Exam (elaborations)

Chapter 16 General Ledger and Reporting System

0 purchase

Institution
Chapter 16 General Ledger And Reporting System

Chapter 16 General Ledger and Reporting System Accounting Information Systems 12Th Ed by Marshall B. Romney - Test Bank

[Show more]

Preview 3 out of 17 pages

View example

Uploaded on January 2, 2024
Number of pages 17
Written in 2022/2023
Type Exam (elaborations)
Contains Questions & answers

accounting chapter 16
chapter 16 general ledger
accounting chapter 16 general ledger

ExamsExpert Member since 1 year 458 documents sold

£2.99

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Accounting Information Systems, 12e (Romney/Steinbart)
Chapter 16 General Ledger and Reporting System

1) The general ledger and reporting system consists of the ________ involved in ________ the general
ledger and ________ reports.
A) business transactions; updating; processing
B) data processing; business transactions for; printing
C) information processing; updating; creating
D) business transactions; data processing; preparing
Answer: C
Page Ref: 463
Objective: Learning Objective 1
Difficulty : Moderate
AACSB: Analytic

2) Which item below is not considered a major input to the general ledger and reporting system?
A) summary entries from the major subsystems
B) reports from managers
C) adjusting entries
D) financing and investing activities
Answer: B
Page Ref: 463
Objective: Learning Objective 1
Difficulty : Easy
AACSB: Analytic

3) Who provides the adjusting entries for a well-designed general ledger and reporting system?
A) various user departments
B) the treasurer's area
C) the other major AIS subsystems
D) the controller's area
Answer: D
Page Ref: 463
Objective: Learning Objective 1
Difficulty : Easy
AACSB: Analytic

4) The general ledger and reporting system is designed to provide information for which of the
following user groups?
A) internal users
B) external users
C) inquiry processing by internal or external users
D) all of the above
Answer: D
Page Ref: 465
Objective: Learning Objective 1
Difficulty : Easy
AACSB: Analytic

1
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall

,5) The general ledger system of an organization should be designed to serve the information
requirements of both internal and external users. This means that the system should support
A) producing expansive regular periodic reports to cover all information needs.
B) the real-time inquiry needs of all users.
C) producing regular periodic reports and respond to real-time inquiry needs.
D) access by investors and creditors of the organization to general ledger balances.
Answer: C
Page Ref: 465
Objective: Learning Objective 1
Difficulty : Moderate
AACSB: Analytic

6) How is general ledger updating accomplished by the various accounting subsystems?
A) Individual journal entries for each accounting subsystem transaction update the general ledger every
24 hours.
B) Summary journal entries that represent the results of all transactions for a certain time period are used
to update the general ledger.
C) The controller or treasurer must approve accounting subsystem journal entries before any updating
may occur.
D) Nonroutine transactions are entered into the system by the treasurer's office.
Answer: B
Page Ref: 467
Objective: Learning Objective 1
Difficulty : Difficult
AACSB: Analytic

7) When updating the general ledger, sales, purchases, and production are examples of ________
entries, and issuance or retirement of debt and the purchase or sale of investment securities are examples
of ________ entries.
A) adjusting; controller originated
B) accounting subsystem; treasurer originated
C) adjusting; special journal
D) controller generated; special journal
Answer: B
Page Ref: 467
Objective: Learning Objective 1
Difficulty : Moderate
AACSB: Analytic

8) Entries to update the general ledger are often documented by which of the following?
A) general journal
B) subsidiary journal
C) subsidiary ledgers
D) journal vouchers
Answer: D
Page Ref: 467
Objective: Learning Objective 1
Difficulty : Easy
AACSB: Analytic

2
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall

, 9) Adjusting entries that reflect events that have already occurred, but for which no cash flow has taken
place are classified as
A) accruals.
B) deferrals.
C) revaluations.
D) corrections.
Answer: A
Page Ref: 470
Objective: Learning Objective 1
Difficulty : Easy
AACSB: Analytic

10) Recording interest earned on an investment is an example of which type of adjusting journal entry?
A) accrual entry
B) deferral entry
C) revaluation entry
D) correcting entry
Answer: A
Page Ref: 470
Objective: Learning Objective 1
Difficulty : Moderate
AACSB: Analytic

11) An adjusting entry made at the end of an accounting period that reflects the exchange of cash prior
to performance of a related event is classified as a(n)
A) accrual entry.
B) deferral entry.
C) revaluation entry.
D) correcting entry.
Answer: B
Page Ref: 471
Objective: Learning Objective 1
Difficulty : Easy
AACSB: Analytic

12) Depreciation expense and bad debt expense are examples of which type of adjusting journal entry?
A) deferrals
B) accruals
C) revaluations
D) estimates
Answer: D
Page Ref: 471
Objective: Learning Objective 1
Difficulty : Easy
AACSB: Analytic

3
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamsExpert. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £2.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling

Exam (elaborations)

Chapter 16 General Ledger and Reporting System

Document information

Subjects

Written for

Seller

Reviews received

Content preview