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Exam 7: Accounting Information Systems

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Question 71

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The main difference in the sales journal under the perpetual and periodic inventory system is:

A) The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic.
B) The sales tax receivable column that is used under the perpetual system but not the periodic.
C) The sales tax payable column that is used under the perpetual system but not the periodic.
D) The accounts receivable column that is used under the perpetual system but not the periodic.
E) The column for recording cash that is used under the perpetual system but not the periodic.

F) B) and D)
G) All of the above

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Question 72

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The following information is available for AllBev,Inc.(all amounts are in millions): a.Determine the segment return on assets for each geographic segment. b.Comment on the results.How do the segments compare with respect to profitability? c.What measures could be taken to improve segment return?

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a.
b.America is the most profitable,fo...

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Question 73

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__________________ provide the basic information processed by an accounting system,and can include bank statements,billings to customers,and employee earnings records.

The segment return on assets:

An advantage of online processing is up-to-date databases.

Using _______________ ledgers removes unnecessary details from the general ledger.

A log that is used to record and post transactions of a similar type is a:

Each transaction recorded in the sales journal yields a debit to Accounts Receivable and a credit to Sales.

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.

The _____________________ principle requires that an accounting information system aid managers in controlling and monitoring business activities.

When a company uses special journals,the general journal is used for selected transactions and events including:

Two common subsidiary ledgers are cash receipts and cash disbursements.

_____________________________________ consist of people,records,methods,and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

All of the following statements regarding accounting information systems are true except:

The __________________ principle requires that an accounting information system conform with a company's activities,personnel,and structure,and must adapt to a company's unique characteristics.

The SAP enterprise-resource planning software is already being used to help direct the operations of many of the world's largest companies.

Accurate source documents are crucial to accounting systems to limit the possibility of entering faulty data into the system.

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

External users of financial statements are generally uninterested in segment information to understand a company's business activities.