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Please answer all the questions.

Managers strive for an accounting system that offers maximum benefits at a minimum cost, known as a good cost$/$benefit relationship.

a$.$ True

b$.$ False

A combination of personnel, records, and procedures that a business uses to provide financial data is known as:

a$.$ source documents

b$.$ an accounting information system

c$.$ output

d$.$ input

A good accounting information system includes all of the following features except:

a$.$ a favourable cost$/$benefit relationship

b$.$ control

c$.$ inflexibility

d$.$ compatibility

In a manual system, processing includes journalizing transactions, posting the accounts, and preparing the financial statements.

a$.$ True

b$.$ False

In a computerized accounting system, the posting to the general accounts ledger is done automatically.

a$.$ True

b$.$ False

Design of an accounting system begins with the:

a$.$ previous year's financial statements

b$.$ using a firewall

c$.$ opening trial balance

d$.$ chart of accounts

A special journal is an accounting journal designed to record one specific type of transaction.

a$.$ True

b$.$ False

A subsidiary ledger is a group of accounts that provides supporting details on individual balances, the total of which appears in a general ledger account.

a$.$ True

b$.$ False

If special journals are used, the purchase of merchandise for cash would be recorded in the cash payments journal.

a$.$ True

b$.$ False

The account that is credited for every transaction entered in the purchases journal is:

a$.$ accounts receivable

b$.$ cash

c$.$ accounts payable

d$.$ sales discounts

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