analysis, what is the percent change for the South region?
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12.5 decrease
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Segment analysis uses
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horizontal and vertical comparisons.
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The methods and procedures for collecting, classifying, summarizing, and reporting financial information make up
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an accounting system
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The process in the evolution of an accounting system that determines how the system should provide information and meet the users' needs is the ______________ stage.
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design
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All of the following are primary functions of internal controls except:
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policies and procedures for company conference room reservations.
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A special journal is used for
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recording a single kind of transaction that occurs frequently.
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All of the following are examples of subsidiary ledgers except:
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general ledger
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A popular computerized accounting software is
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quickbooks
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An advantage of using a computer system is
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all are correct
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Leggett Company does business in two regional segments: Mountains and Plains. The following annual revenue information was determined:
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60%
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Segment revenues are determined by
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invoice data that are entered into the accountin
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E-commerce refers to using
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the Internet to perform business transactions.
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Which of the following is a common special journal to record cash sales?
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cash receipts journal
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The subsidiary ledger that tracks customers is the
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Accounts receivable ledger
