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Acct Sys Ch 2 Quiz
Acct SYs Ch 2 Quiz
| Question | Answer |
|---|---|
| What are the three major subsections of the transaction processing system? | Expenditure Cycle, Conversion Cycle, and Revenue Cycle |
| What moves from the expenditure cycle into the conversion cycle? | Cash, materials, labor, physical plant, etc |
| What moves from the conversion cycle into the revenue cycle? | Finished Goods |
| What moves out of the revenue cycle? | Finished Goods to customers |
| What moves into the revenue cycle? | Cash from customers |
| What moves from the revenue cycle to the expenditure cycle? | Cash |
| What are the two components that both expenditure and revenue cycles have? | Physical and Financial |
| What are source documents? | Economic event that results in a source doc at the beginning of the transaction |
| What are product documents? | Documents that are a result of the transaction process |
| What are some examples of a source document? | Purchase requisitions, customer orders and time card |
| What are some examples of a product document? | Sales order, purchase order and paycheck |
| What is a turnaround document? | Product doc that becomes a source document for another department |
| What is a general journal? | Record of chronological transactions for non-recurring events |
| What is a special journal? | Record of frequently recurring transactions |
| What are examples of transactions in the general journal? | Bad Dept Expense, Closing and Adjusting entries |
| What are examples of transactions in a special journal? | Sales, Purchases, Cash Receipts and Disbursements, Payroll |
| What is another name for a special journal? | Register |
| What happens to journal vouchers? | They are sent from corresponding departments to the general ledger department |
| What do journal vouchers replace? | Typical journal entries/general journals |
| What is the general ledger also known as? | The chart of accounts |
| What is the purpose of a subsidiary ledger? | To record supporting details of control accounts by showing specific accounts (customers, vendors, etc) |
| What are some common subsidiary ledgers? | Accounts Receivable, Accounts Payable, Inventory, Supplies and Payroll |
| What are the four types of digital accounting records? | Master File, Transaction File, Reference File and Archive File |
| What do master files contain? | Contains account data for transaction and events for general and subsidiary ledgers |
| What do transaction files contain? | Temporary files of a transaction used to update a master file |
| What do reference files contain? | Stores data that are used as standards to process transactions |
| What do archive files contain? | Records of past transactions that are retained for future use |
| What are examples of information in transaction files? | Purchases, Payroll, Cash Receipts and Disbursements |
| What are examples of information in reference files? | Tax Tables, Employee Records, Parts List, Supplies, Credit History, Freight Charges |
| What are flat files? | A file structure that are considered to be legacy systems. They do not share information and are not as efficient |
| What are database networks? | A file structure that links all computers and information together through allowing access to a hard drive |
| What are the three problems of flat files? | Data Storage, inefficient and stored in multiple locations, Data Updated, all changes must be made separately, Currency of Information, failure to update information |
| What is task data redundance? | Inability to obtain additional information if work needs change |
| What are the four coding schemes? | Sequential, Block, Group and Mnemonic |
| What is sequential coding? | Prenumbered source documents (check #) |
| What is block coding? | Identifies class of accounts and could be sequential (chart of accounts) |
| What is group coding? | Used to represent more complex transactions (Multiple pieces of information) |
| What is mnemonic coding? | Alphabetic characters in the form of acronyms and other combinations (Acct 360) |
| What are the two major subsections of the conversion cycle? | Th production system and the cost accounting system |
| What is a ledger? | Book of accounts that reflects the financial effects of the firm's transactions after they are posted from various journals |
| What is an audit trail? | The compiled accounting records that provide information tracing accounting balances back to source documents and economic events |
| What is an external auditor's responsibility? | To determine the Validity, Accuracy and Completeness of a clients transactions and accounts |
| What does VAR stand for in relation to auditors? | Validity, Accuracy and Completeness |
| What is confirmation in an audit? | Contacting customers to determine if transactions actually took place |
| What is a system flowchart? | Graphical representation of the physical relationships among key elements of a system |
| What is a program flowchart? | A support flowchart that describes the logic of a system flowchart |
Created by:
Erika.Meakins
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