Question: Please help me answer the following questions and kindly include a short explanation, thank you! Answer in CAPITAL LETTERS please 1. Income Summary is a
Please help me answer the following questions and kindly include a short explanation, thank you!
Answer in CAPITAL LETTERS please 1. Income Summary is a _______ account. * 2. Revenue, Expenses, and Withdrawals are examples of ________. * 3. Journalizing adjustments can be done from the __________. * 4. Income Summary is _______ by the end of the period. * 5. At the end of the closing process, all temporary accounts in the ledger will have a _____ balance. * 6. After closing entries are posted, Income Summary will have a ______ balance. * 7. After closing entries are posted, owner's Capital in the ledger will contain the _________. * 8. Cash, Equipment, and Supplies are not part of the ________ process. * 9. Closing entries can be prepared from a _________. * 10.______ in temporary accounts will not be carried over to the next accounting period. * Part 2: True or False 1. AIS can analyze the purchase data to discover items that are purchased together (by the customers) to encourage additional sales of related items. * True False 2. Operation activities consist of handling materials an organization uses to create its services and/or products. * True False 3. AIS can help an organization to cut costs efficiently. * True False 4. One of the features of an AIS is the real-time update of a transaction. * True False 5. Accounting Information System is the intelligence of a business. * True False 6. AIS programs are customizable depending on the needs of an organization. * True False 7. AIS can eliminate fraud. * True False 8. AIS can reduce the errors of financial information by 100%. * True False 9. Computer hardware is the basis of AIS. * True False 10. AIS help improve the decision-making process of the management. * True False 11. An accounting information system can be an aid in minimizing security risks of an organization. * True False 12. If your job is back-office, you are doing support activities. * True False 13. Information technology is the accounting, finance, legal, and general administration activities that allow an organization to function. * True False 14. The company's value chain is larger than the supply chain. * True False 15. All employees of a company that uses AIS are part of the "people" component. * True False
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