Match the definitions below with the correct term.A system that collects and processes[ Choose ]financial information to decision-makers. [Choose]transaction data and communicatesAccounts payable (creditors') subsidiary ledgerCash receipts journalAccounts receivable (customers') subsidiary ledgerSpecial journalsA subsidiary ledger that collectstransaction data of individual creditors.Control accountA subsidiary ledger that collectsAccounting information systemtransaction data of individual customers. Purchases journalA group of accounts with a common characteristicSubsidiary ledgerCash payments (cash disbursements) journalSales journalA special journal that records alldisbursements of cash.CybercrimeManual accounting systemA special journal that records all cash[Choose ]received.An account in the general ledger thatsummarizes subsidiary ledger data.[ Choose ]A crime that involves the Internet, a[ Choose ]computer system, or computertechnology.A system in which someone performseach of the steps in the accounting cycle[Choose ]by hand.A special journal that records allpurchases of merchandise on account.[ Choose ]A special journal that records all sales of[Choose ]merchandise on account.Journals that record similar types oftransactions, such as all credit sales.[ Choose ]A group of accounts with a common[ Choose ]characteristic.>>>

Financial informations are the informations which is measured in monetary term and these are the…

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 6QY

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Similar questions

Define each of these users of accounting information as an internal user of external user Management Employees Investors Creditors Customers Tax authorities
Which area of accounting needs a computerized accounting information system the mostâ€”payroll, tax, or preparing financial statements?
Identify the following users of accounting information as either an (a) external or (b) internal user. Regulator
Statement 1: Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Statement 2: Consolidated financial statements shall be prepared using uniform accounting policies for like transactions and other events in similar circumstances. Statement 3: An expense item allocated by the home office to a branch is recorded by the branch by a debit to an expense ledger account and a credit cash-home office. Statement 4: A debit to Home Office ledger account and a credit to the Trade Accounts Receivable account in the accounting records of a branch indicate that the home office collected accounts receivable of the branch. Statement 5: Under the acquisition method, if the fair values of identifiable net assets exceed the value implied by the purchase price of the acquired company, the excess should be accounted for goodwill. Statement 6: With an acquisition, direct and indirect expenses are considered a par of the total cost of…
Classify the following users of information as either: I—internal user T—external user: trading partner S—external user: stakeholder a. Internal Revenue Service b. Inventory control manager c. Board of directors d. Customers e. Lending institutions f. Securities and Exchange Commission g. Stockholders h. Chief executive officer i. Suppliers j. Bondholders
Explain the importance of financial accounting information for external parties—primarilyinvestors and creditors—in terms of the objectives and the characteristics of that information.
Which of the following is not a function of an Accounting information system? Select one: a. The supply of information useful for making decisions. b. The efficient and effective collection and storage of data concerning an organizations financial activities. c.The determining and evaluating of alternative courses of action d. The implementation of controls to accurately record and process data
An organization’s investors and creditors will primarily use information provided by:a. the organization’s financial accounting system.b. the organization’s managerial accounting system.c. the Internal Revenue Service.d. the Financial Accounting Standards Board.
Which of the following is NOT a purpose of the Transaction Processing System?a. managing and reporting on the status of financial investmentsb. converting economic events into financial transactionsc. distributing essential information to operations personnel to support their daily operationsd. recording financial transactions in the accounting records
The accounting and finance department performs processes such as creating financial statements, paying accounts payables, and collecting accounts receivables. What form of processes do these represent? Customer-facing processes Business-facing processes Industry-specific customer-facing processes All of these
describe the importance of fi nancial statement notes and supplementary information—including disclosures of accounting policies, methods, and estimates—and management’scommentary
When does an accounting information system becomes useful? What is the relevance of having subsidiary ledgers aside from control accounts?

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