Question 1.1.On November 18^th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18^th, 20X3. Who is the maker of the note? (Points : 1)

Murray Company Decker Company the bank New Holland Tractor Company

Question 2.2.Hancock Electric Company uses an accounting information system that allows the administrator to limit an employees access within the system based on the employees job requirements. For example, the accounts payable clerk may have access to enter invoices into the system but may not be able to print checks and reconcile the bank statement. By granting access to only the information that the employee must have to fulfill his duties, the administrator can facilitate segregation of duties. What element of an effective accounting information system does Hancock Electric Companys system possess? (Points : 1)

flexibility control compatibility a good cost/benefit relationship

Question 3.3.On November 18^th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18^th, 20X3. What is the principal amount of the note? (Points : 1)

$2,700 $27,300 $32,700 $30,000

Question 4.4.On November 18^th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18^th, 20X3. What is the maturity value of the note? (Points : 1)

$2,700 $27,300 $32,700 $30,000

Question 5.5.Spreadsheets are great tools for ________ data. (Points : 1)

inputting processing analyzing posting

Question 6.6.When credit sales are entered into a sales journal and posted to the general ledger, ________ updated. (Points : 1)

cash balances are the accounts receivable subsidiary ledger is accounts payable are expense accounts are

Question 7.7.Crime Prevention Company received payment from Bobby Rentfrow for his monthly alarm monitoring service. Instead of applying the payment to Bobby Rentfrows account, the payment was erroneously applied to Matt Rentfrows account. This error will cause ________. (Points : 1)

accounts receivable to be overstated income to be overstated cash to be understated the accounts receivable subsidiary ledger to be incorrect