A backlog in recording transactions is an example of a warning sign from the accounting system.TrueFalse

In an accounting system,financial transactions need to be recorded to account for them. A…

Answered: A backlog in recording transactions is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 28MC: Big data is mined ________. A. to find business trends B. to record transactions C. as an...

See similar textbooks

Similar questions

Which of the following is false about accounting information systems? A. They provide reports that people analyze. B. They prevent errors and stop employees from stealing inventory. C. They are designed to gather data about the companys transactions. D. They consist of processes that involve input of data from source documents, processing, output, and storage.
If a transaction cannot be recorded in a special journal, it indicates that the company should adopt an electronic accounting system. True False
1) Why is it not necessary to model activities such as data entry of information about customers or suppliers, mailing invoices to customers, and recording invoices received from suppliers as events in an REA diagram? 2) How can REA diagrams help an auditor understand a client’s business processes? 3) How would accounts payable be reflected in an REA diagram? Why?
Which one of the following is not an advantage of slip system of accounting? a. It ensures smooth flow of accounting b. It ensures the recording of entries in all the books of accounts immediately by making a single entry c. It helps in keeping the accounts of customer up to date d. It can distribute the work of posting among many persons
Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7 in this chapter.a. Identify the key input fields (spaces) in an electronic invoice form.b. What accounts are posted from an electronic invoice form?c. Why aren’t special journal totals posted to control accounts at the end of the month in an electronic accounting system?
company should always use the same checking account for business transactions and for the owner's personal transactions to streamline recording transactions. a. True b. False
The General Ledger How does posting journal entries work in a computerized accounting system? What does it mean when posting is done automatically? Explain.
Discuss the following: Discuss the financial errors you made or expected to make when using accounting softwares. Explain or suggest the reasons for the errors and how could you avoid them.
Which of the following is true? a.The process of transferring information from the journal to the ledger is called journalizing. b.When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. c.The ledger account form maintains a running balance of the account. d.All of these listed answers are correct.
Computerized Accounting Systems Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7. a. Which of the following would NOT be a key input field (space) in an electronic invoice form. Customer name, Invoice Number, Amount of cost of merchandise sold, or Amount revenue b. What accounts are posted from an electronic invoice? Cash and fees earned, Accounts Payable and fees earned, Cash and Accounts receivable, or Accounts Receivable and fees earned c. Are special journal totals posted to control accounts at the end of the month in an electronic accounting system? YES OR NO
True or False Transactions are recorded in either a journal or a ledger, but not in both.
Cheat Sheet for Accounting

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

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

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

A backlog in recording transactions is an example of a warning sign from the accounting system. True False