Accounting
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 Answer: | | subsidiary ledgers show transactions affecting one customer or one creditor in a single account. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").) | | | | subsidiary ledgers free the general ledger of excessive details. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").) | | | | subsidiary ledgers eliminate errors in individual accounts. (Correct! Subsidiary ledgers help locate, not eliminate, errors in individual accounts ("Advantages of Subsidiary Ledgers").) | | | | subsidiary ledgers make possible a division of labor. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").) | | | | Points Received: | (not graded) | | Comments: | | | |
3. | Question : | A purchase of equipment with cash is recorded in the | | | Student Answer: | | cash receipts journal. (The cash receipts journal would be used only if cash is received.) | | | | purchases journal. (purchases journal is used only to record a purchase on account.) | | | | cash payments journal. (Correct! The cash payments journal is used because this is a cash
2. | Question : | All of the following statements are true except | | | Student Answer: | | subsidiary ledgers show transactions affecting one customer or one creditor in a single account. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").) | | | | subsidiary ledgers free the general ledger of excessive details. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").) | | | | subsidiary ledgers eliminate errors in individual accounts. (Correct! Subsidiary ledgers help locate, not eliminate, errors in individual accounts ("Advantages of Subsidiary Ledgers").) | | | | subsidiary ledgers make possible a division of labor. (This is one of the advantages of using subsidiary ledgers ("Advantages of Subsidiary Ledgers").) | | | | Points Received: | (not graded) | | Comments: | | | |
3. | Question : | A purchase of equipment with cash is recorded in the | | | Student Answer: | | cash receipts journal. (The cash receipts journal would be used only if cash is received.) | | | | purchases journal. (purchases journal is used only to record a purchase on account.) | | | | cash payments journal. (Correct! The cash payments journal is used because this is a cash