ake Test: Chapter 7 Review

School: Jefferson Community and Technical College - Course: ART MISC - Subject: Accounting

ake Test: Chapter 7 Review Test Information Description Instructions MultipleAttemptsNot allowed. This test can only be taken once. ForceCompletionThis test can be saved and resumed later. Your answers are saved automatically. Question Completion Status: QUESTION 1 1.What is the purpose an accounting system? Without an elaborate accounting system, a business does not meet IRS standards. An accounting system is the methods and procedures for collecting, classifying, summarizing, and reporting a business's financial and operating system. A good accounting system helps a business person become wealthy. Accountants need to set up a complicated accounting system to keep themselves in work. 1 points QUESTION 2 1.What specific components should a AIS need to suit a typical company? inputting; storing; processing; aggregating: presenting and storing Inputting, processing and storing finding; analyzing; processing; and storing none of the above 1 points QUESTION 3 1.The receipt of cash from any source is recorded in a ____. general journal cash receipts journal purchase journal revenue journal 1 points QUESTION 4 1.The sales journal is used to record______. cash

sales on account debit transactions credit cards 1 points QUESTION 5 1.We record a sale on account that involves sales tax in which journal? cash disbursement journal sales journal cash receipts journal purchase journal 1 points QUESTION 6 1.What are he four main special journals. cash, receipts, AR, AP cash receipts; sales, general, purchase Accounts receivable; Accounts payable; general ledger; Sales Only the general journal 1 points Click Save and Submit to save and submit. Click Save All Answers to save all answers. CourseACCT1100: Financial Accounting I (Asynchronous (100% Online)) 14631 TestChapter 7 Review Started2/28/23 4:21 PM Submitted2/28/23 4:41 PM StatusCompleted AttemptScore 6 out of 6 points TimeElapsed 20 minutes Question 1 1 out of 1 points What is the purpose an accounting system? Question 2 1 out of 1 points What specific components should a AIS need to suit a typical company?