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Solutions

Multiple Choice Questions - Solutions​

  1. An accounting information system consists of how many main components?

    • Answer: c) Five components: People, Procedures, Data, Software, IT Infrastructure.

  2. Which special journal is used to record credit sales?

    • Answer: b) Sales Journal records credit sales.

  3. In Luxembourg, VAT returns must be filed through:

    • Answer: c) All VAT returns must be filed electronically through eCDF.

  4. FAIA files must be in which format?

    • Answer: c) FAIA must be in XML format based on OECD SAF-T standard.

  5. Which accounting software is specifically designed for Luxembourg?

    • Answer: c) Sage BOB is specifically designed for Belgian and Luxembourg markets.

  6. A subsidiary ledger total should equal:

    • Answer: b) Subsidiary ledger total must equal the general ledger control account.

  7. Fiscal cash registers are required for:

    • Answer: c) Fiscal cash registers are required for restaurants, retail stores, and businesses with cash sales.

  8. Which component of an AIS includes the rules and methods for processing data?

    • Answer: b) Procedures include the rules and methods for processing data.

  9. In Luxembourg, annual accounts must be filed with RCS:

    • Answer: c) Annual accounts must be filed within 7 months of fiscal year end.

  10. Digital invoices in Luxembourg can be in which format?

  • Answer: c) Digital invoices can be in PDF, XML, UBL, or Peppol formats.

Note: Solutions will be provided in a separate solutions manual. For now, students should work through problems and cases, then compare with instructor-provided solutions or discuss in class.