Test Bank Ch14 - Chapter 14 MULTIPLE CHOICE 1 The general...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 14 MULTIPLE CHOICE 1. The general ledger and reporting system consists of the __________ involved in __________ the general ledger and __________ reports. a) business transactions; updating; processing b) data processing; business transactions for; printing c) information processing; updating; creating d) business transactions; data processing; preparing 2. Which item below is not considered a major input to the general ledger and reporting system? a) summary entries from the major subsystems b) reports from managers c) adjusting entries d) financing and investing activities 3. Who provides the adjusting entries for a well-designed general ledger and reporting system? 4. The general ledger and reporting system is designed to provide information for which of the following user groups? 5. The general ledger system of an organization should be designed to serve the information requirements of both financial and nonfinancial users. This means that the system should 6. The first activity in the general ledger system is to update the general ledger. Updates come from the various accounting subsystems as well as from the treasurer. How is general ledger updating accomplished by the various accounting subsystems? a) Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours. b) Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger. c) The controller or treasurer must approve accounting subsystem journal entries before any updating may occur. d) Nonroutine transactions are entered into the system by the treasurer's office.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
7. When updating the general ledger, sales, purchases, and production are examples of __________ entries, and issuance or retirement of debt and the purchase or sale of investment securities are examples of __________ entries.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern