Questions from General Accounting

Q: “The selection of an inventory cost flow method is a decision

“The selection of an inventory cost flow method is a decision made by accountants.” Do you agree? Explain. Once a method has been selected, what accounting requirement applies?

Q: (a) What is an accounting information system? (

(a) What is an accounting information system? (b) “An accounting information system applies only to a manual system.” Do you agree? Explain.

Q: The cash and the accounts receivable columns in the cash receipts journal

The cash and the accounts receivable columns in the cash receipts journal were mistakenly over added by $4,000 at the end of the month. (a) Will the customers’ ledger agree with the Accounts Receivabl...

Q: One column total of a special journal is posted at month end

One column total of a special journal is posted at month end to only two general ledger accounts. One of these two accounts is Accounts Receivable. What is the name of this special journal? What is th...

Q: In what journal would the following transactions be recorded? (Assume

In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.) (a) Recording of depreciation expense for the yea...

Q: In what journal would the following transactions be recorded? (Assume

In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.) (a) Cash received from signing a note payable. (b...

Q: What transactions might be included in a multiple-column purchases journal

What transactions might be included in a multiple-column purchases journal that would not be included in a single column purchases journal?

Q: What are common features of computerized accounting packages beyond recording transactions and

What are common features of computerized accounting packages beyond recording transactions and preparing financial statements?

Q: How does an enterprise resource planning (ERP) system differ from

How does an enterprise resource planning (ERP) system differ from an entry-level computerized accounting system?

Q: Konerko Industries had the following transactions. 1. Borrowed $

Konerko Industries had the following transactions. 1. Borrowed $5,000 from the bank by signing a note. 2. Paid $2,500 cash for a computer. 3. Purchased $700 of supplies on account. Instructions (a) I...