Chapter 8

Question 0

Which item below is not considered a major input to the general ledger and reporting system

Answer 0

Reports from managers

Question 1

The general ledger and reporting system consists of the —involved in — the general ledger and — reports

Answer 1

Information processing, updating, creating

Question 2

Who provides the adjusting entries for a well designed general ledger and reporting system

Answer 2

The controllers area

Question 3

The general ledger and reporting system is designed to provide information for which of the following user groups

Answer 3

All of the above

• internal users
• external users
• inquiry processing by internal or external users

Question 4

When updating the generals ledger, sales, purchases, and production are examples of—- entries, and issuance or retirement debt and the purchase or sale of investment securities are examples of — entries

Answer 4

Accounting subsystem, and treasure originated

Question 5

Entries to update the general ledger are often documented by which of the following

Answer 5

Journal vouchers

Question 6

Adjusting entries that reflect events that have already occurred, but for which no cash flow has taken place are classified as

Answer 6

Accurals

Question 7

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 an

Answer 7

Deferral entry

Question 8

Immediately after the adjusting entries are posted, the next step in the general ledger and reporting system is to prepare

Answer 8

An adjusted trial balance

Question 9

Financial statements are prepared in a certain sequence. Which statement is prepared last in the sequence?

Answer 9

The statement of cash flows