Accounting

1016 WordsNov 6, 20125 Pages
The basic principles of an accounting information system include all of the following except | | | Student Answer: | | cost effectiveness. (Cost effectiveness is one of the basic principles of accounting information systems.) | | | | flexibility. (Flexibility is one of the basic principles of accounting information systems.) | | | | useful output. (Useful output is one of the basic principles of accounting information systems.) | | | | periodicity. (Correct! Periodicity is not one of the basic principles of accounting information systems.) | | | | Points Received: | 1 of 1 | | Comments: | | | | 2. | Question : | All of the following statements are true except | | | Student…show more content…
| Question : | Two accounts with subsidiary ledgers are | | | Student Answer: | | accounts receivable and cash receipts. (Accounts receivable has a subsidiary ledger, but cash receipts do not.) | | | | accounts payable and cash payments. (Accounts payable has a subsidiary ledger, but cash payments do not.) | | | | accounts receivable and accounts payable. (Correct! Accounts receivable and accounts payable both have subsidiary ledgers.) | | | | sales and cost of goods sold. (Sales or cost of goods sold do not have subsidiary ledgers.) | | | | Points Received: | (not graded) | | Comments: | | | | 7. | Question : | Cash sales of merchandise are recorded in the | | | Student Answer: | | cash payments journal. (This journal is used to record cash flowing out, not flowing in ("Cash Payments Journal").) | | | | cash receipts journal. (Correct! Cash sales of merchandise go in the cash receipts journal ("Sales Journal").) | | | | general journal. (The general journal is used for all transactions that do not get recorded in one of the special journals ("Special Journals").) | | | | sales journal. (Sales on account, not cash sales, are recorded in the sales journal ("Sales Journal").) | | | | Points Received: | (not
Open Document