TRUE OR FALSE

1. The Purchases Journal is the same in both the periodic and perpetual systems. 2. The periodic system does not record the increase in cost of goods sold and decrease in inventory at the time of sale. 3. Under the perpetual system cash sales are recorded at the point of sale. 4. A schedule of accounts receivable is a listing of all creditor accounts and account balances. 5. To check for accuracy after posting: first a trial balance is completed, then the subsidiary ledgers are tested by preparing a schedule of the controlling account. 6. Enterprise-application software is used primarily for journal entries. 7. Items posted from the General Journal carry the initial P. 8. Computer hardware is the programs that direct the operations of computer hardware. 9. A special journal is an all-purpose journal where we can record any other transactions not captured in special journals. 10. Account balances in the General Ledger and the subsidiary ledgers are tested for accuracy after posting is complete. 11. A management information system (MIS) is designed to collect and process data within an organization for the purpose of providing users with information. 12. The MIS is a subsystem of the accounting information system. 13. A sales journal is used for recording cash sales. 14. The difference in the Sales Journal between the perpetual and periodic systems is the column to record cost of goods sold and inventory amounts for each sale. 15. A subsidiary ledger is a listing of individual accounts with a common characteristic. 16. Individual transactions in the Sales Journal are regularly posted to customer accounts in the Accounts Payable ledger.