Chart of
Accounts
Effective
Accounting
Systems
Misc
Journals
Posting &
Balancing
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What type of account
would have an account
number like this:
222345
Liabilities
Which account number
would represent a
customer’s account
number?
a. 115001
b. 222001
c. 310001
d. 521001
Which account number
would represent a
customer’s account
number?
a. 115001
Assets (accounts
receivable) start with 1
What number do all
expenses start with in the
chart of accounts?
All expenses start with 5
Which accounts start with
the number 4?
Revenues start with the
number 4
List the 5 categories and
numbers in the chart of
accounts
Assets – 1
Liabilities – 2
Owner’s Equity – 3
Revenues – 4
Expenses – 5
What do internal controls
safeguard your assets
from?
Internal controls safeguard
your assets and eliminate
waste
An important characteristic
of an effective accounting
system is that the system
provides the most benefit
for the least cost?
True or False
TRUE
Flexibility means being
able to accommodate
changes in your business
over time
TRUE OR FALSE
TRUE
Compatibility means you
get the most benefit for the
least cost
True or False?
False
Compatibility means it
works smoothly with your
personnel and
organizational structure
Which of the following are
important design features
of an effective accounting
system?
a. Flexibility
b. Compatibility
c. Control
d. All of the above
Which of the following are
important design features of
an effective accounting
system?
a. Flexibility
b. Compatibility
c. Control
d. All of the above
What is the first step in
computerized data processing?
a. Source documents
b. Orders
c. Inputs
d. processing
What is the first step in
computerized data processing?
a. Source documents
b. Orders
c. Inputs
d. processing
What is the second step in
computerized data processing?
a. Source documents
b. Orders
c. Inputs
d. processing
What is the second step in
computerized data processing?
a. Source documents
b. Orders
c. Inputs
d. processing
What is the last step in
computerized data processing?
a. Inputs
b. Processing
c. Outputs
d. invoices
What is the last step in
computerized data processing?
a. Inputs
b. Processing
c. Outputs
d. invoices
Which of the following is the
beginning step in designing an
accounting system?
a. The previous year’s adjusted trial
balance
b. Classification of transactions
c. The chart of accounts
d. Determination of menu structure
Which of the following is the
beginning step in designing an
accounting system?
c. The chart of accounts
Which of the following are computer
programs that link data by means of
formulas and functions?
a.
b.
c.
d.
Special journals
Networks
QuickBooks
Spreadsheets
Which of the following are computer
programs that link data by means of
formulas and functions?
D. Spreadsheets
In which journal would the sale of
merchandise for cash be recorded?
The Cash Receipts Journal
In which journal would you record a
return of merchandise sold on
account?
The general journal
In which journal would sale of goods
on account be recorded?
Sales Journal
In which journal would you record
all check payments?
In which journal would you record
all check payments?
Cash Payments Journal
In which journal would you record a
purchase of inventory on account?
In which journal would you record a
purchase of inventory on account?
Purchases Journal
When (or how often) should the total
in accounts receivable column in the
cash receipts journal be posted to the
general ledger?
Monthly
When (or how often) should the
individual amounts in the cash
payments journal be posted to the
Accounts Payable Ledger?
Daily
The total of all subsidiary accounts
receivable should equal what?
Accounts receivable (control
account)
Accounts payable should equal the
sum of what?
Sum of individual supplier accounts
payable
In the General Journal, when
balancing the Ledgers….
What should equal what???
Total debits should equal total
credits
Always!