PART A: Knowledge and UnderstandingComplete the following sentences by inserting the correct word or words in the blanks.(You will find the words in the box below, together with additional words that don'tapply).1. The General Ledger is a collection of all the_(s) thata business uses in their daily accounting transactions.2. A definition of _is to transfer information abouttransaction from a journal to a ledger.3. The process of continuing a General Ledger account or a journal page bycarrying forward all the relevant information from the completed page is knownas4. An error found soon after it is made is corrected by.SCand writing the correct amount immediatelytheincorrect amount.5. An error found after quite some time requires ajournalentry.6. There are six steps in posting. The number of steps completed in the ledger isand in the journal7. The General Ledger page has 3 columns where dollar amounts are listed (moneycolumns). Each column is titled "Credit", “* andJournalCorrectingTrial BalanceIncomeDebitForwardingStriking throughBalanceAboveAccountPostingONETWOTHREEFOURFIVESIX

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PART A: Knowledge and Understanding Complete the following sentences by inserting the correct word or words in the blanks. (You will find the words in the box below, together with additional words that don't apply). 1. The General Ledger is a collection of all the _(s) that a business uses in their daily accounting transactions. 2. A definition of _is to transfer information about transaction from a journal to a ledger. 3. The process of continuing a General Ledger account or a journal page by carrying forward all the relevant information from the completed page is known as

PART A: Knowledge and Understanding Complete the following sentences by inserting the correct word or words in the blanks. (You will find the words in the box below, together with additional words that don't apply). 1. The General Ledger is a collection of all the _(s) that a business uses in their daily accounting transactions. 2. A definition of _is to transfer information about transaction from a journal to a ledger. 3. The process of continuing a General Ledger account or a journal page by carrying forward all the relevant information from the completed page is known as

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter1: The Information System: An Accountant’s Perspective

Section: Chapter Questions

Problem 9P: CHARACTERISTICS OF USEFUL INFORMATION All records in a file must be uniquely identifiable in at...

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CHARACTERISTICS OF USEFUL INFORMATION All records in a file must be uniquely identifiable in at least one attribute, which is its primary key.Drawing on your general knowledge of accounting,identify the primary key for the following types ofaccounting records. To illustrate, the first record isdone for you.
The General Ledger How does posting journal entries work in a computerized accounting system? What does it mean when posting is done automatically? Explain.
identify and discuss the steps in the recording process. Be sure to discuss what each step does and how it relates to the steps before and after it. Then, answer the following questions: Should business transactions credits and debits be recorded directly into the ledger accounts? What are the advantages of recording in the journal before posting transactions into the ledger?
Match each example with a component of a computerized accounting information system. Components may be used more than once. Example Component 1. Server 2. Bank checks 3. Reports 4. Keyboard 5. Software 6. Financial statements 7. Bar code scanner
I. Answer the following questions related to the source document on the next page. A. What business document is it? B. What is the purpose of the document? C. Where does the information come from to prepare the list? D. Why is a list prepared? E. In the list, what does on account mean, compared to Inv. 4502? CP 194 Chapter 6 F. Give the journal entry that would be made as a result of the list. G. Who is G. Smalley? SAYERS AND ASSOCIATES CASH RECEIPTS DAILY SUMMARY MARCH 14, 20- Degagne Machine Shop Kivella Bake Shop Molner Paints $ 500.00 on account Inv. 4502 Inv. 3909 315,43 214.60 Robitaille Taxi on account 200.00 G. Smalley Total $1 230.03
1) Entries can enter the General Ledger manually or from ______________.2) The General Ledger contains information for all accounts on the company’s_____________.3) The GL is extremely important because it ultimately is used to create the________________.4) _____________ controls are necessary to ensure accurate manual journal entries.5) The ____________ can be used to see if an account has flipped from its normal balance.6) The _____________ is the chief accountant of the organization7) _______________ are made in order to make sure that the financial statements areaccurately stated.8) With __________, events happen prior to cash movement. With __________, cashmoves prior to the related event.9) A system will not allow entries to be deleted once they are made since this wouldcompromise the ________________.10) Data _____________ are vast repositories of data.11) Data __________ is using sophisticated statistical analysis to discover relationships in thedata
In June 2021, Chan Lee opened a photography studio that provides services to public and private schools. His firm's Chart of Accounts and financial activities for the first month of operations appear below: Chan Lee Photography Studio Chart of Accounts ASSETS REVENUE 101 Cash 404 Service Fees 111 Accounts Receivable EXPENSES Rent Expense Salaries Expense Telephone Expense Utilities Expense Miscellaneous Expense Supplies Office Furniture 121 511 141 512 Office Equipment Photographic Equipment LIABILITIES 142 513 151 514 531 202 Accounts Payable OWNER’S EQUITY Chan Lee, Capital Chan Lee, Drawing 301 302 Date Transactions June 1 Chan Lee invested P300,000 cash in the business. 2 Issued Check # 1001 for P30,000 to pay the June rent. 5 Purchased desks and other office furniture for P50,000 from Office Plus; received Invoice # 5312, payable in 60 days. 6 Issued Check # 1002 for P150,000 to purchase photographic equipment. 7 Purchased photography supplies for P40,000, paid with Check # 1003.…
1. The --------------data model was developed specifically for use in designing accounting information systems. Select one: O a. LGR O b. MPA O c. KPR O d. REA 2. One business activity data have been entered in to the system, they must be ------------- to keep the database current Select one: O a. Data report O b. Data input O c. Data processed O d. None of the other points
An accounting clerk would take first which of the following steps? A. Post individual amounts to the subsidiary ledgers. B. File source documents C. Journalize the business transaction D. Post to the general ledgers.
All records in a file must have a unique way of identifying a particular record within that file, normally referred to as a primary key. Based on your general knowledge of accounting, for each of the following types of accounting records, indicate what the most likely primary key would be to access records within that file. REQUIRED: Using the attached answer sheet, indicate the primary key that would be used to access the file for the list of files provided below. Explain your answer where appropriate. LIST OF ACCOUNTING FILES NEEDED TO BE ACCESSED WITH PRIMARY KEY Accounting File Accounts Receivable (a) (b) Accounts Payable (c) Inventory (d) Customer Sales Order (e) Purchase Orders (f) Cash Receipts From Customers (g) Payroll Earnings For Employee (h) General Ledger Primary Key
List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals?
which of the following actions update/ record is: a master file, transactions file, special journal, general journal, general ledger or subsidiary ledger: a. record sales transactions on a manual accounting system. b. record adjusting journal entry on a manual accounting system