1) Which of the following transactions is recorded in the purchases? journal?

A.cash sales of merchandise inventory

B.cash purchase of merchandise inventory

C.purchase of furniture on account

D.sale of merchandise inventory on account

3) In a perpetual inventory? system, which of the following are debit columns in a typical cash payments? journal?

A.Other Accounts column and Cash column

B.Merchandise Inventory column and Cash column

C.Merchandise Inventory column and Accounts Payable column

D.Other Accounts column and Accounts Payable column

4) Entryminus?level accounting software? ________.

A.can handle advanced processes and transactions

B.integrates all of a? company's functions,? departments, and data into a single system

C.allows businesses to enter sales of services and merchandise? inventory, record? expenses, and produce financial statements

D.is an affordable system that is difficult to use

5) Southeastern Company sold merchandise for? $4,450 to Northern Company on account. The cost of goods sold was? $1,185. Southeastern Company uses a perpetual inventory system and special journals. The? $4,450 is recorded as? ________.

A.an entry in the general journal

B.Accounts Receivable? DR, Sales Revenue CR column of the sales journal

C.Merchandise Inventory DR column of the purchases journal

D.Accounts Receivable CR column of cash receipts journal

6)

6. Evenson Co. sold merchandise inventory on? account, terms? n/30, to Brain? Crain, $300. The cost of the goods sold was? $240. What special journal should the transaction be recorded? in, and what is the column used for the? $300?

A.Sales? journal, the? $300 should be recorded in the Accounts Receivable? DR, Sales Revenue CR column.

B.Sales? journal, the? $300 should be recorded in the Cost of Goods Sold? DR, Merchandise Inventory CR column.

C.Cash receipts? journal, the? $300 should be recorded in the Cash DR and Sales Revenue CR columns.

D.Cash receipts? journal, the? $300 should be recorded in the Cost of Goods Sold? DR, Merchandise Inventory CR column.

7) When using a periodic inventory? system, the Merchandise Inventory DR? column, in the purchases? journal, is replaced with a column titled Cost of Goods Sold DR.

True

False

8) The cash disbursements journal is also called the check register.

True

False

10) If there is cash involved in a business? transaction, the transaction should be recorded in either the? ________.

A.cash payments journal or general journal

B.cash payments journal or cash receipts journal

C.sales journal or purchases journal

D.cash payments journal or cash receipts journal and in general journal

11) Credit sales of assets other than merchandise inventory occur infrequently and are recorded in the? ________.

A.general journal

B.accounts receivable journal

C.sales journal

D.cash receipts journal

12)

Which of the following correctly describes the posting of transactions from the sales? journal?

A.At the end of the? month, the totals of the columns are posted to the general ledger.

B.The total of the Accounts Receivable? DR, Sales Revenue CR column is posted to the accounts receivable subsidiary ledger.

C.Transactions are posted daily to the general ledger.

D.Individual accounts receivables are posted daily to the general ledger.

14) A business must invest only in an accounting information system in which the benefits received outweigh the cost of the system.

True

False

16) A business must invest only in an accounting information system in which the benefits received outweigh the cost of the system.

True

False

17) A business must invest only in an accounting information system in which the benefits received outweigh the cost of the system.

True

False

19) A business must invest only in an accounting information system in which the benefits received outweigh the cost of the system.

True

False

20) A business must invest only in an accounting information system in which the benefits received outweigh the cost of the system.

True

False