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Internal controls safeguard your assets and eliminate waste An important characteristic of an effective accounting system is that the system ... Source documents b. – PowerPoint PPT presentation

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Title: 2 pt


1
Chart of Accounts
Effective Accounting Systems
Misc
Journals
Posting Balancing
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2
What type of account would have an account number
like this 222345
3
Liabilities
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

6
What number do all expenses start with in the
chart of accounts?
7
All expenses start with 5
8
Which accounts start with the number 4?
9
Revenues start with the number 4
10
List the 5 categories and numbers in the chart of
accounts
11
Assets 1 Liabilities 2 Owners Equity
3 Revenues 4 Expenses 5
12
What do internal controls safeguard your assets
from?
13
Internal controls safeguard your assets and
eliminate waste
14
An important characteristic of an effective
accounting system is that the system provides the
most benefit for the least cost? True or False
15
TRUE
16
Flexibility means being able to accommodate
changes in your business over time TRUE OR FALSE
17
TRUE
18
Compatibility means you get the most benefit for
the least cost True or False?
19
False 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

22
What is the first step in computerized data
processing? a. Source documents b. Orders c.
Inputs d. processing
23
What is the first step in computerized data
processing? a. Source documents b. Orders c.
Inputs d. processing
24
What is the second step in computerized data
processing? a. Source documents b. Orders c.
Inputs d. processing
25
What is the second step in computerized data
processing? a. Source documents b. Orders c.
Inputs d. processing
26
What is the last step in computerized data
processing? a. Inputs b. Processing c.
Outputs d. invoices
27
What 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

29
Which 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

31
Which of the following are computer programs that
link data by means of formulas and functions? D.
Spreadsheets
32
In which journal would the sale of merchandise
for cash be recorded?
33
The Cash Receipts Journal
34
In which journal would you record a return of
merchandise sold on account?
35
The general journal
36
In which journal would sale of goods on account
be recorded?
37
Sales Journal
38
In which journal would you record all check
payments?
39
Cash Payments Journal
40
In which journal would you record a purchase of
inventory on account?
41
Purchases Journal
42
When (or how often) should the total in accounts
receivable column in the cash receipts journal be
posted to the general ledger?
43
Monthly
44
When (or how often) should the individual amounts
in the cash payments journal be posted to the
Accounts Payable Ledger?
45
Daily
46
The total of all subsidiary accounts receivable
should equal what?
47
Accounts receivable (control account)
48
Accounts payable should equal the sum of what?
49
Sum of individual supplier accounts payable
50
In the General Journal, when balancing the
Ledgers. What should equal what???
51
Total debits should equal total credits Always!
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