91. After posting is completed, there may be an error if:
A. The sum of the customer account balances does not equal the total in the sales journal.
B. The sum of the accounts receivable ledger does not equal the balance in the Sales account.
C. The sum of the customer account balances does not equal the general ledger Accounts Receivable controlling account balance.
D. The balance in the sales journal does not equal the Accounts Receivable account balance.
E. The sum of the accounts receivable ledger does not equal the balance in the sales journal.
92. Assume that a company using a purchases journal made an error in totaling the journal's accounts payable column. The error should be discovered:
A. When the purchases journal is posted to the general ledger.
B. When the sum of the vendor accounts does not equal the balance in the Purchases journal.
C. When the total of the schedule of accounts payable is compared with the balance of the Accounts Payable account.
D. When the creditors receive their payments.
E. When the financial statements are prepared.
93. The main difference in the sales journal under the perpetual and periodic inventory system is:
A. The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic.
B. The sales tax receivable column that is used under the perpetual system but not the periodic.
C. The sales tax payable column that is used under the perpetual system but not the periodic.
D. The accounts receivable column that is used under the perpetual system but not the periodic.
E. The column for recording cash that is used under the perpetual system but not the periodic.
94. The accounting principle that prescribes an accounting information system conform with a company's activities, personnel, and structure is the:
A. Control principle.
B. Compatibility principle.
C. Relevance principle.
D. Flexibility principle.
E. Cost-Benefit principle.
95. All of the following statements regarding source documents are true except:
A. Source documents provide the basic information processed by an accounting system.
B. Source documents include bank statements, cash register files, and employee earnings records.
C. Source documents are insignificant and play a minor role in the reliability of the information system.
D. Source documents can be paper or electronic files.
E. Source documents can include Web communications.
96. All of the following statements regarding input devices are true except:
A. Input devices capture information from source documents and enable its transfer to the system's information processing component.
B. Input devices convert data on source documents from written form to a form usable for the system.
C. Input devices include keyboards, scanners, and modems.
D. Input devices include journal entries.
E. Input devices are always reliable and no controls are needed to verify accuracy of input.
97. For a retailer required to collect sales taxes from customers, all of the following adaptations would be made to the sales journal except:
A. Column totals would continue to be posted as usual.
B. A Sales Taxes Payable credit column would be added.
C. There would be a separate Accounts Receivable debit column.
D. A Sales Taxes Payable debit column would be added.
E. There would be a separate Sales credit column.
98. To be sure that total debits and credits in a columnar journal are equal, before posting we should:
A. Crossfoot.
B. Foot.
C. Journalize.
D. Post.
E. Reconcile.
99. A company borrowed $50,000 from a bank by signing a long-term note payable. Identify the journal the transaction would be recorded in.
A. Cash disbursements journal.
B. Sales journal.
C. Cash receipts journal.
D. Purchases journal.
E. General journal.
100. A company had cash sales of $24,000 (cost is $13,000). Identify the journal the transaction would be recorded in.
A. Cash disbursements journal.
B. Sales journal.
C. Cash receipts journal.
D. Purchase journal.
E. General journal.
