Answered: A clerk in the sales department…

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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1. A clerk in the sales department receives a hard-copy customer order by mail and manually prepares four hard copies of a sales order. This is a typical event in the

Group of answer choices

b. Expenditure cycle

d. Costing cycle

a. Revenue cycle

c. Conversion cycle

2. Which of these is not a true statement relating to manual and electronic accounting systems?

Group of answer choices

a. Large businesses integrate their accounting software with their overall computerised information system.

b. The accounting principles underlying manual and electronic systems are fundamentally different.

c. Computerised systems normally provide more reports, providing greater information to users, than manual systems.

d. Most entities today use computerised accounting systems.

3. All of the following are advantages of using subsidiary ledgers, except

Group of answer choices

a. they make possible a division of labour

b. they show all the transactions affecting customers and creditors.

c. they free the general ledger of excessive detail.

d. they eliminate all errors in individual accounts.

4. Which of the 2 process is correct or generally acceptable process in the revenue cycle?

A copy of the sales order must be sent to the sales department for approval.

The warehouse clerk is the authorized personnel to pick up products from the warehouse shelf

Group of answer choices

d. None

b. Statement 2

a. Statement 1

c. Both statements

5. Which of the following statement is true?

Group of answer choices

d. The first internal document generated from a revenue cycle is the packing slip

a. An entity relationship diagram will show the department performing the process and the flow of each documents

b. System Flowchart shows the physical flow of documents

c. 4 document symbols must be drawn to signify 4 copies generated, under Data Flow Diagram

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