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  Match the following. A) external auditors B) control environment C) internal auditors D) control procedures E) an audit 39) Employees of a business whose job it is to ensure that all employees are following company policies and that operations are running efficiently 40) Independent accounting professionals hired to determine that the organization's financial statements are prepared in.

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  Table 7-6 Provincewide Milling Company uses a sales journal. On June 2, the sales journal appears as you see below. Sales Journal Date Invoice # Customer Post Ref. Accts Rec DR/ Sales Rev CR COGS DR/ Inventory CR June 2 909 Richardson Products $ 4,200 $ 1,090      Total Other sales that took place in June are as follows: Inv # Sales Amount Customer Cost of Goods Sold 910 $ 880 Anton, Michael .

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22) Tom and Jerry Company uses special journals along with the general journal to record its daily transactions. Using the following abbreviations, identify the appropriate journal in which to record each transaction. Sales JournalS Purchases JournalP Cash Receipts JournalCR Cash Payments JournalCP General JournalG a)Sold merchandise on account, $5,800__________ b)A customer purchased additional inventory on account, credit terms.

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65) Tom and Jerry Company uses special journals along with the general journal to record its daily transactions. Using the following abbreviations, identify the appropriate journal in which to record each transaction. Sales JournalS Purchases JournalP Cash Receipts JournalCR Cash Payments JournalCP General JournalG a)Sold merchandise on account, $5,800__________ b)A customer purchased additional inventory on account, credit terms.

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Objective 6-7 1) The treatment of inventories under accounting standards for private enterprises (ASPE) is significantly different than for companies reporting under international financial reporting standards (IFRS). 2) For companies reporting under international financial reporting standards (IFRS), it is possible to value inventory higher than its original cost. 3) There are more acceptable.

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11) Perkins issued a $500 credit memo to a customer, Susan Richardson, for inventory that Richardson returned because it was not what she had ordered. What entry does Richardson make assuming her company using a periodic inventory system? A) Accounts Payable-Perkins 500       Sales Returns and Allowances 500 B) Inventory 500       Accounts Payable-Perkins 500 C) Accounts Payable-Perkins 500       Purchase.

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  Table 7-5   Accounts Payable Accounts Receivable Accumulated Amortization - Equipment Amortization Expense Cash Cost of Goods Sold Equipment Insurance Expense Interest Expense Interest Revenue Inventory Marvin Fish, Capital Marvin Fish, Withdrawals Prepaid Insurance Sales Wages Payable 31) Refer to Table 7-5. 32) What are the benefits of studying a manual accounting system given that most companies have computerized accounting systems? 33) Describe the benefits of a computerized.

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26) During October, Fitness Plans had the following transactions: Oct. 3              Purchased inventory from Laser Outfitters for cash, $1,050. 5Purchased inventory from Health Foods for $1,500 cash. 9Purchased $500 of supplies for cash. 10Purchased equipment for cash, $330. 17Made a $50 payment on a note payable. 25Received and paid utility bill, $275. 30Owner withdrew $1,000 for personal.

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11) A good cost/benefit relationship: A) offers maximum benefits at a minimum cost. B) is impossible to achieve. C) exists in manual accounting systems only. D) would be ignored in a large organization. 12) Which of the following is not an element of internal control? A) assessing cost/benefit relationship. B) safeguarding assets and records. C) authorizing transactions. D).

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31) A system that relies on electronic communications, not paper documents, to transfer cash is known as: A) electronic remittance. B) electronic funds transfer. C) electronic mail. D) electronic imaging. 32) Internal and external auditors are part of which of the following components of internal control? A) monitoring controls B) information systems C) control procedures D) control environment 33) A.

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  Match the following. A) batch processing B) database C) menu D) on-line processing E) inputs 22) Computerized accounting for similar transactions in a group or batch 23) Computerized storehouse of information 24) The first stage of data processing 25) Computerized processing of related functions on a continuous basis 26) A list of options for choosing computer functions 27) Indicate using the.

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28) List the four special journals. Table 7-3   Accounts payable Accounts receivable Accumulated amortization Cash Equipment  Gasoline expense  Martin Mann, Capital Martin Mann, Withdrawals Notes payable  Salary payable     Service revenue Supplies 29) Refer to Table 7-3. Objective:  7-2 Understand the elements of computerized and manual accounting systems Table 7-4   Accounts Payable Accounts Receivable Accumulated Amortization - Factory Amortization Expense Cash Cost of Goods.

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11) Inputs would include: A) sales receipts. B) an income statement. C) a balance sheet. D) a statement of owner's equity. 12) Outputs would include: A) fax orders. B) sales receipts. C) bank deposit slips. D) an income statement. 13) Design of an accounting system begins with the: A) previous year's financial statements B) using a firewall C) chart of accounts D) opening trial.

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Objective 7-2 1) In a manual system, processing includes journalizing transactions, posting the accounts, and preparing the financial statements. 2) Data from source documents such as sales receipts and bank deposit slips are referred to as outputs of a data processing system. 3) The system of electronic linkages that allows different computers to.

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11) The purchase of equipment on account would be recorded in the: A) cash payments journal. B) general journal. C) purchases journal. D) sales journal. 12) Entries in the purchases journal are posted to the: A) general ledger only. B) general ledger and the accounts payable subsidiary ledger. C) accounts payable subsidiary ledger and the purchases ledger. D) accounts.

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67) Burton Company uses special journals along with the general journal to record its daily transactions. Using the following abbreviations, identify the appropriate journal in which to record each transaction. Sales JournalS Purchases JournalP Cash Receipts JournalCR Cash Payments JournalCP General JournalG a)Purchased inventory for cash, $2,300__________ b)Received $3,000 from a customer on account__________ c)Purchased supplies on account,.

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21) All of the following are parts of the internal control characteristic referred to as separation of duties except separation of: A) external auditors from accounting. B) duties within the accounting function. C) the custody of assets from accounting for those assets. D) operations from accounting. 22) Persons who authorize transactions should not handle the.

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31) Indicate the proper journal to use to record each of the following transactions. Use S for sales journal, P for purchases journal, CR for cash receipts journal, CP for cash payments journal, and G for general journal. a)Owner investment of cash________ b)Owner withdrawal of cash________ c)Payment of accrued salaries________ d)Sales of furniture in.

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