Comp Acct G 1 Prelim

COMPUTER ACCOUNTING 1 LECTURE
3:00PM-4:00PM TTH
PRELIMINARY EXAMINATION
DECEMBER 8, 2015
INSTRUCTIONS: ENCIRCLE THE LETTER OF YOUR CHOICE. STRICTLY NO ERASURES ALLOWED.

1. What is the first step in the accounting cycle?
A. Record transactions in a journal
B. Analyze transactions from source documents
C. Post journal entries to general ledger accounts
D. Adjust the general ledger accounts
2. What
I.
II.
III.
is the correct order of the following events in the accounting process?

Financial statements are prepared
Adjusting entries are recorded
Nominal accounts are closed
A. I, II, III
B. II, I, III
C. III, II, I
D. II, III, I
E.
3. Which of the following is not among the first five steps in the accounting cycle?
A. Recording transactions in journals
C. Adjust the general ledger accounts
B. Record closing entries
D. Post entries to general ledger accounts
E.
4. Which of the following steps in the accounting cycle are listed in a logical order?
A. Post the journal entries to the ledger accounts, prepare a worksheet, and then take a
trial balance
B. Journalize the closing entries, post the closing entries, and then take a post closing
trial balance
C. Prepare the earnings statement, prepare the statement of financial position and then
prepare a worksheet
D. Post the closing entries, take a post closing trial balance, then journalize the closing
entries
F.
5. Which of the following documents does not initiate an entry to be made in the accounts?
A. Sales invoice
C. Purchase order
B. Purchase invoice
D. Credit memorandum
E.
6. Which is false concerning the rules of debit and credit?
A. The left side of an account is always the debit side and the right side is always the
credit side
B. Increases in assets and expenses are debit entries, and increases in liabilities, equity
and revenue are credit entries
C. The normal balance of any account appears on the side for recording increases
D. The word debit means to increase and the word credit means to decrease
F.
7. The debit and credit analysis of a transaction normally takes place
A. Before an entry is recorded in a journal
C. When the trial balance is prepared
B. When the entry is posted to the ledger
D. At some point in the accounting cycle
E.
8. An accounting record into which all the essential facts and figures in connection with all
transactions are initially recorded is called
A. Ledger
B. Account
C. Trial balance
D. Journal
E.
9. The purchase of equipment on account will
A. Increase asset and decrease liability
C. Decrease equity
B. Increase asset and increase liability
D. Decrease asset and decrease liability
E.
10. A common business transaction that would not affect the amount of owners equity is the
A. Signing of a note payable to purchase equipment
B. Payment of property taxes
C. Billing of customers for services rendered
D. Payment of dividends
F.
11. Which of the following is an adjunct account that should not be closed at the end of
every accounting period?
A. Allowance for doubtful accounts
C. Discount on bonds payable
B. Freight in
D. Share premium
E.
12. Premium on bonds payable is an example of
A. Nominal and adjunct account
C. Nominal and contra account
B. Real and adjunct account
D. Real and contra account
E.
13. A prepaid expense can best be described as an amount
A. Paid and currently matched with earnings
B. Paid and not currently matched with earnings
C. Not paid and currently matched with earnings
Ms.
D. Not paid and not currently matched with earnings

F.
14. An accrued expense can best be described as an amount
G.
15. An accrued revenue can best be described as an amount
H.
16. They are responsible for the security and integrity of the database
A. Data control
C. Database administration
B. Data processing
D. Systems development and maintenance
E.
17. They are responsible for analyzing user needs
A. Data control
C. Database administration
B. Data processing
D. Systems development and maintenance
E.
18. Which of the following does not make Distributed Data Processing favorable?
A. Cost reductions
C. Hiring qualified professionals
B. Backup
D. Improved user satisfaction
E.
19. End users in this environment own their data files rather than share them with other
users
A. Manual process model
C. Database model
B. Flat-file model
D. REA model
E.
20. This model determines the manner in which data can be stored, organized and manipulated
A. Manual process model
C. Database model
B. Flat-file model
D. REA model
E.
21. Which of the following is not an ERP module?
A. Plant maintenance
C. Sales and distribution
B. Quality management
D. All of the choices are ERP modules
E.
22. Sales is the sub-function of
A. Materials management
C. Distribution
B. Marketing
D. Finance
E.
23. Portfolio management is the sub-function of
C. Distribution
B. Marketing
D. Finance
E.
24. Warehousing is the sub-function of
C. Distribution
B. Marketing
D. Finance
E.
25. Stores is the sub-function of
C. Distribution
B. Marketing
D. Finance
E.
26. Statement 1: Segmentation by Product line refers to the functional segmentation that
divides the organization into areas of specialized responsibility
F. Statement 2: Segmentation by Business function refers to companies that produce highly
diversified products
G.
A. Only Statement 1 is true
C. Both statements are true
B. Only Statement 2 is true
D. Both statements are false
E.
27. This is the most elemental piece of potentially useful data in the database
A. Relevance
B. Attribute
C. Summarization
D. Storage
E.
28. This data management task assigns keys to new records
A. Relevance
B. Attribute
C. Summarization
D. Storage
E.
29. For an information to be useful it should be aggregated in accordance with the users
needs
A. Relevance
B. Attribute
C. Summarization
D. Storage
E.
30. Which of the following is not an element of the general model for AIS?
A. Data sources
C. Operations management
B. Information generation
D. Database management
Ms.

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COMPUTER ACCOUNTING 1 LECTURE

INSTRUCTIONS: ENCIRCLE THE LETTER OF YOUR CHOICE. STRICTLY NO ERASURES ALLOWED.

is the correct order of the following events in the accounting process?

D. Not paid and not currently matched with earnings

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