Title: 2 pt
1Chart of Accounts
Effective Accounting Systems
Misc
Journals
Posting Balancing
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2What type of account would have an account number
like this 222345
3Liabilities
4- Which account number would represent a customers
account number? - 115001
- 222001
- 310001
- 521001
5- Which account number would represent a customers
account number? - 115001
- Assets (accounts receivable) start with 1
6What number do all expenses start with in the
chart of accounts?
7All expenses start with 5
8Which accounts start with the number 4?
9Revenues start with the number 4
10List the 5 categories and numbers in the chart of
accounts
11Assets 1 Liabilities 2 Owners Equity
3 Revenues 4 Expenses 5
12What do internal controls safeguard your assets
from?
13Internal controls safeguard your assets and
eliminate waste
14An important characteristic of an effective
accounting system is that the system provides the
most benefit for the least cost? True or False
15TRUE
16Flexibility means being able to accommodate
changes in your business over time TRUE OR FALSE
17TRUE
18Compatibility means you get the most benefit for
the least cost True or False?
19False Compatibility means it works smoothly with
your personnel and organizational structure
20- Which of the following are important design
features of an effective accounting system? - Flexibility
- Compatibility
- Control
- All of the above
21- Which of the following are important design
features of an effective accounting system? - Flexibility
- Compatibility
- Control
- All of the above
22What is the first step in computerized data
processing? a. Source documents b. Orders c.
Inputs d. processing
23What is the first step in computerized data
processing? a. Source documents b. Orders c.
Inputs d. processing
24What is the second step in computerized data
processing? a. Source documents b. Orders c.
Inputs d. processing
25What is the second step in computerized data
processing? a. Source documents b. Orders c.
Inputs d. processing
26What is the last step in computerized data
processing? a. Inputs b. Processing c.
Outputs d. invoices
27What is the last step in computerized data
processing? a. Inputs b. Processing c.
Outputs d. invoices
28- Which of the following is the beginning step in
designing an accounting system? - The previous years adjusted trial balance
- Classification of transactions
- The chart of accounts
- Determination of menu structure
29Which of the following is the beginning step in
designing an accounting system? c. The chart of
accounts
30- Which of the following are computer programs that
link data by means of formulas and functions? - Special journals
- Networks
- QuickBooks
- Spreadsheets
31Which of the following are computer programs that
link data by means of formulas and functions? D.
Spreadsheets
32In which journal would the sale of merchandise
for cash be recorded?
33The Cash Receipts Journal
34In which journal would you record a return of
merchandise sold on account?
35The general journal
36In which journal would sale of goods on account
be recorded?
37Sales Journal
38In which journal would you record all check
payments?
39Cash Payments Journal
40In which journal would you record a purchase of
inventory on account?
41Purchases Journal
42When (or how often) should the total in accounts
receivable column in the cash receipts journal be
posted to the general ledger?
43Monthly
44When (or how often) should the individual amounts
in the cash payments journal be posted to the
Accounts Payable Ledger?
45Daily
46The total of all subsidiary accounts receivable
should equal what?
47Accounts receivable (control account)
48Accounts payable should equal the sum of what?
49Sum of individual supplier accounts payable
50In the General Journal, when balancing the
Ledgers. What should equal what???
51Total debits should equal total credits Always!