25 May Question BE 115 Match each of the principles and phases in the development of an ac
Question
BE 115
Match each of the principles and phases in the development of an accounting system with the statement that best describes them.
a. Cost effectiveness
b. Flexibility
c. Useful output
_____ 1. Information must be understandable, relevant, reliable, timely, and accurate.
_____ 2. Benefits of information must outweigh the cost of providing it.
_____ 3. The system should accommodate a variety of users and changing information needs.
_____ 4. The accounting system must consider the needs and knowledge of various users.
_____ 5. The system should be capable of meeting the changes in the demands made upon it.
Ans: N/A, LO: 1, Bloom: C, Difficulty: Easy, Min: 3, AACSB: Technology, AICPA BB: Industry/Sector Perspective, AICPA FN: Leverage Technology, AICPA PC: None, IMA: Business Applications
BE 116
Indicate whether each of the following accounts would be shown in the general ledger or subsidiary ledger.
1. Cash ______________________
2. Accounts Receivable—Larson ______________________
3. Equipment ______________________
4. Accounts Payable—Parks ______________________
5. Common Stock ______________________
6. Sales Revenue ______________________
Ans: N/A, LO: 2, Bloom: K, Difficulty: Easy, Min: 3, AACSB: Technology, AICPA BB: Industry/Sector Perspective, AICPA FN: Leverage Technology, AICPA PC: None, IMA: Business Applications
BE 117
Richey Company maintains four special journals and a general journal to record its transactions. Using the code below, indicate in the space provided the appropriate journal for recording the transactions listed.
Code Journals
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