Name: Date: AFB4 QUIZ 1 - CHAPTER 7 Mark your answer with a forward slash() for questions 1-5. 1. A combination of personnel, records and procedures that a business uses to provide financial data is known as: A) Input B) An accounting information system/ C) Output D) Source documents 2. In a manual system, processing includes journalizing transactions, posting the accounts, and preparing the financial statements A) True B) False 3. 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 4. A good accounting information system includes all of the following features except A) Inflexibility B) Control C) Compatibility D) A favourable cost/benefit relationship 5. Design of an accounting system begins with the: A) Previous year's financial statements B) Opening trial balance C) Chart of accounts D) Using a firewall Table 7-1 Below is a list of special journals used by Carla Mart. Read the following five transactions and write the correct joumal to use for recording that transaction in the space provided. A Sales Joumal B. Cash Receipts Journal C. Purchases Journal D. Cash Payments Journal E. General Journal 6. Refer to Table 7-1. Purchased furniture by writing cheque #123 to Richards Store, $8,000. Answer: 7. Refer to Table 7-1. Performed services for Dino Inc. and received $200. Answer 8. Refer to Table 7-1. Issued a $300 credit memo to a customer, to adjust his account balance for goods returned Answer 9. Refer to Table 7-1. Purchased merchandise on credit, $1,000, due in 60 days Answer: 10. Refer to Table 7-1. Sold merchandise on credit to a customer, $400