Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Question
Chapter 16, Problem 1SP
Summary Introduction
To design: A chart of accounts for an international distribution company’s income statement.
Introduction:
General ledger/business reporting process (GL/BR):
General ledger can be defined as the central data repository needed to develop the business reports. The business reports and other forms of information generation are all derived from the general ledger data repository. The GL/BR process is considered as a central activity of the
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Open the following general ledger accounts
i) Cost of sales;
ii) Trade inventories; and
iii) Bank.
Using the classification scheme below for a multistep income statement, match each account in the image attached with the letter of the category in which it belongs.
Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts reported in the income statement?
Chapter 16 Solutions
Accounting Information Systems
Ch. 16 - Prob. 1RQCh. 16 - Prob. 2RQCh. 16 - Prob. 3RQCh. 16 - What, in your own words, are a performance report...Ch. 16 - Prob. 5RQCh. 16 - Prob. 6RQCh. 16 - What limitations are faced by contemporary...Ch. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - Prob. 10RQ
Ch. 16 - Prob. 11RQCh. 16 - Prob. 12RQCh. 16 - Prob. 1DQCh. 16 - Prob. 2DQCh. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - Prob. 5DQCh. 16 - Prob. 6DQCh. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - Prob. 1SPCh. 16 - Prob. 2SPCh. 16 - Prob. 1PCh. 16 - Prob. 4PCh. 16 - Prob. 5PCh. 16 - Prob. 8PCh. 16 - Prob. 10P
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- Choose a company and describe how a specific issue, policy, or procedure (for example, granting merchandise returns, establishing sales prices) might look if the business is structured as a centralized business.arrow_forwardHow do retail companies correctly match expenses with revenue for the period to get an accurate net income? a. With a modern POS system. b. With the consistency principle. c With a goods-on-hand estimate from the Controller. d. With a physical inventory. please provide me a corect asnwer option and step by expalnaationarrow_forwardDiscuss the difference between the multiple-step and single-step forms of the income statement. Which form would the management of a large retail store most likely use? Why?arrow_forward
- The accounting system automatically obtains the unit price based on scans of barcodes for merchandise sold. This control is most relevant to which transactionrelated objective for sales?(1) Accuracy (3) Completeness(2) Occurrence (4) Posting and summarizationarrow_forwardHow do I find sales on account from a income statement or balance sheetarrow_forwardWhich of the following information items with regard to a major customer must be disclosed? a. The identity of the major customer. b. The percentage of total sales derived from the major customer. c. The operating segment making sales to the major customer. d. The geographic area in which sales to the major customer are made.arrow_forward
- Match each defınition with the term that best describes it. An income measure that includes gains and [ Choose ] [Choose ] Sales revenue (Sales) Expenses incurred in the process of earning sales revenue. losses that are excluded from the determination of net income. An account that is offset against a revenue Contra revenue account account on the income statement. Cost of goods sold Periodic inventory system FOB destination The total cost of merchandise sold during the Comprehensive income FOB shipping point Perpetual inventory system period. An inventory system under which the [ Choose ] company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period. An inventory system under which the [ Choose ] company keeps detailed records of the cost of each inventory purchase and sale, and the records continuously show the inventory that should be on hand. The primary source of revenue in a [ Choose…arrow_forwardSummary posting from the sales journal normally would be completed which of the following orders? Accounts Receivable, Sales, and Tax Payable columns Sales Tax Payable, Sales, and Accounts receivable columns Sales, Sales Tax Payable, and Accounts Receivable columns Accounts Receivable, sales Tx Payable, and Sales columnsarrow_forwardWhich numbers do I need to use to compute the salesarrow_forward
- The GAAP is an acronym that represents which of the following?Choose one answer.a. Principles for inventory monitoring b. Principles for marketing costs c. Principles for financial reporting d. Principles for global trackingarrow_forwardThe account that appears in the chart of accounts for a merchandising entity but not for service entity is a. Accounts receivable b. Advertising expense c. Sales returns and allowances d. Accumulated depreciationarrow_forwardUse the following information to answer the questions that follow. A. Calculate the operating income percentage for each of the stores. Comment on how your analysis has changed for each store. B. Perform a vertical analysis for each store. Based on your analysis, what accounts would you want to investigate further? How might management utilize this information? C. Which method of analysis (using a dollar value or percentage) is most relevant and/or useful? Explain.arrow_forward
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