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A company’s fiscal year must correspond with the calendar year. The professional designation “CGA” stands for “Chartered General Accountant”. Answer: FALSE A merchandising company’s operating cycle begins with the sale of merchandise and ends with the collection of cash from […]

The difference in the Sales Journal between the perpetual and periodic systems is the column to record ___________________ and ________________ for each sale. Explain the difference between a ledger and a chart of accounts. Answer: A ledger is a record […]

The days’ sales uncollected ratio measures the liquidity of receivables. All items of plant and equipment, including land, eventually wear out or lose their usefulness. Answer: FALSE In preparing financial statements from the trial balance, the balance sheet is prepared […]

The Petty Cash account is a separate chequing account used for small amounts. Adjusting entries are designed primarily to correct errors made by bookkeepers. Answer: FALSE A debit to Sales Returns and Allowances and a credit to Accounts Receivable mean […]

FOB shipping or FOB factory means ownership of goods transfers to the buyer at the buyer’s place of business. The first five steps in the accounting cycle include analyzing transactions, journalizing, posting, preparing an unadjusted trial balance, and recording adjusting […]

Z-Mart had $12,000 in accounts receivable and $320,000 in net sales for the period. To one decimal, Z-Mart’s days’ sales uncollected was 13.7 days. Three issues involving the Sales Journal include: (1) recording sales taxes (2) recording sales returns and […]

Match the following terms with the appropriate definition. A company sells a single product and had the following beginning inventory, purchases, and sales during March. Calculate the cost of the ending inventory under each assumption below: Answer: 1. A document […]

Blu Lightning Co. bought supplies and testing equipment for $3,000 on credit. Enter the appropriate amounts into the accounting equation format If a 90-day note receivable is dated June 12, what is the due date of the note? Answer: September […]

The necessary financial statement disclosure is accomplished if the amount presented is properly calculated. Z-Mart’s quick assets are $147,000. With current liabilities of $143,000, Z-Mart’s acid-test ratio is 1.03 to 1. Answer: TRUE Accounts receivable turnover is calculated by dividing […]

What are the primary components within an accounting information system? Heidi Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following are the totals from the special journals […]

Accounts receivable arise from credit sales to customers by both retailers and wholesalers. “Bookkeeping” is another term for “accounting”. Answer: FALSE If the supplier pays freight charges, then ownership of inventory passes when goods arrive at their destination. Answer: TRUE […]

Accumulated depreciation is shown on the balance sheet as a subtraction from the cost of an asset. An unadjusted trial balance is a listing of accounts prepared before adjustments are recorded. Answer: TRUE Individual transactions in the Sales Journal are […]

Explain the difference between a business transaction and a business event. The ____________________________ ratio measures the liquidity of receivables. Answer: accounts receivable turnover Explain the purpose of closing entries and describe the closing process. Answer: The purpose of closing entries […]

A(n) ______________ is a document signed by the depositor instructing the bank to pay a specified amount of money to a designated recipient. Explain how to record the receipt of a note receivable. Answer: A note is recorded by entering […]

Before making adjusting entries at the end of an accounting period, some accounts may not show proper financial statement amounts even though all transactions were correctly recorded. The work sheet is used to record transactions as they occur. Answer: FALSE […]

In April, Hasbro had $3,875 million in sales and $990 million in accounts receivable. For the same period, Mattel had $4,595 million in sales and $834 million in accounts receivable. Calculate the days’ sales uncollected for both companies. Which company […]

Prepare the December 31 adjusting entry to record $450 of earned but unpaid salaries. Decreases in expenses are _______________ to expense accounts, and decreases in revenues are _______________ to revenue accounts. Answer: Credited; debited. Match the following terms with the […]

Prepaid Insurance is an expense account which is used for recording expenses that have been paid in advance. In the partnership form of business, the owners of a business are called shareholders. Answer: FALSE The Accounts Payable ledger has a […]

A cheque involves three parties: the maker, who signs the cheque, the payee, who is the recipient, and the bank, on which the cheque is drawn. A compound journal entry usually affects three or more accounts. Answer: TRUE Credit terms […]

A(n) _______________________ is a listing of all of the accounts in the ledger with balances before adjustments are made. Explain the goals and uses of special journals. Answer: Special journals are used for recording and posting similar types of transactions. […]

Z-Mart had a gross profit of $340,000 based on sales of $700,000. Its cost of goods sold was $350,000. The acid-test ratio is current assets divided by current liabilities. Answer: FALSE The chart of accounts is a list of all […]

To select a command using the keyboard, you can press the letter or number displayed in a KeyTip, which may cause additional KeyTips related to the selected command to appear. a. True b. False A(n) ____ is a banner displayed […]

Which kind of desktop uses the same case to house the screen and processing circuitry? a. all-in-one b. tower c. slate d. convertible Which of the following is a special-purpose computer that functions as a component in a larger product? […]

You are thinking about no longer using the default browser for your Mac and instead switching to a new one. Which browser will you no longer be using if you do this? a. Safari b. Internet Explorer c. Firefox d. […]

To open the Navigation Pane, tap or click the ____ Button. a. Open Navigation Pane b. Open Pane c. Shutter Bar Open/Close d. Navigation Bar Show/Hide You can nest IF functions as deep as you want, but after you get […]

PowerPoint allows you to adjust colors to match or add contrast to slide elements by coloring photos. a. True b. False Many of the more secure personal finance apps have dual passwords that involve typing a string of characters and […]

If you want to remove the AutoCorrect Options button from the screen, you can press the ____ key. a. ESC b. F5 c. CTRL d. SHIFT When you open a new presentation, a slide with the default ____ layout appears. […]

To add a new record using Form view, tap or click the New (blank) record button on the Navigation bar. a. True b. False As shown in the accompanying figure, the ____ displays one day at a time. a. item […]

When you have an email account, you also have an email ____. a. message b. profile c. record d. address A(n) ____ folder is the location where you want to move or copy a file. a. end b. destination c. […]

Once an audio clip is inserted into a slide, you cannot specify options that control playback and appearance. a. True b. False To clear a filter, tap or click the ____ button on the HOME tab and then tap or […]

Cybercrime laws are consistent between states and countries, making it easy to reach a consensus as to what is illegal. a. True b. False In Access, the columns in a table are called records. a. True b. False Answer: False […]

Which of the following mouse operations would you use if you want to draw a picture? a. click b. point c. double-click d. drag Analog signatures help to prevent email forgery. a. True b. False Answer: False Providers of wireless […]

The message area consists of ____. a. a greeting line or salutation b. the message text c. the subject line d. a signature line(s) You have just provided the identification number that associates your new software purchase with the mobile […]

Excel attempts to guess which cells you want to include in the function by looking for ranges that are adjacent to the selected cell and that contain numeric data. a. True b. False When you sort data in a query, […]

In the APA documentation style, a separate title page is required instead of placing name and course information on the paper’s first page. a. True b. False If you add a color graphic to a flyer, make sure the colors […]

JPEG is a format that expands graphics to increase their file size, which means the file takes up less storage space. a. True b. False All social networking sites have a specialized audience. a. True b. False Answer: False Exchange […]

Which of the following describes a potentially damaging computer program that affects, or infects, a computer negatively by altering the way the computer works without the user’s knowledge or permission? a. hotspot b. file compression utility c. virus d. file […]

Which of the following is any event or action that could cause a loss of or damage to computer hardware, software, data, information, or processing capability? a. digital security risk b. information liability c. technical terrorism d. network compromise Which […]

Each Outlook folder displays the items it contains in a layout called a(n) ____. a. arrangement b. view c. list d. collection Word provides a means of canceling your recent ____. a. applications b. indices c. actions d. commands Answer: […]

The ____ lists the contents of a folder. a. message list b. Navigation Pane c. Reading Pane d. message pane When you use a split form, you only can add records using the simple form. a. True b. False Answer: […]

A(n) ____ is a real-time typed conversation among two or more people on a computer or mobile device connected to a network. a. email b. chat room c. RSS d. newsgroup To remove a border from a paragraph, position the […]

Monitor dimensions and resolution affect how ____ display on the ribbon. a. shapes b. buttons c. designs d. figures To select a number format, you can choose a category in the Number tab in the Format Cells dialog box and […]

Word never moves or adjusts automatic page breaks; however, Word adjusts manual page breaks that follow an automatic page break. a. True b. False Software registration typically is required for the use of the application. a. True b. False Answer: […]

What is an AUP intended to do? a. license software for individual use b. outline computer activities for which the computer and network may or may not be used c. contract with an outside organization to provide security and recovery […]

Your friend Riley knows that you have a lot of experience with proofreading works cited pages from your time as a graduate student and now as a professional researcher. Riley brings to you the research paper on which she is […]

Text is used to place ____ on an Excel worksheet. a. column titles b. row titles c. worksheet titles d. filenames Which of the following kinds of file utilities shrink the size of a file(s)? a. unit b. file compression […]

Distributing programs outside the terms of a license agreement is a violation of copyright law but is not a federal crime. a. True b. False Presentation software allows users to apply special effects to the transition between slides. a. True […]

If you have multiple Excel workbooks open, to close all open workbooks and exit Excel, ____. a. press ALT+F4 b. press and hold the Excel app button on the taskbar and then tap ‘Close all windows’ on the shortcut menu […]

The ____ allows you to adjust the screen resolution. a. resolution slider b. resolution placeholder c. resolution layout d. resolution button You view a portion of a document on the screen through a ____. a. Quick Access Toolbar b. status […]

A message sent with high importance displays a red dot in the message header. a. True b. False Which of the following are small speakers that rest inside each ear canal? a. earphones b. headphones c. headsets d. earbuds Answer: […]

The goal with TIFF graphics is to reach a balance between image quality and file size. a. True b. False Accounting software is a simplified financial program that helps home users and small office/home office users balance their checkbooks, pay […]

Bavant would like to make sure that if an employee enters the letters pa in the State field that it displays in the database as PA. What property do you need to change and what would you enter in the […]

If you are looking for an online social network that allows you to stay current with the daily activities of those you are following, which of the following is the best match for you? a. Facebook b. Twitter c. LinkedIn […]

VoIP is an Internet standard that permits file uploading and downloading with other computers on the Internet. a. True b. False When you enter text data in a criterion, you must enclose the text in quotation marks. a. True b. […]

You can enter the correct range in a function by typing the beginning and ending cell pont separated by a ____. a. semi-colon (;) b. colon (:) c. period (.) d. none of the above The adjusted cell point in […]

The ____ is the small black square located in the lower-right corner of the heavy border around the active cell. a. selection handle b. sizing handle c. fill handle d. copy handle Which of the following is a standard document […]

To use Filter By Form to filter records, tap or click the ____ button on the HOME tab and then click Filter By Form. a. Advanced b. Filter c. Selection d. Find The ____________________ option on the Auto Fill Options […]

Some people use the term m-commerce (mobile commerce) to identify e-commerce that takes place using mobile devices. a. True b. False You ____ a worksheet to emphasize certain entries and make the worksheet easier to read and understand. a. save […]

Which of the following networks had these two goals: a) allowing scientists to work together on scientific projects; and, b) functioning even if part of the network was destroyed by a nuclear attack? a. W3C b. IBMNet c. ARPANET d. […]

To display the Start screen, press ____. a. CTRL+ESC b. F5 c. CTRL+F5 d. ALT+F5 The Computer Abuse Amendments Act outlaws transmission of harmful computer code such as viruses like the kind shown in the accompanying figure. a. True b. […]

An email message is typically organized into three areas. a. True b. False Most extended warranties cover the repair and replacement of computer components beyond the standard warranty. a. True b. False Answer: True Define the term, payload, as it […]

Wildcards are symbols that represent any character or combination of characters. ____________________ If your hand is on the keyboard, use the ribbon for formatting. _________________________ Answer: False – mouse The list of available fonts in the Fonts gallery may differ, […]

Newer versions of USB can charge connected mobile devices even when the computer is not in use. a. True b. False Some users configure a desktop to function as a server on a network. a. True b. False Answer: True […]

When you create a calculated field, users can update the field. a. True b. False You are looking for a browser that will run on your computer, which uses the Linux operating system. Which of the following is an option […]

Kathryn wants to print her schedule so that she can carry it with her to classes. She would like a page for each day, including a daily task list and a weekly schedule. Which print style should she use? a. […]

Modifying the column widths usually is done last because other formatting changes may affect the size of data in the cells in the column. a. True b. False A slide show is another name for a PowerPoint presentation. a. True […]

Which of the following is an example of a mobile device? a. supercomputers b. installed media modems c. smartphones d. servers Well-produced video clips add value when they help explain a procedure or show movement that cannot be captured in […]

What separates the components of a domain name? a. spaces b. apostrophes c. commas d. periods If you want to move a table to a new location, point to the upper-right corner of the table until the table move handle […]

Tap or click the Options tab in the Backstage view to display the ____ dialog box. a. Mail Options b. Outlook Options c. Navigation Options d. File Options You can use the Find button on the HOME tab to search […]

As shown in the accompanying figure, the ____ contains the message list. a. mail folder pane b. Navigation Pane c. message pane d. Reading Pane What does a disk cleanup utility do? a. organizes files into consecutive sectors b. creates […]

____ effects determine how slide elements first appear on a slide. a. Exit b. Entrance c. Emphasis d. Exciting The ____ pane includes a list of available calendars where you can view a single calendar or additional calendars side by […]

Which type of disc is a type of storage media that consists of a flat, round, portable metal disc made of metal, plastic, and lacquer that is written and read by a laser? a. solid-state b. virtual c. cloud d. […]

The colors in the first image look washed out when the slide is projected on a screen. How can you improve the image’s appearance by making its colors more intense? a. change the transparency c.change the color style b. change […]

When you ____ a clip art picture, PowerPoint breaks it into its component objects, as shown in the accompanying figure. a. regroup b. split c. ungroup d. merge A website’s home page is most analogous to which of the following? […]

Which of the following gestures would you use if you want to zoom in on your new tablet to see more detail on a map, for example? a. tap b. press and hold c. pinch d. stretch Which of the […]

Which of the following happens when you enter the formula =G15 into a cell? a. Excel recalculates all formulas in the worksheet b. Excel assigns the sum of the values in the previous 15 cells to the active cell c. […]

Most galleries do not support live preview. a. True b. False Field names cannot contain ____. a. square brackets ([ ]) b. periods (.) c. hyphens (-) d. accent graves (“) Answer: a, b, d Text ____ defines the appearance […]

The shortcut keys used to left-align a paragraph are ____. a. CTRL+J b. ALT+J c. CTRL+L d. ALT+L One symptom of technology addiction is the inability to stop using technology. a. True b. False Answer: True The ____ Option button […]

On May 1, Fiona Nash formed a computer consulting business. In order to start the business she invested $20,000 in equipment. Enter the appropriate amounts into the accounting equation format. Discuss the purpose of a post-closing trial balance. Answer: A […]

Adjusting entries are required to match revenues and expenses. Because an inventory error causes an offsetting error in the next period, it is sometimes said to be self-correcting. Answer: TRUE A properly designed internal control system is a key part […]

Each employee or customer who uses a computer in a large business is which kind of user? a. multinational b. telematic c. global d. enterprise To search for a special character, use the ____ button in the expanded Find dialog […]

To display the Rotate gallery, with the graphic selected, tap or click the Rotate Objects button in the ____ group on the Picture Tools Format tab. a. Default b. Live Preview c. Standard d. Arrange A ____ reference is an […]

Most websites of the kind shown in the accompanying figure require payment for services. a. True b. False The ____ button allows you to erase recent cell entries. a. Undo b. Cell Style c. Bold d. Increase Decimal Answer: a […]

Application software consists of programs designed to make users more productive and/or assist them with personal tasks. a. True b. False ____ effects modify text and objects displayed on the screen. a. Shape b. Emphasis c. Display d. Entrance Answer: […]

In Access, field names cannot contain digits. a. True b. False The path to the text alignment buttons is ____. a. (HOME tab | Font group) b. (HOME tab | Clipboard group) c. (HOME tab | Editing group) d. (HOME […]

Line spacing is the amount of space above and below a paragraph. _________________________ Word provides more than 25 picture formats — named groups of formatting characteristics that enable you easily to change a picture’s look to a more visually appealing […]

The difference between an AutoCorrect entry and a building block is that the building block feature makes corrections automatically as soon as the SPACEBAR or a punctuation key is pressed, whereas the F3 key must be pressed or the AutoCorrect […]

You can access the services offered by Office 365 using your computer, tablet (Windows, iPad, or Android), anybrowser, or supported mobile device. a. True b. False The ____ print style prints a seven-day weekly calendar with one week per page […]

A business that has inventory items that are ordinarily interchangeable may use either the FIFO or moving weighted average methods to assign costs to inventory. An expense account is normally closed by debiting Income Summary and crediting the expense account. […]

Identify two subledgers. Discuss how banking activities promote the control of cash. Answer: Banking activities can be organized into three categories: the bank account, deposit services, and chequing services. A bank account is an account set up by a bank […]

Ethics and laws often differ. Chuck Taylor invested $8,000 in cash in FastForward. This amount would be reported in the statement of cash flows under financing. Answer: TRUE The conceptual framework summarizes the qualitative characteristics and supportive building blocks that […]

Damaged goods are not counted in inventory if they cannot be sold. When used to monitor and control operations, internal control systems are a low priority for managers. Answer: FALSE A work sheet can be prepared manually or with a […]