strayer acc100 week 5 QUIZ CH 7

Question 1
Postings from the purchases journal to the general ledger
are made

daily.

yearly.

monthly.

weekly.
Question 2
Which of the following statements is incorrect?

The accounting system should be able to accommodate a
variety of users and changing information needs.

To be useful, information must be understandable, relevant,
reliable, timely, and accurate.

A major consideration in developing an accounting system is
cost effectiveness.

When an accounting system is designed, no consideration
needs to be given to the needs and knowledge of the various users.
Question 3
Which of the following is not a basic principle of designing
and developing an effective accounting information system?

Cost effectiveness

Flexibility

Approval by the SEC

Usefulness
Question 4
Companies record credit purchases of equipment or supplies
in the

general journal.

one-column purchases journal.

cash payments journal.

cash receipts journal.
Question 5
The entries recorded in the Other Accounts column of a cash
payments journal

are not posted individually but are posted as a column total
to the general ledger.

do not require posting.

are posted individually to accounts in the general ledger.

are posted to the accounts payable subsidiary ledger daily.

Question 6
Postings to the control accounts in the general ledger are
made

annually.

daily.

monthly.

weekly.
Question 7
When the totals of the sales journal are posted at the end
of the month, there will be credits to

Accounts Receivable and Cost of Goods Sold and debits to
Sales Revenue and Inventory.

Sales Revenue and Inventory and debits to Accounts
Receivable and Cost of Goods Sold.

Sales Revenue and debits to each individual customer
account.

The Sales Revenue account only, and no debits.

Question 8
A company uses a sales journal, cash receipts journal,
purchases journal, cash payments journal, and a general journal. A cash sales
return would be recorded in the

general journal.

cash receipts journal.

sales journal.

cash payments journal.
Question 9
A one column purchases journal indicates that

all purchases of merchandise can be recorded.

all acquisitions on account can be recorded.

another column must be added so that debits and credits can
be recorded.

only purchases of merchandise on account can be recorded.

Question 10
Which of the following would not be an appropriate heading
for a column in the cash receipts journal?

Sales Discounts

Cash

Accounts Payable

Sales Revenue