Reference no: EM132478736

Question 1: Any device used to provide the results of processing data is a(n) ________ device.

1. sources
2. input
3. output
4. storage

Question 2: All of the following can provide source data except ________.

1. a scanning device at the grocery store
2. a utility bill received in the mail
3. a bar code reader
4. software to process the source data

Question 3: Which of the following is false about accounting information systems?

1. They provide reports that people analyze.
2. They prevent errors and stop employees from stealing inventory.
3. They are designed to gather data about the company's transactions.
4. They consist of processes that involve input of data from source documents, processing, output, and storage.

Question 4: A customer just charged $150 of merchandise on the company's own charge card. Which special journal would the company use to record this transaction?

1. sales journal
2. purchases journal
3. cash receipts journal
4. cash disbursements journal
5. general journal

Question 5: The company just took a physical count of inventory and found $75 worth of inventory was unaccounted for. It was either stolen or damaged. Which journal would the company use to record the correction of the error in inventory?

1. sales journal
2. purchases journal
3. cash receipts journal
4. cash disbursements journal
5. general journal

Question 6: On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th?

1. sales journal
2. purchases journal
3. cash receipts journal
4. cash disbursements journal
5. general journal

Question 7: You returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit memo for $250. Which journal would your company use to record this transaction?

1. sales journal
2. purchases journal
3. cash receipts journal
4. cash disbursements journal
5. general journal

Question 8: Sandren & Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren & Co. would record this transaction in the ________.

1. general journal
2. cash receipts journal
3. cash disbursements journal
4. purchases journal
5. sales journal

Question 9: You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s) would the company use to record this transaction?

1. sales journal only
2. purchases journal and the accounts payable subsidiary ledger
3. cash receipts journal and the accounts receivable subsidiary ledger
4. cash disbursements journal and the accounts payable subsidiary ledger
5. general journal and the accounts payable subsidiary ledger

Question 10: AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting information system with special journals. Which special journal would the company use to record this transaction?

1. sales journal
2. purchases journal
3. cash receipts journal
4. cash disbursements journal
5. general journal

Question 11: You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from?

1. sales journal
2. cash receipts journal
3. purchases journal
4. cash disbursements journal
5. general journal

Question 12: You just posted a credit to Accounts Receivable. Which special journal did it come from?

1. sales journal
2. cash receipts journal
3. purchases journal
4. cash disbursements journal
5. general journal

Question 13: An enterprise resource planning (ERP) system ________.

1. is software to help you prepare personal tax return
2. requires that you pay ransom before you can operate it
3. is a large, company-wide integrated accounting information system that connects all of a company's applications
4. is part of the darknet

Question 14: Big data is mined ________.

1. to find business trends
2. to record transactions
3. as an alternative to creating an accounting information system
4. as an alternative to the darknet

Question 15: Blockchain is a technology that ________.

1. is in the early stages of being developed
2. was a failed attempt to change the way we do business
3. refers to an application developed strictly for the real estate business
4. involves the use of a single shared ledger between the many parties that may be involved in a transaction.