1. Do the special journals used in different industries or even in different companies are identical in format? Can a cash receipt journal without an account receivable column be suitable for any company?

2. Explain the posting process to subsidiary ledger accounts and control accounts. What is the relationship between a general and a subsidiary ledger accounts?

3. One of your distant cousins decides to start a new retail company and seeks your advice on which cost flow method is better. What is your response?

4. What is an accounting information system??

5. If a customer returns goods for credit, the selling company normally makes an entry in Sales Journal. Do you agree?

6. How does an enterprise resource planning (ERP) system differ from an entry-level computerized accounting system?

7. Which one is better higher inventory turnover rate or shorter days in inventory?

8. Define the concept of lower-cost-or-market (LCM).