Learning Objective B-1
1) An ERP includes ________.
A) accounting information for financial statements
B) human resources information
C) information about production and distribution of products
D) all of these
2) A general journal provides a ________.
A) list of accounts and their debit or credit balances after the temporary accounts have been closed
B) chronological record of transactions
C) list of financial statement line items and their debit or credit balances that is prepared before recording adjusting entries
D) record of increases and decreases to each account
3) A general ledger provides a ________.
A) list of accounts and their debit or credit balances after the temporary accounts have been closed
B) chronological record of transactions
C) list of financial statement line items and their debit or credit balances that is prepared before recording adjusting entries
D) record of increases and decreases to each account
4) An unadjusted trial balance provides a ________.
A) list of accounts and their debit or credit balances after the temporary accounts have been closed
B) chronological record of transactions
C) list of financial statement line items and their debit or credit balances that is prepared before recording adjusting entries
D) record of increases and decreases to each account
5) An adjusted trial balance provides ________.
A) a list of accounts and their debit or credit balances after the temporary accounts have been closed
B) a chronological record of transactions
C) a list of financial statement line items and their debit or credit balances that is prepared before recording adjusting entries
D) none of these
6) A postclosing trial balance provides a ________.
A) list of accounts and their debit or credit balances after the temporary accounts have been closed
B) chronological record of all transactions
C) list of financial statement line items and their debit or credit balances that is prepared before recording adjusting entries
D) record of increases and decreases to each account
7) An auditor for Krupts, Inc. wants to know what caused Cash to increase by $1,000 on January 3, 2011. The best place to look in the accounting system is the ________.
A) adjusted trial balance
B) postclosing trial balance
C) journal
D) unadjusted trial balance
8) Subsidiary ledgers are ________.
A) the ledgers prepared by the subsidiaries and consolidated with the parent company
B) used instead of general ledgers
C) detailed records that support the balances in the general ledger
D) the unadjusted trial balance
9) The enterprise-wide resource planning system represents a single integrated information system in which all of the company's information is recorded.
10) The enterprise-wide resource planning system is the subsidiary ledger system of the enterprise's over-all general ledger system.
11) The general ledger accounting system described in the appendix is no longer used.
12) Transactions are posted from the journal to the trial balance.
13) Describe an enterprise-wide resource planning system.