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accountind - 9 A The sales discount column is included in...

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Brittney Acevedo Professor Abatemarco 1. D. The basic principles of an accounting information system do not include periodicity. 2. C. Computerized accounting systems eliminate entering of transaction information is not an advantage of computerized accounting systems because you still have to enter the transaction. 3. A. The purchases ledger is not a common subsidiary ledger for creditor accounts. 4. C. Common subsidiary ledgers are accounts receivable and accounts payable. 5. C. 11,000 + 0 + 5,500 = 16,500 6. C. A sales journal will be used for credit sales. 7. D. A purchase of equipment on account is recorded in the general journal. 8. C. A purchase of equipment using cash is recorded in the cash payments journal.
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Unformatted text preview: 9. A. The sales discount column is included in the cash receipts journal. 10. D. Accounts receivable is recorded as a column total and other accounts are recorded as individual amounts. 11. C. The totals of all columns are posted monthly to the accounts specified in the column heading. 12. D. Postings from the purchases journal to the subsidiary ledger are generally made daily. 13. B. Dual postings are not always required in the general journal. 14. C. When companies use special journals they record all cash disbursements in the cash payments journal. 15. C. If a customer returns goods for credit, the selling company normally makes an entry in the general journal....
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  • Spring '11
  • Misc
  • Accounting software, Computerized accounting systems, Cash Payments Journal, Brittney Acevedo Professor Abatemarco

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