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Chart of Accounts. Effective Accounting Systems. Misc. Journals. Posting & Balancing. 1pt. 1 pt. 1 pt. 1pt. 1 pt. 2 pt. 2 pt. 2pt. 2pt. 2 pt. 3 pt. 3 pt. 3 pt. 3 pt. 3 pt. 4 pt. 4 pt. 4pt. 4 pt. 4pt. 5pt. 5 pt. 5 pt. 5 pt. 5 pt.

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Presentation Transcript
slide1

Chart of

Accounts

Effective

Accounting

Systems

Misc

Journals

Posting &

Balancing

1pt

1 pt

1 pt

1pt

1 pt

2 pt

2 pt

2pt

2pt

2 pt

3 pt

3 pt

3 pt

3 pt

3 pt

4 pt

4 pt

4pt

4 pt

4pt

5pt

5 pt

5 pt

5 pt

5 pt

slide5

Which account number would represent a customer’s account number?

  • 115001
  • Assets (accounts receivable) start with 1
slide11

Assets – 1

Liabilities – 2

Owner’s Equity – 3

Revenues – 4

Expenses – 5

slide14

An important characteristic of an effective accounting system is that the system provides the most benefit for the least cost?

True or False

slide19

False

Compatibility means it works smoothly with your personnel and organizational structure

slide20

Which of the following are important design features of an effective accounting system?

  • Flexibility
  • Compatibility
  • Control
  • All of the above
slide21

Which of the following are important design features of an effective accounting system?

  • Flexibility
  • Compatibility
  • Control
  • All of the above
slide22

What is the first step in computerized data processing?

a. Source documents

b. Orders

c. Inputs

d. processing

slide23

What is the first step in computerized data processing?

a. Source documents

b. Orders

c. Inputs

d. processing

slide24

What is the second step in computerized data processing?

a. Source documents

b. Orders

c. Inputs

d. processing

slide25

What is the second step in computerized data processing?

a. Source documents

b. Orders

c. Inputs

d. processing

slide26

What is the last step in computerized data processing?

a. Inputs

b. Processing

c. Outputs

d. invoices

slide27

What is the last step in computerized data processing?

a. Inputs

b. Processing

c. Outputs

d. invoices

slide28

Which of the following is the beginning step in designing an accounting system?

  • The previous year’s adjusted trial balance
  • Classification of transactions
  • The chart of accounts
  • Determination of menu structure
slide29

Which of the following is the beginning step in designing an accounting system?

c. The chart of accounts

slide30

Which of the following are computer programs that link data by means of formulas and functions?

  • Special journals
  • Networks
  • QuickBooks
  • Spreadsheets
slide31

Which of the following are computer programs that link data by means of formulas and functions?

D. Spreadsheets

slide42

When (or how often) should the total in accounts receivable column in the cash receipts journal be posted to the general ledger?

slide44

When (or how often) should the individual amounts in the cash payments journal be posted to the Accounts Payable Ledger?