Quiz 4
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Regent University *
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ACCT-205
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Accounting
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Feb 20, 2024
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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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Related Questions
Which statement is NOT true? Batch processinga. is subject to deadlocks when processing commonaccounts.b. permits data to be edited in a separate computerrun.c. can use databases and flat files.d. can be initiated from a terminal.
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Please answer all the requirements. Thank you
1. Increasing use of sophisticated EDP systems has produced significant changes in the accounting environment. Some of these changes are the following:
a. documents that are used to enter information into the computer may exist for only a short time or only in computer-readable form. In some computer systems, input documents may not exist at all, because information is entered directly into the system.
b. Computer processing uniformly subjects like transactions to the same processing instructions.
c. Many internal control procedures, once performed by separate individuals in manual systems, may be combined in systems that use computer processing.
d. The potential for individuals to gain unauthorized access to data or assets may be greater in computerized accounting systems than in manual systems.
Required:
For each of the changes, discuss the impact on the internal control system and the independent audit.
2. The CARE…
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Question
Please answer all the requirements. Thank you
1. Increasing use of sophisticated EDP systems has produced significant changes in the accounting environment. Some of these changes are the following:
a. documents that are used to enter information into the computer may exist for only a short time or only in computer-readable form. In some computer systems, input documents may not exist at all, because information is entered directly into the system.
b. Computer processing uniformly subjects like transactions to the same processing instructions.
c. Many internal control procedures, once performed by separate individuals in manual systems, may be combined in systems that use computer processing.
d. The potential for individuals to gain unauthorized access to data or assets may be greater in computerized accounting systems than in manual systems.
Required:
For each of the changes, discuss the impact on the internal control system and the independent audit.
2. The CARE Corporation…
arrow_forward
Which of the following statements most likely represents a control consideration for anentity that performs its accounting using mobile computing devices?a. It is usually difficult to detect arithmetic errors.b. Unauthorized persons find it easy to access the computer and alter the data files.c. Transactions are coded for account classifications before they are processed on thecomputer.d. Random errors in report printing are rare in packaged software systems.
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Please help me,
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How does a direct access file processing system edit individual transactions?a. takes place in a separate computer runb. takes place in online mode as transactions are enteredc. takes place during a backup procedured. is not performed due to time constraintse. is not necessary
arrow_forward
Which statement is NOT correct? The indexed sequential access methoda. is used for very large files that need both direct access and batch processing.b. may use an overflow area for records.c. provides an exact physical address for each record.d. is appropriate for files that require few inser- tions or deletions.
arrow_forward
Suppose your company has built a database application that runs on a centralized
database, but even with a high-end computer and appropriate indices created on the
data, the system is not able to handle the transaction load, leading to slow processing of
queries. What would be some of your options to allow the application to handle the
transaction load?
arrow_forward
Which one of the following is not correct in relation to database?Select one:a. Helps in creating a business power point presentationsb. A database is usually controlled by a database management system (DBMS)c. A structured set of data held in a computer, especially one that is accessible in various ways.d. Most databases use structured query language (SQL) for writing and querying data.
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Ma3.
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Do solve it asap
arrow_forward
How do I code it on excel so I can't input a PO# that has already been used in the payable register. E.g. since 1010, 1020, 1030, 1040 have been used how do I make it so those 4 numbers can't be put next to PO#. Images for reference.
Thanks.
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Choose the term that best describes static data?
O Static data does not change once it is created.
O Static data may change after it is recorded.
O Static data is like a website.
O Static data is very difficult to record.
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When Levon goes to Customize report for the Transaction List by Date, he sees that some fields have a crossed-out eye icon. What does this mean?
Select an answer:
It is a hidden field that Levon does not have Administrator access to.
It is a hidden field that can be made available by selecting it.
It is a field that is not available for customization.
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Increasing use of sophisticated EDP systems has produced significant changes in the accounting environment. Some of these changes are the following:
documents that are used to enter information into the computer may exist for only a short time or only in computer-readable form. In some computer systems, input documents may not exist at all, because information is entered directly into the system.
Computer processing uniformly subjects like transactions to the same processing instructions.
Many internal control procedures, once performed by separate individuals in manual systems, may be combined in systems that use computer processing.
The potential for individuals to gain unauthorized access to data or assets may be greater in computerized accounting systems than in manual systems.
Required:
For each of the changes, discuss the impact on the internal control system and the independent audit.
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Accounting Information Systems
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ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
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ISBN:9781947172685
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Related Questions
- Which statement is NOT true? Batch processinga. is subject to deadlocks when processing commonaccounts.b. permits data to be edited in a separate computerrun.c. can use databases and flat files.d. can be initiated from a terminal.arrow_forwardPlease answer all the requirements. Thank you 1. Increasing use of sophisticated EDP systems has produced significant changes in the accounting environment. Some of these changes are the following: a. documents that are used to enter information into the computer may exist for only a short time or only in computer-readable form. In some computer systems, input documents may not exist at all, because information is entered directly into the system. b. Computer processing uniformly subjects like transactions to the same processing instructions. c. Many internal control procedures, once performed by separate individuals in manual systems, may be combined in systems that use computer processing. d. The potential for individuals to gain unauthorized access to data or assets may be greater in computerized accounting systems than in manual systems. Required: For each of the changes, discuss the impact on the internal control system and the independent audit. 2. The CARE…arrow_forwardQuestion Please answer all the requirements. Thank you 1. Increasing use of sophisticated EDP systems has produced significant changes in the accounting environment. Some of these changes are the following: a. documents that are used to enter information into the computer may exist for only a short time or only in computer-readable form. In some computer systems, input documents may not exist at all, because information is entered directly into the system. b. Computer processing uniformly subjects like transactions to the same processing instructions. c. Many internal control procedures, once performed by separate individuals in manual systems, may be combined in systems that use computer processing. d. The potential for individuals to gain unauthorized access to data or assets may be greater in computerized accounting systems than in manual systems. Required: For each of the changes, discuss the impact on the internal control system and the independent audit. 2. The CARE Corporation…arrow_forward
- Which of the following statements most likely represents a control consideration for anentity that performs its accounting using mobile computing devices?a. It is usually difficult to detect arithmetic errors.b. Unauthorized persons find it easy to access the computer and alter the data files.c. Transactions are coded for account classifications before they are processed on thecomputer.d. Random errors in report printing are rare in packaged software systems.arrow_forwardPlease help me,arrow_forwardHow does a direct access file processing system edit individual transactions?a. takes place in a separate computer runb. takes place in online mode as transactions are enteredc. takes place during a backup procedured. is not performed due to time constraintse. is not necessaryarrow_forward
- Which statement is NOT correct? The indexed sequential access methoda. is used for very large files that need both direct access and batch processing.b. may use an overflow area for records.c. provides an exact physical address for each record.d. is appropriate for files that require few inser- tions or deletions.arrow_forwardSuppose your company has built a database application that runs on a centralized database, but even with a high-end computer and appropriate indices created on the data, the system is not able to handle the transaction load, leading to slow processing of queries. What would be some of your options to allow the application to handle the transaction load?arrow_forwardWhich one of the following is not correct in relation to database?Select one:a. Helps in creating a business power point presentationsb. A database is usually controlled by a database management system (DBMS)c. A structured set of data held in a computer, especially one that is accessible in various ways.d. Most databases use structured query language (SQL) for writing and querying data.arrow_forward
- Ma3.arrow_forwardDo solve it asaparrow_forwardHow do I code it on excel so I can't input a PO# that has already been used in the payable register. E.g. since 1010, 1020, 1030, 1040 have been used how do I make it so those 4 numbers can't be put next to PO#. Images for reference. Thanks.arrow_forward
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SEE MORE QUESTIONS
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Recommended textbooks for you
- Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College