Quiz 4

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Regent University *

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ACCT-205

Subject

Accounting

Date

Feb 20, 2024

Type

docx

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3

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So far, computer systems cannot yet ________. recognize that you made a mistake entering $100 when you meant to enter $101. Any device used to provide the results of processing data is a(n) ________ device. Output Source documents ________. do not have to be on paper All of the following can provide source data except ________. software to process the source data A document that asks you to return an identifying part of it with your payment is a(n) ________. turn-around document Which of the following is false about accounting information systems? They prevent errors and stop employees from stealing inventory. An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the company’s store credit card. Which special journal would the company use to record this transaction? general journal 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? sales journal A customer just charged $150 of merchandise using MasterCard. Which special journal would the company use to record this transaction? sales journal 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? general journal Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? cash disbursements journal 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? cash receipts journal Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? cash receipts journal 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? general journal Sold goods for $650 cash. Which journal would the company use to record this transaction? cash receipts journal Blank question. purchases journal Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? sales journal
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? general journal and the accounts payable subsidiary ledger The sum of all the accounts in the accounts receivable subsidiary ledger should ________. equal the accounts receivable account balance in the general ledger after posting all amounts 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? purchases journal You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? sales journal You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? cash receipts journal You just posted a debit to Cash in the general ledger. Which special journal did it come from? cash receipts journal You just posted a credit to Accounts Receivable. Which special journal did it come from? cash receipts journal You just posted a credit to Sales and a debit to Cash. Which special journal did it come from? cash receipts journal An enterprise resource planning (ERP) system ________. is a large, company-wide integrated accounting information system that connects all of a company’s applications Which of the following is not a way to prevent your computer from being attacked by ransomware? opening all attachments from emails from unknown senders Big data is mined ________. to find business trends Artificial intelligence refers to ________. programming computers to mimic human reasoning and perform tasks previously performed by humans Blockchain is a technology that ________. involves the use of a single shared ledger between the many parties that may be involved in a transaction. Which of the following is not true about cybercurrency? It is an alternate currency that does not go through the banking system. Which of the following would a fraudster perceive as a pressure? living beyond one’s means Internal control is said to be the backbone of all businesses. Which of the following is the best description of internal controls? Internal controls and company policies are important to protect and safeguard assets and to protect all company data and are designed to protect the company from fraud. What is the best way for owners of small businesses to maintain proper internal controls? The owner must have enough knowledge of all aspects of the company and have controls in place to track all assets.
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