Computerized Accounting Systems Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7. a. Which of the following would NOT be a key input field (space) in an electronic invoice form. Customer name, Invoice Number, Amount of cost of merchandise sold, or Amount revenue b. What accounts are posted from an electronic invoice? Cash and fees earned, Accounts Payable and fees earned, Cash and Accounts receivable, or Accounts Receivable and fees earned c. Are special journal totals posted to control accounts at the end of the month in an electronic accounting system? YES OR NO
Computerized Accounting Systems Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7. a. Which of the following would NOT be a key input field (space) in an electronic invoice form. Customer name, Invoice Number, Amount of cost of merchandise sold, or Amount revenue b. What accounts are posted from an electronic invoice? Cash and fees earned, Accounts Payable and fees earned, Cash and Accounts receivable, or Accounts Receivable and fees earned c. Are special journal totals posted to control accounts at the end of the month in an electronic accounting system? YES OR NO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Computerized Accounting Systems
Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7.
a. Which of the following would NOT be a key input field (space) in an electronic invoice form.
Customer name, Invoice Number, Amount of cost of merchandise sold, or Amount revenue
b. What accounts are posted from an electronic invoice?
Cash and fees earned, Accounts Payable and fees earned, Cash and Accounts receivable , or Accounts Receivable and fees earned
c. Are special journal totals posted to control accounts at the end of the month in an electronic accounting system?
YES OR NO
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