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Exam 5: Accounting Systems

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Question 81

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Define the meaning of B2C and B2B.

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Both terms relate to e-commerce.
B2C - B...

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Question 82

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The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.

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Question 83

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The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Xample, Inc. Address: 567 Harrison Blvd. Describe each transaction and the source of each posting.

The format and number of specialized journals that a business uses depends upon the legal organization of the business.

The methods or procedures used to record and report financial data are called the accounting system.

The following cash receipts headings have been suggested for Tower Tree-Trimming Service Company. Which of the following statements is false? $\begin{array}{|l|l|l|l|l|l|}\hline \text { Date } & \text { Account Debited } & \begin{array}{l}\text { Post. } \\\text { Ref. }\end{array} & \text { Accounts Receivable Cr. } & \begin{array}{l}\text { Cash } \\\text { Cr. }\end{array} & \text { Other Accounts Dr. } \\\hline & & & & & \\\hline & & & & &\end{array}$

Discuss the process of posting from a revenue journal to the subsidiary ledger and to the general ledger.

When a large number of individual accounts with a common characteristic are grouped together, accounting calls this a controlling account.

Anderson, Inc. incurred the following transactions during the month of February, 2010. Record the appropriate ones in the Cash payments journal. If a transaction should not be recorded in the Cash payments journal, indicate where it should be posted.

Which of the following is true about the revenue journal?

In which journal would you find cash revenues recorded?

The purchase of supplies for cash would be recorded in the purchases journal.

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What will be recorded on the post ref column of this transaction?

Describe and discuss e-commerce.

Which of the following is NOT a special journal?

If a company uses special journals

In which journal would adjusting entries be found?

The three phases of setting up an accounting system are, in order

When using a purchases journal

Which of the following journals is called an all-purpose journal?