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Chapter 05 Accounting Systems. ACCOUNTING 26TH EDITION BY WARREN -TEST BANK

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  • January 7, 2024
  • 89
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • accounting 26th edition
  • chapter 05 accounting systems

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CHAPTER 5: ACCOUNTING SYSTEMS
1. The methods and procedures for collecting, classifying, summarizing, and reporting a business's financial
and operating information are called the accounting system.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-01 - 05-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

2. Systems analysis is the final phase in the creation or revision of an accounting system.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-01 - 05-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

3. Processing methods are the means by which the system collects, summarizes, and reports accounting information.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-01 - 05-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

,Chapter 5: Accounting Systems

4. Accounting systems evolve through a three-step process: analysis, design, and feedback.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-01 - 05-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

5. An accounting system design consists of internal controls and information processing methods.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-01 - 05-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

6. Most accounting systems evolve as the business grows and requires changes in its methods for
collecting, accumulating, and reporting information.
a. True
b. False

ANSWER: True
DIFFICULTY: Moderate
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-01 - 05-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

,Chapter 5: Accounting Systems

7. Once an accounting system has been implemented, feedback will be used to continuously analyze and improve
the system.
a. True
b. False

ANSWER: True
DIFFICULTY: Moderate
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-01 - 05-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

8. Designing a system to meet user needs is the final phase in the creation or revision of an accounting system.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-01 - 05-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.05 - Accounting Cycle
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

9. When specialized journals are used, the general journal is not necessary.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-02 - 05-02
ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.ACBSP.APC.18 - Special Journals
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

, Chapter 5: Accounting Systems

10. Specialized journals are books of original entry.
a. True
b. False

ANSWER: True
DIFFICULTY: Moderate
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-02 - 05-02
ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.ACBSP.APC.18 - Special Journals
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

11. Transactions must first be recorded into the general journal before they can be entered into specialized journals.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-02 - 05-02
ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.ACBSP.APC.18 - Special Journals
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

12. The format and number of specialized journals that a business uses depends upon the legal organization of
the business.
a. True
b. False

ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.05-02 - 05-02
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.ACBSP.APC.18 - Special Journals
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

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