ACTG 313 LATEST 2026 TEST PAPER QUESTIONS AND
SOLUTIONS GUARANTEE A+
1.1 Information is best described as
✔✔2-1.3 Which of the following statements about data storage is (are) true? (Check all
that apply.)
a)A chart of accounts is a list of the numbers assigned to each general ledger account.
b)A general journal is used to record a large number of repetitive transactions.
c)A subsidiary ledger contains detailed data for any general ledger account with many
individual subaccounts.
d)A specialized journal is used to record infrequent or non-routine transactions.
e)A general ledger contains detailed level data for every asset, liability, equity, revenue,
and expense account. - ✔✔a,c
✔✔2-1.4 With respect to computer-based storage concepts, which of the following
statements is (are) true? (Check all that apply.)
a)An attribute is something about which information is stored.
b)Data values are characteristics of interest that are stored.
c)A set of interrelated, centrally coordinated files is referred to as a database.
d)A file is a group of related records. - ✔✔c)A set of interrelated, centrally coordinated
files is referred to as a database.
d)A file is a group of related records.
✔✔2-1.5 Once business activity data have been entered into the system, they must be
processed to keep the databases current. Which of the following are NOT one of the
four different types of data processing activities?
a)Controlling access to the data records
b)Deleting data records no longer needed
c)Updating previously stored data
d)Reading, retrieving, or viewing existing data
e)Creating new data records - ✔✔a)Controlling access to the data records
✔✔2-2.1 ERP systems are modular, with each module handling a standard business
process. This modular design allows businesses to add or delete modules as needed.
Which of the following are typical ERP modules mentioned in the text? (Check all that
apply.)
a)Financial—general ledger, budgeting, cash management, and preparation of
managerial reports and financial statements.
b)Vendor relationship management—procurement and promotion, vendor contact and
service, and call center support.
c)Order to cash—sales order entry, shipping, inventory, cash receipts, and commission
calculation.
d)Project management—costing, billing, time and expense, performance units, and
activity management.
,e)System tools—tools for establishing master file data, specifying flow of information,
and access controls. - ✔✔every but b
✔✔-2.2 Which of the following are advantages of ERP systems? (Check all that apply.)
a)ERP systems are relatively inexpensive.
b)Because the ERP system benefits are so great, there is little resistance to their
installation.
c)Procedures and reports are standardized across business units.
d)ERP systems provide an integrated, enterprise-wide view of an organization's data
and financial situation.
e)Management gains greater visibility into every area of the enterprise, and greater
monitoring capabilities. - ✔✔c,d,e
✔✔2-2.3 Which of the following are disadvantages of ERP systems? (Check all that
apply.)
a)It can take years to select and fully implement an ERP system.
b)The organization is less able to control access to the system.
c)They are complex because they have to integrate many different business activities
and systems.
d)Usually companies must adapt their processes to standardized ERP business
processes.
e)Data input must be captured or keyed multiple times as it is entered into different
systems. - ✔✔a,c,d
✔✔2-2.4 Which of the following statements about ERP systems is (are) true? (Check all
that apply.)
a)One way to choose a suitable ERP system is to select a package designed for your
industry.
b)The importance of sound internal controls in an ERP system cannot be overstated.
c)Top management's commitment to an ERP system greatly increases the chances of
success.
d)Since there are so few quality ERP systems, choosing one is an easy task.
e)Companies seldom hire outside help to implement ERP software. - ✔✔a,b,c
✔✔2.1 What is the first step in the data processing cycle?
a)Input
b)Processing
c)Output
d)Storage - ✔✔A
✔✔2.2 Data must be collected about three facets of each business activity. These
facets are
a)activity of interest, the resource(s), and the people who participate.
b)activity of interest, the resource(s), and the process.
c)activity of interest, the process, and the people who participate.
, d)the resource(s), the benefits, and the process. - ✔✔A
✔✔2.3 Which of the following is an example of a turnaround document?
a)Employee earnings record.
b)Purchase orders.
c)A company's financial statements.
d)Utility bill. - ✔✔D utility bill
✔✔2.4 Which of the following is the most common source document in the expenditure
cycle?
a)Credit memo.
b)Remittance advice.
c)Bill of lading.
d) Purchase order. - ✔✔D
✔✔2.5 Cupcake by Emma is a dessert retailer located in Springtown, Texas. Emma is a
sole proprietorship that stocks an inventory of between 30 and 50 different kind of
dessert. Inventory is updated in real time by the company's AIS. If Emma wishes to
keep cumulative data about its company, Emma might use a
a)relational file.
b) specific file.
c)transaction file.
d)master file. - ✔✔D
✔✔2.6 ERP is the abbreviation for
a)enterprise resource planning.
b)enterprise resource program.
c)enterprise reporting program.
d) entity resource planning. - ✔✔A
✔✔2.7 Which of the following is a benefit of implementing an ERP system at a
multinational corporation?
a)Standardization of procedures and reports across business units.
b)Increased productivity of employees.
c) All of these are correct.
d)Customer service improves as employees can quickly access data. - ✔✔C
✔✔2.8 In an ERP system, the module used to record data about transactions in the
disbursement cycle is called
a) order to cash.
b)purchase to pay.
c)financial.
d)manufacturing. - ✔✔B
SOLUTIONS GUARANTEE A+
1.1 Information is best described as
✔✔2-1.3 Which of the following statements about data storage is (are) true? (Check all
that apply.)
a)A chart of accounts is a list of the numbers assigned to each general ledger account.
b)A general journal is used to record a large number of repetitive transactions.
c)A subsidiary ledger contains detailed data for any general ledger account with many
individual subaccounts.
d)A specialized journal is used to record infrequent or non-routine transactions.
e)A general ledger contains detailed level data for every asset, liability, equity, revenue,
and expense account. - ✔✔a,c
✔✔2-1.4 With respect to computer-based storage concepts, which of the following
statements is (are) true? (Check all that apply.)
a)An attribute is something about which information is stored.
b)Data values are characteristics of interest that are stored.
c)A set of interrelated, centrally coordinated files is referred to as a database.
d)A file is a group of related records. - ✔✔c)A set of interrelated, centrally coordinated
files is referred to as a database.
d)A file is a group of related records.
✔✔2-1.5 Once business activity data have been entered into the system, they must be
processed to keep the databases current. Which of the following are NOT one of the
four different types of data processing activities?
a)Controlling access to the data records
b)Deleting data records no longer needed
c)Updating previously stored data
d)Reading, retrieving, or viewing existing data
e)Creating new data records - ✔✔a)Controlling access to the data records
✔✔2-2.1 ERP systems are modular, with each module handling a standard business
process. This modular design allows businesses to add or delete modules as needed.
Which of the following are typical ERP modules mentioned in the text? (Check all that
apply.)
a)Financial—general ledger, budgeting, cash management, and preparation of
managerial reports and financial statements.
b)Vendor relationship management—procurement and promotion, vendor contact and
service, and call center support.
c)Order to cash—sales order entry, shipping, inventory, cash receipts, and commission
calculation.
d)Project management—costing, billing, time and expense, performance units, and
activity management.
,e)System tools—tools for establishing master file data, specifying flow of information,
and access controls. - ✔✔every but b
✔✔-2.2 Which of the following are advantages of ERP systems? (Check all that apply.)
a)ERP systems are relatively inexpensive.
b)Because the ERP system benefits are so great, there is little resistance to their
installation.
c)Procedures and reports are standardized across business units.
d)ERP systems provide an integrated, enterprise-wide view of an organization's data
and financial situation.
e)Management gains greater visibility into every area of the enterprise, and greater
monitoring capabilities. - ✔✔c,d,e
✔✔2-2.3 Which of the following are disadvantages of ERP systems? (Check all that
apply.)
a)It can take years to select and fully implement an ERP system.
b)The organization is less able to control access to the system.
c)They are complex because they have to integrate many different business activities
and systems.
d)Usually companies must adapt their processes to standardized ERP business
processes.
e)Data input must be captured or keyed multiple times as it is entered into different
systems. - ✔✔a,c,d
✔✔2-2.4 Which of the following statements about ERP systems is (are) true? (Check all
that apply.)
a)One way to choose a suitable ERP system is to select a package designed for your
industry.
b)The importance of sound internal controls in an ERP system cannot be overstated.
c)Top management's commitment to an ERP system greatly increases the chances of
success.
d)Since there are so few quality ERP systems, choosing one is an easy task.
e)Companies seldom hire outside help to implement ERP software. - ✔✔a,b,c
✔✔2.1 What is the first step in the data processing cycle?
a)Input
b)Processing
c)Output
d)Storage - ✔✔A
✔✔2.2 Data must be collected about three facets of each business activity. These
facets are
a)activity of interest, the resource(s), and the people who participate.
b)activity of interest, the resource(s), and the process.
c)activity of interest, the process, and the people who participate.
, d)the resource(s), the benefits, and the process. - ✔✔A
✔✔2.3 Which of the following is an example of a turnaround document?
a)Employee earnings record.
b)Purchase orders.
c)A company's financial statements.
d)Utility bill. - ✔✔D utility bill
✔✔2.4 Which of the following is the most common source document in the expenditure
cycle?
a)Credit memo.
b)Remittance advice.
c)Bill of lading.
d) Purchase order. - ✔✔D
✔✔2.5 Cupcake by Emma is a dessert retailer located in Springtown, Texas. Emma is a
sole proprietorship that stocks an inventory of between 30 and 50 different kind of
dessert. Inventory is updated in real time by the company's AIS. If Emma wishes to
keep cumulative data about its company, Emma might use a
a)relational file.
b) specific file.
c)transaction file.
d)master file. - ✔✔D
✔✔2.6 ERP is the abbreviation for
a)enterprise resource planning.
b)enterprise resource program.
c)enterprise reporting program.
d) entity resource planning. - ✔✔A
✔✔2.7 Which of the following is a benefit of implementing an ERP system at a
multinational corporation?
a)Standardization of procedures and reports across business units.
b)Increased productivity of employees.
c) All of these are correct.
d)Customer service improves as employees can quickly access data. - ✔✔C
✔✔2.8 In an ERP system, the module used to record data about transactions in the
disbursement cycle is called
a) order to cash.
b)purchase to pay.
c)financial.
d)manufacturing. - ✔✔B
