Questions and Answers of Integrated Accounting

Directions: For each of the definitions, write the letter of the appropriate term in the space provided.a. Corporationb. Retained Earnings Statementc. Stock dividendd. Sole proprietorshipe. Balance
1. What are the total of the Debit and Credits columns of the general journal (before adjusting entries) for the month of December?2. What is the total amount owed to Parker Office Products?3. What
November Payroll: Use the payroll file you saved under file name 07-B1 Your Name to answer the following questions for the November payroll.Employee List1. What is the number of withholding
November Payroll: Use the payroll file you saved under file name 07-A1 Your Name to answer the following questions for the November payroll.Employee List1. What is the number of withholding
If an employee is paid biweekly (every 2 weeks), what would you record in the Number Pay Per. field in the Employees/Account Maintenance tab?
Write the answers to the following question in the space provided.1. What is the original cost of asset number 120 (Veigel G350 Van) as shown on the fixed assets list?2. What is the salvage value of
If the statement is true, write T in the space provided. If the statement is false, write F in the space provided.1. The depreciation rate for the double-declining-balance method is twice the
Write the answers to the following questions in the space provided.1. What is the original cost of asset number 350 (office desk) as shown on the fixed assets list?2. What is the salvage value of
Write the answers to the following questions in the space provided.Register Reports1. What is the total amount of purchase orders for the period?2. What is the total amount of purchase invoices for
For each of the definitions, write the letter of the appropriate term in the space provided.a. Cash paymentb. Cash payment transaction screenc. Cash payment on accountd. Cash receipte. Cash receipt
For each of the definitions, write the letter of the appropriate term in the space provided.a. Purge invoices and purchase ordersb. Sales Invoicec. Computerized sales order processingd. Sales Returns
What is the purpose of the Web browser?
From the Help system, note the procedure for using the browser to search the Internet.
What is the name of the occupation of a person who summarizes detailed accounting information, then analyzes and interprets the information to assist owners and managers in making financial decisions?
For each of the definitions, write the letter of the appropriate term in the space provided.a. Total operating revenueb. Total assetsc. Ratio analysisd. Horizontal analysise. Statement of cash
Create the following 6 financial analysis reports for Casey Corporation and provide an analysis as requested:a. Income Statement (Horizontal) report with a run date of 12/31/€“. Provide a
Create the following 6 financial analysis reports for Kyle Corporation and provide an analysis as requested:a. Income Statement (Horizontal) report with a run date of 12/31/€“. Provide a
How can a company improve its average days for payment ratio?
If the statement is true, write T in the space provided. If the statement is false, write F in the space provided.1. Accounts in the chart of accounts that show the cost or price of merchandise
If the statement is true, write T in the space provided. If the statement is false, write F in the space provided.1. The New menu command clears any existing data from memory in preparation for
Write the answers to the following questions in the space provided.1. What is the total of the Credit column on the trial balance?2. What is the balance in the Accounts Receivable account on the
What is the definition of accounting?
What is the purpose of the Tax Tables tab in the Setup Accounting System window?
What is the purpose of the journal wizard?
What are the two methods that can be used to create quarterly and yearly historical data for payroll setup?
What is the purpose of the Classify Accounts tab?
What is the purpose of the Account Subtotals tab?
In this problem, you will perform the accounting system setup for Wright Cleaning Service, a cleaning service owned and operated by Laurie Wright. Wright Cleaning Service is a service business that
How are the data collected in the Required Accounts window used?
Write the answers to the following questions in the space provided.Fixed Assets1. What is the salvage value of Asset Number 120 (Facsimile Machine)?2. What date was Asset Number 230 (Conveyor Belt)
In this problem, you will set up the accounting, fixed assets, payroll, inventory, and budgeting data for Schaff Irrigation Co. Schaff Irrigation Co. is a merchandising business organized as a sole
The Income Statement option under the Company Info. tab allows two settings. List the two settings and explain the difference between them.
What assumption does the computer make when generating the inventory valuation (FIFO) report?
What assumption does the computer make when generating the inventory valuation (LIFO) report?
How does the computer determine the value of the inventory based on average cost as shown in the average cost inventory valuation report?
How can a company improve its equity ratio?
How can a company improve its debt ratio?
How can a company improve its acid-test ratio?
How can a company improve its current ratio?
How can a company improve its working capital?
How can a company improve its average number of days sales in merchandise inventory ratio?
How can a company improve its merchandise inventory turnover ratio?
How can a company improve its accounts receivable turnover ratio?
How can a company improve its price-earnings ratio?
How can a company improve its earnings per share ratio?
How can a company improve its rate earned on net sales ratio?
How can a company improve its return on average stockholders’ equity ratio?
How can a company improve its return on average total assets ratio?
Once calculated, all ratios should be compared to what?
Which of the two methods of determining cash flow from operating activities is used by the Integrated Accounting 8e software?
How does the software use the account number ranges to classify long term assets and liabilities in the statement of cash flows?
What three classifications of cash receipts and payments appear on the statement of cash flows?
What are the four major sections of the ratio analysis report?
What is the purpose of the stockholders’ equity section of the balance sheet?
What information is provided on a corporation’s income statement that is not contained on a sole proprietorship or partnership income statement?
What procedure is used to perform period-end closing for a business organized as a partnership with unequal partner distribution of income or loss?
What is the purpose of the Quarterly Report?
How does the computer know what check numbers to assign to current payroll checks?
What steps must be taken to delete a payroll transaction already entered to prevent an employee from being paid?
What is the difference between the Current Payroll Journal Entry and the Employer’s Payroll Taxes menu items?
If the statement is true, write T in the space provided. If the statement is false, write F in the space provided.1. The computer permits the user to delete an employee at any time during the
What report must be selected in order to obtain a listing of the depreciation adjusting entries generated and posted by the computer?
What are three uses of the information provided by the fixed assets system?
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
What types of assets are included in the 5-year class for MACRS?
What types of information are contained on the Budget Report?
What types of cash receipts do not require a customer name in the cash receipts transaction screen?
What types of cash payments do not require a vendor name in the cash payment transaction screen?
What account amount does the computer automatically calculate and display when a cash receipt transaction is entered?
What account amount does the computer automatically calculate and display when a cash payment transaction is entered?
What assumption does the computer make to determine the value of an inventory item based on the first-in, first-out method?
What assumption does the computer make to determine the value of an inventory item based on the last-in, first-out method?
How does the computer determine the value of an inventory item based on average cost?
Why are data not lost when sales invoices are purged?
Make use of the data in Sample Problem 4-S to describe the accounting system integration that would take place when the following cash receipt transaction is entered into the computer:Received cash
Make use of the data in Sample Problem 4-S to describe the integration that would take place when the following sales invoice transaction is entered into the computer:Sold – 1 Wet & Dry Vacuum
What totals are contained at the bottom of the computer-generated sales invoice?
What do the terms 2/10, n/30 mean?
Itemize the steps required to make a change to an existing sales invoice.
How is the quantity entered in the Sales Invoice window for a sales return transaction?
Identify the tasks performed by the computer when sales invoice data are entered through the Sales Invoice tab.
What is the purpose of the Inventory Exceptions report?
What is the purpose of the Inventory Transactions report?
What is the purpose of the Inventory List report?
What information is contained on the purchase invoice register?
What information is contained on the purchase order register?
What information is contained on the Accounts Payable Ledger report?
What information is contained on the Schedule of Accounts Payable report?
What information is contained on the Cash Payments Journal report?
What information is contained on the purchases journal report?
Make use of the data in Sample Problem 3- to describe the integration that would take place when the following transaction is entered into the computer:Paid–DELTA Appliances, Inc., $1,500.00, less
Make use of the data in Sample Problem 3-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
Make use of the data in Sample Problem 3-S to describe the integration that would take place when the following transaction is entered into the computer:Received—2 Mini Washer & Dryers at
Make use of the data in Sample Problem 3-S to describe the integration that would take place when the following transaction is entered into the computer:Ordered—3 SPOTLESS Washers at $300.00 each
Step 1: Start up Integrated Accounting 8e.Step 2: Load opening balances file IA8 Problem 03-A.Step 3: Enter your name in the Your Name text box and click OK.Step 4: Save the file with a file name of
Write the answers to the following questions in the space provided. Note: all the following questions relate to March 8€“14.Register Reports1. What is the total amount of purchase orders
Why is data not lost when invoices and purchase orders are purged?
Write the answers to the following questions in the space provided. Note: all the following questions relate to March 8€“14.Register Reports1. What is the total amount of purchase orders
What problem(s) may occur if the merchandise inventory is too low?
For each of the definitions, write the letter of the appropriate term in the space provided.a. Purge invoices and purchase ordersb. Account Maintenance/Inventoryc. Computerized purchase order

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