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CheckPoint: Accounting Information Systems and Special Journals• Resource: Fundamental Accounting Principles, pp. 289, 290, and 291
• Due Date: Day 5 [Individual] forum
• Complete Quick Study questions QS 7-1 and QS 7-3 on p. 289, and Exercises 7-1, 7-4,
7-7, and 7-10 on pp. 290-291.
• Post your answers as an attachment.
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Subject: Accounting 225
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QUICK STUDY
QS 7-1
Accounting information system principles
Place the letter of each system principle in the blank next to its best description.
A. Control principle D. Flexibility principle
B. Relevance principle E. Cost-benefit principle
C. Compatibility principle
1. The principle prescribes the accounting information system to change in response to technological advances and competitive pressures.
2. The principle prescribes the accounting information system to help monitor activities.
3. The principle prescribes the accounting information system to provide timely information for effective decision making.
4. The principle prescribes the accounting information system to adapt to the unique characteristics of the company.
5. The principle that affects all other accounting information system principles.
QS 7-3
Accounting information system components
Identify the most likely role in an accounting system played by each of the numbered items 1 through 12 by assigning a letter from the list A through E on the left:
A. Source documents
B. Input devices
C. Information processors
D. Information storage
E. Output devices
1. Bar code reader
2. Filing cabinet
3. Bank statement
4. Computer scanner
5. Computer keyboard
6. Zip drive
7. Computer monitor
8. Invoice from a supplier
9. Computer software
10. Computer printer
11. Digital camera
EXERCISES
Exercise 7-1 Sales journal—perpetual
Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March:
Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703.
5 Purchased $2,300 of merchandise on credit from Marsh Corp.
7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 2_10, n_30, invoice no. 5704.
8 Borrowed $8,000 cash by signing a note payable to the bank.
