2023 Brief Exercise 7 3 Benji Borke has prepared the following list of statements about | Assignments Online
2023 Brief Exercise 7 3 Benji Borke has prepared the following list of statements about | Assignments Online
Assignments Online 2023 Business Finance
Brief Exercise 7-3
Benji Borke has prepared the following list of statements about accounting information systems.
Identify each statement as true or false.
1. |
The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records. |
|||
2. |
The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information. |
|||
3. |
Designers of accounting systems must consider the needs and knowledge of various users. |
|||
4. |
If an accounting information system is cost-effective and provides useful output, it does not need to be flexible. |
Brief Exercise 7-5
Identify in what ledger (general or subsidiary) each of the following accounts is shown.
Accounts |
Ledger |
|||
(a) |
Rent Expense |
|||
(b) |
Accounts Receivable—Cabrera |
|||
(c) |
Notes Payable |
|||
(d) |
Accounts Payable—Pacheco |
Brief Exercise 7-6
Identify the journal in which each of the following transactions is recorded.
Transactions |
Journals |
|||
(a) |
Cash sales |
|||
(b) |
Owner withdrawal of cash |
|||
(c) |
Cash purchase of land |
|||
(d) |
Credit sales |
|||
(e) |
Purchase of merchandise on account |
|||
(f) |
Receipt of cash for services performed |
Brief Exercise 7-10
Rauch Computer Components Inc. uses a multi-column cash receipts journal.
Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.
Accounts |
Column in Cash Journal Receipts |
|||
(a) |
Accounts Receivable |
|||
(b) |
Sales Discounts |
|||
(c) |
Cash |
|||
(d) |
Other Accounts |
|
|
Assignmentsonline.org help students to solve their assignment in the best possible manner. In the assignment help industry, we are regarded as one of the best helpers for students’ tasks in all subjects. We provide solutions to students from all corners of the world, but the main focus is from students residing in the US, UK, and Australia. Our primary focus is solving student assignments for all subjects and streams.