MIS 4500 Quiz practice questions – Flashcards
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Which process is used to manage money owed by customers for goods and services purchased from the company?
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Accounts receivable accounting
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Which of the following is a key process in financial accounting?
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Accounts receivable accounting
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Which process is concerned with recording data associated with bank statements?
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Bank ledger accounting
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Which term refers to an ordered listing of accounts that comprise a company's
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Chart of accounts (COA)
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Which term represents what a company owns, such as cash, inventory of materials, and buildings?
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Assets
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Which term represents the monies a company earns by selling its products and services?
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Revenue
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Which term represents the costs associated with creating and selling products and services?
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Expenses
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Which of these is a general ledger account that consolidates data from a group of related sub-ledger accounts?
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Reconciliation account
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Which of the following is used to implement multiple ledgers and use each ledger for diff
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Parallel Accounting
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Which type of asset has a physical form?
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Tangible asset
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Which type of asset has a non-physical form?
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Intangible asset
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Which of the following best describes the operative chart of accounts?
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Contains the operational accounts that are used to record the financial impact of an organization's day-to-day transactions
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Financial statements can be generated from which of the following?
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Both operative and country-specific COAs
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Balance sheet accounts are grouped into which of the following categories?
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--Assets --Liabilities --Equity
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An organization can possess which of the following types of assets?
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--Tangible --Intangible --Financial
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Tangible assets can include which of the following?
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--Computers --Production Machinery --Real Estate
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Which of the following does the balance sheet include?
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--Assets --Liabilities
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Which of the following statements concerning reconciliation accounts are true?
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--Reconciliation account for customers is accounts receivable --Reconciliation account for vendors is accounts payable
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Which of the following statements regarding reconciliation accounts are true?
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--Data are automatically posted into them after they are posted to the corresponding sub-ledger --The reconciliation account includes the sum of the postings of the sub-ledgers.
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When does a credit take place?
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--When assets and expenses decrease --When revenue and liabilities increase
