Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Chapter 2, Problem 21MCQ
To determine
Identify the false statement.
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Which statement is NOT true? a. Business activities begin with the acquisition of materials, property, and labor in exchange for cash. b. The conversion cycle includes the task of determining raw materials requirements. c. Manufacturing firms have a conversion cycle but retail firms do not. d. A payroll check is an example of a product document of the payroll system. e. A journal voucher is actually a special source document.
Q2. Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem. a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?
1. Please explain whether the item is an example of IPE from a transaction process, and 2. Please explain why or why not in some level of detail: Item IPE? Why or why not? A. A payroll exception report prepared by ADP B. A
report containing new vendors approved by the purchasing department C. An unpaid vendor invoice D. A list of product liability claims from customers E. The allocation of overhead to various products in production F.
Warranty conditions provided to customers on sales contracts G. The bank reconciliation prepared by the Company's bank
Chapter 2 Solutions
Accounting Information Systems
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Name the major subsystems of the revenue cycle.Ch. 2 - Prob. 6RQCh. 2 - Name the two types of journals.Ch. 2 - Distinguish between a general journal and journal...Ch. 2 - Name the two types of ledgers.Ch. 2 - Prob. 10RQ
Ch. 2 - Prob. 11RQCh. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - Prob. 15RQCh. 2 - Prob. 16RQCh. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 2 - Distinguish between batch and real-time...Ch. 2 - Prob. 21RQCh. 2 - Prob. 22RQCh. 2 - Prob. 23RQCh. 2 - Prob. 24RQCh. 2 - Prob. 25RQCh. 2 - Prob. 26RQCh. 2 - Prob. 27RQCh. 2 - Prob. 28RQCh. 2 - Prob. 29RQCh. 2 - Prob. 30RQCh. 2 - Prob. 31RQCh. 2 - Prob. 32RQCh. 2 - Prob. 33RQCh. 2 - Prob. 34RQCh. 2 - Prob. 35RQCh. 2 - Prob. 36RQCh. 2 - Prob. 37RQCh. 2 - Prob. 38RQCh. 2 - Discuss the flow of cash through the transaction...Ch. 2 - Explain whether the cost accounting system...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Would the writing down of obsolete inventory be...Ch. 2 - Are both registers and special journals necessary?Ch. 2 - Discuss the relationship between the balance in...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Are large batch sizes preferable to small batch...Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 19DQCh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Which of the following is NOT a true statement? a....Ch. 2 - Which of the following is true of the relationship...Ch. 2 - Prob. 9MCQCh. 2 - Prob. 10MCQCh. 2 - Prob. 11MCQCh. 2 - Prob. 12MCQCh. 2 - Prob. 13MCQCh. 2 - Prob. 14MCQCh. 2 - Prob. 15MCQCh. 2 - Prob. 16MCQCh. 2 - Prob. 17MCQCh. 2 - Prob. 18MCQCh. 2 - Prob. 19MCQCh. 2 - The production subsystem of the conversion cycle...Ch. 2 - Prob. 21MCQCh. 2 - Prob. 22MCQCh. 2 - Prob. 1PCh. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - Prob. 7PCh. 2 - Prob. 8PCh. 2 - Prob. 9PCh. 2 - Prob. 10PCh. 2 - Prob. 11PCh. 2 - Prob. 12PCh. 2 - Prob. 13PCh. 2 - Prob. 14PCh. 2 - Prob. 15PCh. 2 - Prob. 16PCh. 2 - Prob. 17PCh. 2 - Prob. 18PCh. 2 - Prob. 19PCh. 2 - The following describes the payroll procedures for...Ch. 2 - Prob. 21PCh. 2 - Prob. 22PCh. 2 - Prob. 23PCh. 2 - Prob. 24PCh. 2 - Prob. 25PCh. 2 - Prob. 26PCh. 2 - CODING SCHEME Devise a coding scheme using block...
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- Revenue Cycle is:Select one:a. None of the aboveb. A recurring set of business activities and related to the process starting from finalizing product design and finishing off at cost accounting.c. A recurring set of business activities and related data processing operations associated with the purchase of and payment for goods and services.d. A recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales.arrow_forwardAn entrepreneur of a custom sign company is reviewing reports showing the cost of printing machines, supplies, and labor so that she can make comparisons to the revenue being generated. What reports are being reviewed? a) Customer records. b) Financial statements. c) Asset reports. O d) Operation schedules.arrow_forwardmaterials into finished goods, sell the finished goods on operating cycle under PAS 1? account, and collect the receivables. for the entity to acquire raw materials on account and settle the account. d. For a manufactuțing entity, this is the usual time it takes for the entity to sell finished goods on account and collet the receivables.arrow_forward
- Distinguish between a service department and a production department. Give an example of the counterpart of a manufacturer’s “production” departmentin a bank.arrow_forwardMost of the accounting cycles have journal entries that accompany the activities of each cycle. Which of the below expenditure or revenue cycle activities will not have journal entries? Processing the sales orderBilling the customerPaying a supplierReceiving payment from the customerReturning inventory to supplierarrow_forwardIndicate whether each of the following costs is a product cost or a period (selling and administrative) cost: Event a. b. C. Advertising costs. d. e. f. g. Goods purchased for resale. Salaries of salespersons. h. i. Transportation-out. Interest on a note payable. Salary of the company president. Transportation-in. Insurance on the office building. Office supplies.arrow_forward
- Which of the following is the primary source of revenue for a service business? A. the production of products from raw materials B. the purchase and resale of finished products C. providing intangible goods and services D. the sale of raw materials to manufacturing firmsarrow_forwardWhich of the following is the primary source of revenue for a manufacturing business? A. the production of products from raw materials B. the purchase and resale of finished products C. the provision of intangible goods and services D. both the provision of services and the sale of finished goodsarrow_forwardDiscuss what is meant by the statement, The accounting system is a conceptual flow of information that represents physical personnel, machinery, and flows of raw materials and cash through the organization.arrow_forward
- Which of the following is the primary source of revenue for a merchandising business? A. the production of products from raw materials B. the purchase and resale of finished products C. the provision of intangible goods and services D. the sale of raw materials to manufacturing firmsarrow_forwardNormally, a manufacturer maintains an accounting system that includes a materials ledger and a general ledger account for Materials. What is the relationship between the materials ledger and the materials account in the general ledger?arrow_forwardExpenses related to office maintenance will be called as a. Sales Discount expense b. Selling expenses c. General and Administration expense d. Marketing expensearrow_forward
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