Senior problems display the five-journal system. Senior problems use the Periodic method of determining the cost of goods sold and are more realistic than junior problems as they use special journals for the input of repetitive, operational transactions. Orders are input into the Orders form (which functions as a sales journal). Orders are periodically posted to update the accounts receivable subsidiary ledger and the general ledger. Purchases, receipts, and payment data are also input into special journals, and update the appropriate ledgers. General journal transactions are input into the general journal. See Systems Components for more a detailed discussion of these journals and ledgers.
Senior problem file names are of the form OmNXtext, where
-> N distinguishes alternate problems (0, A, B), and
-> X indicates problem type (1, 2, or 3).
Senior problems themselves are referred to as 'Senior NX', with the '0' being omitted for convenience.
Thus, file Om01text is referred to as 'Senior 1', while file OmA1text is referred to as 'Senior A1'.
Special journal transactions - orders, purchases, cash receipts from customers, and cash payments to vendors - are similar in all Senior problems. Senior problems differ principally in their general ledger transactions.
- Om01text, referred to as Senior 1
- OmA1text, referred to as Senior A1
- OmB1text, referred to as Senior B1
These problems are straightforward in that most amounts for the general ledger transactions are directly provided. While one has to compute several items such as supplies expense, other items such as depreciation expense and the value of ending inventory are given.
-> OmA1text and OmB1text are alternates to Om01text.
-> All Senior N1 problems use the database Ombase01.mdb
These problems are more difficult than N1 problems. One must compute amounts for more general ledger transactions, and some of the general ledger transactions in a problem are more advanced. Students have to compute depreciation expense using DDB or SYD, and ending inventory must be estimated using the gross profit method.
-> OmA2text is an alternate to Om02text.
-> All Senior N2 problems use the database Ombase02.mdb
- om03text, referred to as Senior 3
This problem is similar to the N2 problems in difficulty. N3 problems differ from N1 and N2 problems in that they illustrate an alternative approach to adjusting entries. Expenditures for rent, supplies, and other such items are initially recorded as expense rather than as assets. The format of adjusting entries is thus different.
-> All N3 problems use the database OmBase03.mdb