FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

1. Information from Management Reporting System are used by business owners in making strategic decisions. The reports created from this are called

Group of answer choices
b. Discretionary, because the company has no discretion to produce the report or not, the law requires them to generate such reports
c. Non discretionary, because the company has sole discretion to produce such reports for internal users.
on discretionary, because the company has no discretion to produce the report or not, the law requires them to generate such reports
d. Discretionary, because the company has sole discretion to produce such reports for internal users.
 
2. The entry to record the granting of credit to a customer for a sales return is posted to
Group of answer choices
a.  accounts receivable subsidiary ledger only.
b. the general ledger only.
c. both the accounts receivable subsidiary ledger and the general ledger.
d. both the accounts payable subsidiary ledger and the general ledger.
 
3. Under Real Time Processing model, no time lag exists and operational delays are not an issue. Despite of these benefits, which of the following is considered an issue for small companies for real time processing
Group of answer choices
a. More resources required
c. Fewer resources are required
b. Processing takes place when the economic event occurs
d. Certain records are processed after the event
 
4. Which of the following is an incorrect statement
Group of answer choices
b. In creating segregation of duties, a company must consider the cost-benefit analysis
c. The goods that the shipping department will receive must have a packing slip attached to it
a. Ideally, recording and custody must fall under the responsibility of the same personnel
d. Internal Control is placed on processes to mitigate risks inherent on each processes
 
5. The characteristic that all entries recorded in a cash receipts journal have in common is
Group of answer choices
they originate from the sale of inventory.
a credit to the Cash account.
they all represent collections from customers.
a debit to the Cash account.
 
answer all for upvote. 
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