Session:7 Accounting Information Systems

Questions

Principles of Accounting, Volume 1: Financial Accounting | Leadership Development – Micro-Learning Session

Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-financial-accounting

1. 7.1 Why does a student need to understand how to use a manual, paper-based accounting information
system since everyone uses computerized systems?
2. 7.1 Provide an example of how paper-based accounting information systems are different from
computerized systems.
3. 7.1 Why are scanners better than keyboards?
4. 7.1 Why are there so many different accounting information system software packages?
5. 7.1 Which area of accounting needs a computerized accounting information system the most—payroll,
tax, or preparing financial statements?
6. 7.1 The American Institute of Certified Public Accountants (AICPA) has stated that accountants will need
to have an even better understanding of computer systems in the future. Why do you think computer skills will
be more important?
7. 7.4 Which special journals also require an entry to a subsidiary ledger?
8. 7.4 What is a schedule of accounts receivable?
9. 7.4 How often do we post the cash column in the cash receipts journal to the subsidiary ledger?
10. 7.4 The schedule of accounts payable should equal what?
11. 7.4 Which amounts do we post daily and which do we post monthly?
12. 7.4 Why are special journals used?
13. 7.4 Name the four main special journals.
14. 7.4 A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which
special journal?
15. 7.4 The purchase of equipment for cash would be recorded in which special journal?
16. 7.4 Can a sales journal be used to record sales on account and a cash sale? Why or why not?
17. 7.4 When should entries from the sales journal be posted?
18. 7.4 We record a sale on account that involves sales tax in which journal?
19. 7.4 We record purchases of inventory for cash in which journal(s)?
20. 7.4 Should the purchases journal have a column that is a debit to Accounts Payable?
21. 7.5 Forensic means “suitable for use in a court of law.” How does that have anything to do with
accounting?