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Principles of Accounting, Volume 1: Financial Accounting

Questions

Principles of Accounting, Volume 1: Financial AccountingQuestions

Questions

1.

LO 7.1Why does a student need to understand how to use a manual, paper-based accounting information system since everyone uses computerized systems?

2.

LO 7.1Provide an example of how paper-based accounting information systems are different from computerized systems.

3.

LO 7.1Why are scanners better than keyboards?

4.

LO 7.1Why are there so many different accounting information system software packages?

5.

LO 7.1Which area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?

6.

LO 7.1The American Institute of Certified Public Accountants (AICPA) has stated that accountants will need to have an even better understanding of computer systems in the future. Why do you think computer skills will be more important?

7.

LO 7.4Which special journals also require an entry to a subsidiary ledger?

8.

LO 7.4What is a schedule of accounts receivable?

9.

LO 7.4How often do we post the cash column in the cash receipts journal to the subsidiary ledger?

10.

LO 7.4The schedule of accounts payable should equal what?

11.

LO 7.4Which amounts do we post daily and which do we post monthly?

12.

LO 7.4Why are special journals used?

13.

LO 7.4Name the four main special journals.

14.

LO 7.4A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?

15.

LO 7.4The purchase of equipment for cash would be recorded in which special journal?

16.

LO 7.4Can a sales journal be used to record sales on account and a cash sale? Why or why not?

17.

LO 7.4When should entries from the sales journal be posted?

18.

LO 7.4We record a sale on account that involves sales tax in which journal?

19.

LO 7.4We record purchases of inventory for cash in which journal(s)?

20.

LO 7.4Should the purchases journal have a column that is a debit to Accounts Payable?

21.

LO 7.5Forensic means “suitable for use in a court of law.” How does that have anything to do with accounting?

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