Which of the following is normally not included in an accounting information system such as MYOB (or ABSS)?

A) Revenue cycle

B) Expenditure cycle

C) Human resources / payroll cycle

D) Inventory

E) General Ledger and Reporting System

6) If you close your financial year in computerized accounting system, which of the following is (are) true?

I. The balance of your current-year earnings account is transferred to your retained earnings account.

II. The balances of your assets and liabilities accounts are returned to zero.

III. The balances of your income, cost of sales, expense, other income and other expense accounts are returned to zero.

A) I and III only

B) I, II and III

C) II only

D) II and III only

E) None of the above

8) The decision of whether to sell an in-stock item (i.e. the item is available) to a customer will depend on:

A) inventory availability

B) backorder approval

C) the dependability of the supplier

D) the customer’s credit status

E) none of the above

9) If you choose to convert your manual accounting system into a computerized accounting system in the middle of your financial year, which of the following is (are) false?

I. You cannot convert in the middle of the financial year.

II. You need to input all of the year-to-date balances of your profit & loss accounts.

III. Except the Retained Earning account, the opening balances of all of your balance sheet accounts are zero.

A) I, II and III

B) I and III

C) Only II

D) II and III

E) None of the above