1. Mapco had the following information related to accounts


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1. Mapco had the following information related to accounts receivable during the year: Accounts receivable balance on January 1st $15,000 Net credit sales $150,000 Collections on accounts receivable $144,000 Allowance account balance on January 1st $3,200 Write-offs during the year $3,500 Mapco uses the percentage-of-sales method of estimating uncollectible accounts. Historically, 2.5% of net credit sales will be uncollectible. What will be the balance in the allowance account for Mapco at the end of the year? (Points : 20) $3,450 $6,950 $4,125 $3,750 Question 2. 2. A computer monitor is considered part of the computer ________. (Points : 20) server network software hardware Question 3. 3. Which of the following is NOT an advantage of using a lock-box system? (Points : 20) A lock-box system eliminates the data entry requirement for the accounts receivable clerk. A lock-box system allows the company faster access to cash received from customers. A lock-box system deters theft by eliminating the mailroom clerk’s access to cash. Segregation of duties is facilitated by using a lock-box system. Question 4. 4. Wilkins Oil Company distributes petroleum products. Their accounting information system is designed to meet the needs of a petroleum distributor. They recently purchased a manufacturing business. To save money, Wilkins Oil Company would like to be able to use their current accounting information system for the manufacturing business. However, their current system is not designed to perform cost accounting or to meet the needs of a manufacturing business. What element of an effective accounting information system is Wilkins Oil Company’s system missing in regards to the needs of the manufacturing business? (Points : 20) flexibility control compatibility a good cost/benefit relationship Question 5. 5. In most computerized information systems, which process must still be done manually by an individual? (Points : 20) data entry posting to the ledger preparation of a trial balance preparation of an adjusted trial balance 2014hunter
posted a question · Nov 15, 2015 at 9:00pm

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