1. Which of the following is not an advantage of computerized accounting system?a. Data is entered only once in computerized accounting systemsb. Computerized accounting systems provide up-to-date informationc. Computerized accounting systems eliminate entering of transaction informationd. Computerized accounting systems eliminate many errors resulting from humanintervention2. Which of the following is incorrect regarding subsidiary ledger?a. The accounts receivable ledger is a common subsidiary ledgerb. An advantage of the subsidiary ledger is that it permits a division of labor inpostingc. The purchases ledger is a common subsidiary ledger for creditor accountsd. A subsidiary ledger is a group of accounts with common characteristics3. At the beginning of the month, the accounts receivable subsidiary ledger showedbalances for Orange $5,000 and Mango $8,000. During the month, credit sales weremade to Orange $6,000, Mango $4,500, and Apple $6,500. Cash was collected onaccount from Mango $8,000 and Apple $3,000. At the end of the month, the accountsreceivable control account in the general ledger should show an ending balance of...a. $14,500b. $15,500c. $19,000d. $21,000

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1. Which of the following is not an advantage of computerized accounting system? Data is entered only once in computerized accounting systems b. Computerized accounting systems provide up-to-date information c. Computerized accounting systems eliminate entering of transaction information d. Computerized accounting systems eliminate many errors resulting from human intervention

1. Which of the following is not an advantage of computerized accounting system? Data is entered only once in computerized accounting systems b. Computerized accounting systems provide up-to-date information c. Computerized accounting systems eliminate entering of transaction information d. Computerized accounting systems eliminate many errors resulting from human intervention

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. Which of the following is not an advantage of computerized accounting system?
a. Data is entered only once in computerized accounting systems
b. Computerized accounting systems provide up-to-date information
c. Computerized accounting systems eliminate entering of transaction information
d. Computerized accounting systems eliminate many errors resulting from human
intervention
2. Which of the following is incorrect regarding subsidiary ledger?
a. The accounts receivable ledger is a common subsidiary ledger
b. An advantage of the subsidiary ledger is that it permits a division of labor in
posting
c. The purchases ledger is a common subsidiary ledger for creditor accounts
d. A subsidiary ledger is a group of accounts with common characteristics
3. At the beginning of the month, the accounts receivable subsidiary ledger showed
balances for Orange $5,000 and Mango $8,000. During the month, credit sales were
made to Orange $6,000, Mango $4,500, and Apple $6,500. Cash was collected on
account from Mango $8,000 and Apple $3,000. At the end of the month, the accounts
receivable control account in the general ledger should show an ending balance of...
a. $14,500
b. $15,500
c. $19,000
d. $21,000

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