SYS TEST | Quizizz

SYS TEST

Assessment

•

Mick Joseph

•

others

•

Hard

Student preview

61 questions

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Open Ended

30 sec

1 pt

The total of all balances in the subsidiary AR subledgers should equal the balance of AR account in the General Ledger. This check is usually done in the month end.

Evaluate responses using AI:

OFF

Answer explanation

true

Open Ended

30 sec

1 pt

When you are preparingg the Sales Invoice, you are billing the customer to inform the customer of the amount that is owed for the merchandise shipped

Evaluate responses using AI:

OFF

Answer explanation

true

Open Ended

30 sec

1 pt

Credit Memo, Receiving Report, authorized Sales Return Request are all needed for accounting for good returned from customers

Evaluate responses using AI:

OFF

Answer explanation

true

Open Ended

30 sec

1 pt

A bill of lading is a written contract between the seller and the carrier.

Evaluate responses using AI:

OFF

Answer explanation

true

Open Ended

30 sec

1 pt

YOU Prepare a Customer Purchase Order, immediately upon receiving an order from a customer.

Evaluate responses using AI:

OFF

Answer explanation

false

Open Ended

30 sec

1 pt

In most cases, GAAP requires the recognition of a revenue and the transaction recorded as of the date when the goods were shipped or services performed.

Evaluate responses using AI:

OFF

Answer explanation

true

Open Ended

30 sec

1 pt

A Cash Receipts journal is a journal for recording cash receipts from collections (from prior sales), cash sales, and all other cash receipts. Cash Receipts Journal is different from Cash Receipts Prelist.

Evaluate responses using AI:

OFF

Answer explanation

true

Open Ended

30 sec

1 pt

Sale can be either Cash Sales or Credit Sales. When it is a Cash Sales, appropriate entry has to be made in accounts receivable subledger and general ledger.

Evaluate responses using AI:

OFF

Answer explanation

true?

Open Ended

30 sec

1 pt

Receiving report is completed as soon as customer sends a request to return the goods.

Evaluate responses using AI:

OFF

Answer explanation

false

10.

Open Ended

30 sec

1 pt

When a customer files for bankruptcy, you know that the accounts receivable from that customer cannot be collected. Then, you write-off uncollectible accounts receivable by making the following accounting entry: Dr- Allowance for Doubtful Accounts Cr- Accounts Receivable

Evaluate responses using AI:

OFF

Answer explanation

true

11.

Open Ended

30 sec

1 pt

If you are making a purchase on credit, you make the journal entry in the purchase journal. Then, you post it to the accounts payable sub-ledger as an increase in payables.

Evaluate responses using AI:

OFF

Answer explanation

true

12.

Open Ended

30 sec

1 pt

Which of the following is NOT used in the Purchase and Disbursement Cycle? Purchase Order Purchase requisition Receiving report None of these

Evaluate responses using AI:

OFF

Answer explanation

None of these

13.

Open Ended

30 sec

1 pt

Cash Disbursement Journal is a special journal used in Purchase and Cash Disbursement Cycle.

Evaluate responses using AI:

OFF

Answer explanation

true

14.

Open Ended

30 sec

1 pt

Fixed Asset Subsidiary ledger is not updated in Purchase and Cash Disbursement Cycle, even when a fixed asset is purchased

Evaluate responses using AI:

OFF

Answer explanation

False

15.

Open Ended

30 sec

1 pt

Purchase order is made by?

Evaluate responses using AI:

OFF

Answer explanation

Purchase order department of buyer

16.

Open Ended

30 sec

1 pt

Purchase Requisition from inside the buyer firm, like store room supervisor or factory personnel

Evaluate responses using AI:

OFF

Answer explanation

From some dept. inside the buyer firm, like store room supervisor or factory personnel.

17.

Open Ended

30 sec

1 pt

Vendor's invoice is made by?

Evaluate responses using AI:

OFF

Answer explanation

Seller billing department

18.

Open Ended

30 sec

1 pt

Bill of lading is made by?

Evaluate responses using AI:

OFF

Answer explanation

Seller

19.

Open Ended

30 sec

1 pt

Usually, at the end of the month, purchases journal is totalled, and posted to the general ledger.

Evaluate responses using AI:

OFF

Answer explanation

True

20.

Open Ended

30 sec

1 pt

As with sales, the purchase journal is totaled periodically, usually monthly. The totals in the purchase journal are posted to the general ledger

Evaluate responses using AI:

OFF

Answer explanation

True

21.

Open Ended

30 sec

1 pt

On Dec30, You Issued check to Velocity Sporting Goods for payment in full of their invoice for goods received December 23. The invoice amount was $3,900 (corrected based on the receiving report). The check was made for $3800, as you got a discount for paying within the discount period. You make relevant entry in the relevant special journal on Dec 30. Then you post it to the accounts payable subsidiary ledger on same date.

Evaluate responses using AI:

OFF

Answer explanation

true

22.

Open Ended

30 sec

1 pt

Dec 31, You received vendor invoice from University Athletic News for advertisements Waren ran during the Christmas season, and you immediately issued a check for payment in full. You will then make a journal entry in purchase journal and cash disbursement journal on Dec 31

Evaluate responses using AI:

OFF

Answer explanation

false

23.

Open Ended

30 sec

1 pt

At the end of the month, you summarize purchases journal, and post the totals to general ledger. For the miscellaneous debit and credit columns in the purchases journal, the total for each account affected must be posted to the GL.

Evaluate responses using AI:

OFF

Answer explanation

true

24.

Open Ended

30 sec

1 pt

On Dec 24, you issued a cheque check (Doc. No. 20) to Interstate Motor Freight for the amount of the freight bill (Doc. No. 19) for the Velocity Sporting Goods shipment received December 23. You make an entry in which of the following journals and ledgers on Dec 24?

Evaluate responses using AI:

OFF

Answer explanation

Cash disbursement journal

25.

Open Ended

30 sec

1 pt

On Dec 24, you received vendor invoice No. 34719 (Doc. No. 18) from Velocity Sporting Goods for goods ordered December 16 and received December 23. What date you will use in accounting in purchase journal.

Evaluate responses using AI:

OFF

Answer explanation

Dec 23

26.

Open Ended

30 sec

1 pt

in your SUA project, one of the 8 transactions in Purchase and Cash Disbursement Cycle is related to Purchase Returns

Evaluate responses using AI:

OFF

Answer explanation

False

27.

Open Ended

30 sec

1 pt

Accounts Payable Trial Balance has an aged analysis of accounts payable.

Evaluate responses using AI:

OFF

Answer explanation

false

28.

Open Ended

30 sec

1 pt

On Dec30, You Issued check to Velocity Sporting Goods for payment in full of their invoice for goods received December 23. The invoice amount was $3,900 (corrected based on the receiving report). The check was made for $3800, as you got a discount for paying within the discount period. What entries will you make in the journal on Dec 30?

Evaluate responses using AI:

OFF

Answer explanation

In the general journal: Dr. Accounts Payable 3900 Cr. Cash 3800 Cr. Discount 100

29.

Open Ended

30 sec

1 pt

In the month end, you summarize the cash disbursement journal, and post it in general ledger. For Other GL a/cs, the total for each affected account must be posted to the general ledger.

Evaluate responses using AI:

OFF

Answer explanation

true

30.

Open Ended

30 sec

1 pt

Received office supplies from Chicago Office Supply as listed on purchase order No. 327 (Doc. No. 16), a copy of which is being held in accounting. Chicago Office Supply's vendor invoice No. 2378 (Doc. No. 18) was received with the goods. All supplies ordered were received in good condition and taken directly to the office, but the invoice was not paid. For the above transaction, you first make a Purchase Order.

Evaluate responses using AI:

OFF

Answer explanation

false

31.

Open Ended

30 sec

1 pt

The receiving report, vendor invoice, and approved purchase order , are all required before you do the acccounting for a purchase on account (credit purchase).

Evaluate responses using AI:

OFF

Answer explanation

true

32.

Open Ended

30 sec

1 pt

When you make a cash purchase, you make an entry in cash disbursement journal.

Evaluate responses using AI:

OFF

Answer explanation

true

33.

Open Ended

30 sec

1 pt

When you issued a check to Velocity Sporting goods for payment in full of their invoice, you considered their credit terms before making the payment (2/10, net 30), You entered the discount amount in the cash disbursement journal under the purchases discounts column. The total under that column, was footed in the month end, and entered in the GL account 30700 (Purchase Discounts).

Evaluate responses using AI:

OFF

Answer explanation

true

34.

Open Ended

30 sec

1 pt

In the month end, Jim Adams posts the column totals in Cash Disbursement Journal, and Purchase Journal, and individual transactions in "Other" columns to the appropriate GL account, and updates each GL a/c balance. He places a posting reference check mark [a tick sign] under each column total in the journals and by each of the individual transactions in the "Other" columns to show that the numbers have been posted.

Evaluate responses using AI:

OFF

Answer explanation

true

35.

Open Ended

30 sec

1 pt

Whenever you make a payment with a cheque, for an invoice to a vendor, you make sure that you write paid, with check no., date and initials. This is done to avoid duplicate payments.

Evaluate responses using AI:

OFF

Answer explanation

true

36.

Open Ended

30 sec

1 pt

You create a receiving report when you receive goods from vendor or returns from customer

Evaluate responses using AI:

OFF

Answer explanation

true

37.

Open Ended

30 sec

1 pt

Nancy Ford foots the balance of each subsidiary for accounts payable, and compares the total to the appropriate GL account (Accounts Payable Account in GL is 20100).

Evaluate responses using AI:

OFF

Answer explanation

true

38.

Open Ended

30 sec

1 pt

A cash purchase was made from University Athletic News for advertisements. Immediately, an entry was made in the Purchase Journal.

Evaluate responses using AI:

OFF

Answer explanation

false

39.

Open Ended

30 sec

1 pt

Nancy Ford foots and crossfoots the special journals , Purchase Journal, and Cash Disbursement Journal.

Evaluate responses using AI:

OFF

Answer explanation

false

40.

Open Ended

30 sec

1 pt

Nancy Ford prepared the Receiving Reports

Evaluate responses using AI:

OFF

Answer explanation

true

41.

Open Ended

30 sec

1 pt

Sharmilee makes a gross pay of $1600 in the last bi-weekly pay period in 2014. Her FICA WITHHOLD amount was calculated as $122.4. Her Federal Tax WITHHOLD by Lubbock Sports Supply is $55. a)Please make a journal entry for Lubbock Sports Supply on Dec 31 for withheld amounts. b) In SUA, where will the Journal Entry be made first

Evaluate responses using AI:

OFF

Answer explanation

a)Dr. Wages and Salaries Expense----------1600 Cr. FICA Taxes Payable-------------122.40 Cr. Federal Income Taxes Withheld-55.00 Cr. Cash-------------------------------1422.6 b)Payroll Journal

42.

Open Ended

30 sec

1 pt

In your SUA, GL, A/c no: 20300 is called Federal Income Tax Withheld, and A/c no. 20700 is called Federal Income Taxes Payable, A/c no. . Federal Income Tax Withheld (20300) is based on the tax that Warren Sports Supply has to payas corporate income tax for the year 2013.

Evaluate responses using AI:

OFF

Answer explanation

false

43.

Open Ended

30 sec

1 pt

Lubbock Sports Supply has to pay the following taxes as Employer Taxes: FICA-matching the employee contribution =$1,376.80 FUTA=$137.68 SUTA=$929.34 Which of the following journal entry will be made?

Evaluate responses using AI:

OFF

Answer explanation

In the General Journal: Dr. Payroll Tax Expense-------------2.443.82 Cr. FICA-------------------------1,376.80 Cr. FUTA--------------------------137.68 Cr.SUTA--------------------------929.34

44.

Open Ended

30 sec

1 pt

On Instructions, Flowcharts, and Ledgers, Refer Page13 (number4), and make same assumptions. Sharmilee, Dan, and Linda work in Lubbock Sports Supply. Until Dec 15., 2014 the accumulated gross pay was as following: Sharmilee:$3700, Dan:$8000, Linda:$6500 In the last biweekly payperiod, they get gross pay as follows: Sharmilee:$500, Dan:$800, Linda:$900 a)What Total amount is subject to FUTA and SUTA as Employer Payroll taxes? b)How much Lubbock Sports Supply should pay as FUTA, c)How much they should pay as SUTA?

Evaluate responses using AI:

OFF

Answer explanation

a)1000 b)8 c)27

45.

Open Ended

30 sec

1 pt

Refer Page 28 of your Instructions, Flowcharts, and Ledgers, A/C-FICA payable. On credit side, you notice equal amounts repeated on Oct 31, and Nov 30. The first amount is for the FICA withheld from the employee, and the second one is for employer contribution of FICA

Evaluate responses using AI:

OFF

Answer explanation

true

46.

Open Ended

30 sec

1 pt

Refer to the CD journal on page 12. On Nov 15, Warren Sports Supply made a payment of $3575.79 via check#1129 to Internal Revenue Service. For what purpose the payment has been made?

Evaluate responses using AI:

OFF

Answer explanation

Federal Income Taxes that were held from the employees & F.I.C.A taxes (both employee and employer portions

47.

Open Ended

30 sec

1 pt

For Bad debt expense, you need information from GL account balance of Sales, Sales Returns and Allowances, and Sales Discounts.

Evaluate responses using AI:

OFF

Answer explanation

true

48.

Open Ended

30 sec

1 pt

The adjustment for depreciation expenses is made in the General Ledger, and then posted to the General Journal.

Evaluate responses using AI:

OFF

Answer explanation

false

49.

Open Ended

30 sec

1 pt

The entry for making depreciation for the year, is : Dr Depreciation Expense Cr. Accumulated Depreciation

Evaluate responses using AI:

OFF

Answer explanation

true

50.

Open Ended

30 sec

1 pt

The adjustment entry for Interest Expense is Dr. Interest payable Cr. Interest Expense

Evaluate responses using AI:

OFF

Answer explanation

false

51.

Open Ended

30 sec

1 pt

A retailer purchased 10 laptops for 800. The retailer sold these 10 laptops for $1000. The Cost of Goods sold is then $1000.

Evaluate responses using AI:

OFF

Answer explanation

false

52.

Open Ended

30 sec

1 pt

Bad Debt Expense is calculated after multiplying a certain percentage, with Gross Sales

Evaluate responses using AI:

OFF

Answer explanation

false

53.

Open Ended

30 sec

1 pt

For making provisions for bad debt, you make the journal entryy: Dr. Allowance for Bad Debt Cr. Accounts Receivable

Evaluate responses using AI:

OFF

Answer explanation

false

54.

Open Ended

30 sec

1 pt

You have done the year ending adjustment entry in the General Journal to adjust inventory and record COGS. After making the journal entry in the General Journal, you post it to the GL accounts. Subsequently, which of the following accounts will have a balance of Zero, in the GL.

Evaluate responses using AI:

OFF

Answer explanation

Purchases and Returns Allowances Purchases discounts taken Freight-In

55.

Open Ended

30 sec

1 pt

Freight-In balance in GL is required for calculating COGS

Evaluate responses using AI:

OFF

Answer explanation

true

56.

Open Ended

30 sec

1 pt

You calculate the depreciation expense from the Fixed Assets Trial Balance

Evaluate responses using AI:

OFF

Answer explanation

false

57.

Open Ended

30 sec

1 pt

tags are similar to dictionaries

Evaluate responses using AI:

OFF

Answer explanation

false

58.

Open Ended

30 sec

1 pt

when you use XBRL, computer applications will automatically find comprehensive, granular data the instant it's posted online & from it into analysis models for deep, automated analysis

Evaluate responses using AI:

OFF

Answer explanation

true

59.

Open Ended

30 sec

1 pt

XBRL enhances transparency of financial reporting

Evaluate responses using AI:

OFF

Answer explanation

true

60.

Open Ended

30 sec

1 pt

XBRL allows users to quickly access the info they need

Evaluate responses using AI:

OFF

Answer explanation

true

61.

Open Ended

30 sec

1 pt

Analysts, investors, auditors & regulators will benefit when you use XBRL

Evaluate responses using AI:

OFF

Answer explanation

true

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