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Chapter 2 Study Guide

Chapter 2 Study Guide - Chapter 2 Study Guide Storegoods...

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Chapter 2 Study Guide Which of the following is a major activity for the revenue cycle? Store goods Forecast production Borrow money from  lenders Check inventory  availability Which of the following would be an activity associated with the human resources/payroll cycle? Updating payroll records Prepare employee and management reports Discharge employees Evaluate employee performance All of the above
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Which of the following would be an area of business where data would not be collected? Each activity of interest The resources affected by each activity The people affected by the activity The resources not affected by an activity Which of the following is not a key decision associated with acquiring a building and equipment? How to depreciate Location Which vendors Rent or buy Amount of equipment
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Which of the following is not a major business cycle? The production cycle The revenue cycle The financing cycle The cash receipts cycle The payroll cycle A chart of accounts: is a list of all accounts in the organization with each  account identified by a three- or four-digit code. is used to summarize each customer's current balance. provides an audit trail. is a list of all permanent accounts in the organization.  Temporary accounts, such as revenue and expense  accounts, are not included in the chart of accounts. None of the above.
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Which of the following is a source document associated with the revenue cycle? Sales order Deposit slip Credit memo Bill of lading All of the above A sales journal is not used in lieu of a general journal. used to record all transactions which impact sales. a specialized journal.
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is not a general journal.
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