Questions and Answers of Integrated Accounting

You cannot make corrections to the payroll transactions once they have been entered into the computer. (True/False)
When a payroll transaction is entered, the computer can be instructed to calculate payroll taxes. (True/False)
The computer can automatically generate an employee’s paycheck. (True/False)
The payroll software is date sensitive, and it depends on the payroll transaction dates to accurately accumulate and process payroll data. (True/False)
Payroll journal entries must be manually entered into the general journal to update the general ledger payroll account balances. (True/False)
The general journal report provides a listing of the journal entries posted during payroll processing. (True/False)
If an employee is paid biweekly (every 2 weeks), what would you record in the employee data field, Number Pay Per?
What is the number of withholding allowances for Mary Mettlert?
What is the amount oi the credit to employee city income tax payable?
What is the taxable Social Security amount for Mary Mettler?
How many months does it take to save $200,000.00 based on the information provided in this problem?---
Milat is the total yearly gross pay for all employees?
What is the amount of the credit to health insurance premiums payable?
What is the amount of the credit to Social Security tax payable-OASDI?
What is the taxable Social Security amount for Frank Schilling?
What is the amount of monthly contribution required to accumulate a savings of $175,000.00 based on the information provided in this problem.''-
For each of the definitions, write the letter of the appropriate term in the space provided.1-Abusiness that is owned by one individual.2-Abusiness that is owned by two or more
What is the net income for the current month?
For each of the definitions, write the letter of the appropriate term in the space provided1-Atype of analysis that provides a comparison between the ending balance for the current year and the
Which of the two methods of determining cash flow from operating activities is used by the Integrated Accounting 6e software?
Do any of the adjusting entries in Sample Problem 10-S affect the statement of cash flows? Why or why not?
What are the total debits and total credits shown on the sales journal report?Total debits:Total credits:
What are the total debits and total credits shown on the cash receipts journal report?Total debits:Total credits:
What are the total debits and total credits shown on the general journal report for adjusting entries?Total debits:Total credits:
What are the total operating expenses for the previous year and the current year expressed as dollars?Previous year:Current year:
What is the rate earned on average total assets?
What is the net cash flow from operating activities?
Accounts in the chart of accounts that show the cost or price of merchandise purchased for resale to customers are called cost of merchandise accounts. (True/False)
An account used to record the cost of the merchandise purchased for resale is called the resale account. (True/False)
A departmentalized system uses a separate merchandise inventory1 account for each department. (True/False)
A departmentalized system uses a separate accounts payable account for each department. (True/False)
A purchases return transaction is entered in the cash payments journal. (True/False)
A sales return transaction is entered in the cash receipts journal. (True/False)
The appropriate general ledger account number must be keyed for each department when entering purchase order, voucher, and sales invoice transactions. (True/False)
When a cash payment on account transaction involves a discount, the discount amount is entered into the appropriate department’s purchases discounts account. (True/False)
When a cash receipt on account transaction involves a discount, the discount amount is entered into the appropriate department’s sales discounts account. (True/False)
When the gross profit statements option is chosen, a separate report is generated for each department. (True/False)
What is the total amount of purchase orders shown on the purchases orders register for the month of March?
What is the total of the Invoice Amount column shown on the voucher register report for the month of March?
What is the total of the Invoice Amount column shown on the sales invoice register report for the month of March?
What is the total number of items sold shown on the inventory transactions report for the month of March?
What are the totals of the Debit and Credit columns from the general journal report (before adjusting entries) for the month of March?Total debits:Total credits:
What are the totals of the Debit and Credit columns from the vouchers journal for the month of March?Total debits:Total credits:
What are the totals of the Debit and Credit columns from the cash payments journal for the month of March?Total debits:Total credits:
What are the totals of the Debit and Credit columns from the salesjournal for the month of March?Total debits:Total credits:
What are the totals of the Debit and Credit columns from the cash receipts journal for the month of March?Total debits:Total credits:
The New menu command clears any existing data from memory in preparation for setting up a new system. (True/False)
Integrated Accounting supports 12 departments. (True/False)
Integrated Accounting allows for accounts payable and payroll checks to be prepared manually or by computer. (True/False)
Integrated Accounting allows for a monthly or yearly accounting cycle. (True/False)
Classify accounts is used to specify the account numbers needed to generate the payroll journal entries. (True/False)
The required accounts need not be specified during setup. (True/False)
If payroll records are being established at a time other than the beginning of a new year, quarterly and yearly earnings and withholdings must be created for each employee. (True/False)
Integrated Accounting allows accounts to be added to the chart of accounts by selecting them from a master list of accounts. (True/False)
The general, purchases, cash payments, sales, and cash receipts journals included in the (True/False)software cannot be changed.
Tax brackets, rates, and limits provided by the software cannot be changed. (True/False)
How are the data collected on the Required Accounts window used?
What is the salary amount for Paul Boswell?
Using the straight-line method, what is the amount of depreciation for the first year for an asset purchased on January 1 for $3,000, with a useful life of 5 years, and with a salvage value of
For each of the definitions, write the letter of the appropriate term in the space provided.1 A two-character abbreviation that indicates how the item is sold (each, by the dozen, by the box, etc.).2
Make use of the data in Sample Problem 5-S to describe the integration that would take place when the following transaction is entered into the computer:Received—2 Mini Washer 8c Dryers at $525.00
Make use of the data in Sample Problem 5-S to describe the integration that would take place when the following transaction is entered into the computer:Returned—2 S by S 19 CF. Refrig, at $500.00
What is the reorder point for the ICY 20 CF. Freezer?
For each of the definitions, unite the letter of the appropriate term in the space provided.1_The revenue account used to record a sale.2-The revenue account used to record a sales return.3-Window
Identify the tasks performed by the computer when sales invoice data are entered through the Sales Invoice window.
What do the terms 2/10, n/30 mean?
Make use of the data in Sample Problem 6-S to describe the integration that would take place when the following sales invoice is entered into the computer:Sold—1 Wet & Dry Vacuum at $325.00, $19.50
What assumption does the computer make to determine the value of an inventory item based on the LIFO method?_
What assumption does the computer make to determine the value of an inventory item based on the FIFO method?_
What are the total debits and credits shown on the sales journal?
What are the total debits and credits shown on the cash receipts journal?
From the trial balance, what is the net amount of sales (sales minus sales returns and allowances)? Does it equal the total amount of yearly sales shown on the inventory yearly sales report?
Under the sum-of-the-years-digits depreciation method, the same amount of depreciation is recorded for each accounting period over the useful life of the asset. (True/False)
The depreciation rate for the double declining-balance method is twice the straight-line rate. (True/False)
Under the MACRS depreciation method, office furniture is included in the 7-year class of assets. (True/False)
When the MACRS method is used, any salvage value is disregarded. (True/False)
When the straight-line method is used, the salvage value is disregarded. (True/False)
Under the double declining-balance method, the salvage value is ignored in the calculations; however, the asset is not depreciated below the salvage value. (True/False)
Under all methods except MACRS, an asset purchased in any month other than January has first-year and last-year depreciation amounts that are prorated from the month the asset was purchased.
Under MACRS, all assets are assumed to have been placed into service on January 1, regardless of when they were actually purchased. (True/False)
The computer can generate the depreciation adjusting entries from the fixed assets information. (True/False)
Depreciation adjusting entries do not need to be posted. (True/False)
On what date was the K6 Telephone System acquired?
What are the depreciation journal entries on November 30, 2008, for each of the following accounts? Depr. Expense Vehicles Accum. Depr. Vehicles Depr. Expense Off. Eqpt. Accum. Depr. Office Eqpt.
What is the amount of total owner’s equity at the end of the period?
Refer to the depreciation comparison graph for the K6 Telephone System. Which depreciation method yields the highest amount of1 depreciation during the first year?
What is the original cost of asset number 120 (Veigel G350 Van) as shown on the fixed assets list?_
What is the salvage value of asset number 340 (Storage Cabinet) as shown on the fixed assets list?_
What is the total value of all assets based on original costs as shown on die fixed assets list?
On what date was the Voice Mail System acquired?
What are the depreciation journal entries on November 30, 2008, for each of the following accounts? Depr. Expense Vehicles Accum. Depr. Vehicles Depr. Expense Off. Eqpt. Accum. Depr. Office Eqpt.
What is the amount of gross profit for the month as shown on the income statement?
What are the total operating expenses for the year as shown on the income statement expressed as a percentage?
Refer to the depreciation comparison graph for the Bookshelf. Which depreciation method yields the greatest amount of depreciation during the first year?
Refer to the depreciation comparison graph for the Web Site Server. Which depreciation method yields the greatest amount of depreciation in the last year?
What account does the computer automatically calculate and display when a purchase transaction is entered?
What account does the computer automatically calculate and display when a cash payment transaction is entered?
What account does the computer automatically calculate and display when a sales transaction is entered?
What account does the computer automatically calculate and display when a cash receipt is entered?
What are the total debits and total credits shown on the purchases journal report for the month of May?Total debits:Total credits:

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