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Study Resources (Accounting)

41) The ending balance in the inventory account will be reported on the: A) Income Statement. B) Balance Sheet. C) Standard Retained Earnings Statement. D) Statement of Cash Flow. 42) The ending balance in the cost of goods sold account will be reported on the: A) Income Statement. B) Balance Sheet. C) Standard Retained Earnings Statement. D) Statement of.
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56) The six important business objectives of information technology are new products, services, and business models; customer and supplier intimacy; survival; competitive advantage; operational excellence; and improved ________. A) flexibility B) decision making C) business practices D) efficiency 57) ________ refer to the set of logically related tasks and behaviours that organizations develop over time.
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51) The federal tax form that reconciles federal tax deposits with federal tax liabilities for employee withholdings and employer taxes is called Form: A) 940. B) 941. C) 943. D) 945. 52) Form 940 reports on federal unemployment taxes (FUTA) and is prepared: A) annually. B) monthly. C) quarterly. D) biweekly. 53) Gross pay minus total payroll tax withholdings and.
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11) Before closing the accounting period, you should review entries in utility expense accounts to confirm that all utility expense has been posted. 12) All bank accounts are reconciled in the same window. 13) Immediately after posting adjusting entries, you should review the income statement to verify adjustments. 14) The company sold a.
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168) Investments in organization and management, such as investments in new business models and training, are also known as ________. 169) The ________ approach does not ignore technology. 170) The study of ________ arose in the 1970s to focus on the use of computer-based information systems in business firms and government.
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96) An example of an organizational complementary asset is A) using the appropriate business model. B) a collaborative work environment. C) laws and regulations. D) all of the above. 97) An example of a social complementary asset is A) technology and service firms in adjacent markets. B) training programmes. C) distributed decision-making rights. D) all of the above. 98) Disciplines.
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51) One preclosing checklist item involves reviewing pending purchases to verify that all ________ have been recognized. 52) Financial statements include the Income Statement, ________, Statement of Retained Earnings, and Statement of Cash Flows. 53) The ________ reports net income or net loss for the period. 54) The ________ reports a company's changes.
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11) Less powerful data analytics and interactive dashboards provide real-time performance information to managers to enhance management control and decision making. 12) Managers adopt millions of mobile tools such as smartphones and mobile Internet devices to accelerate decision making and improve performance. 13) Web 2.0 applications are not widely adopted by firms. 14).
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71) On the Enter Bills window, the option that indicates when the transaction records a vendor bill is called: A) Usual and Customary. B) Bill Expected. C) Bill Received. D) Normal Bill. 72) When entering vendor receipts for items on a Purchase Order, one of the accounts affected when posting the transaction is the: A) accounts.
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21) Recent research on business information technology investment indicates that firms that support their technology investments with investments in complementary assets receive superior returns. 22) The value of investments in information technology depends to a large extent on complementary investments in management and organization. 23) The study of information systems is a.
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31) Before printing financial statements, you should review account balances on the: A) Trial Balance. B) State of Cash Flow. C) Income Statement. D) Balance Sheet. 32) The statement that reports a company's revenue, expenses, and net income or net loss for a period is the: A) Income Statement or Profit & Loss statement. B) Balance Sheet. C).
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116) ________ is the physical equipment used for input, processing, and output activities in an information system. A) Computer hardware B) Computer software C) Data management technology D) A network 117) ________ assets are those assets required to derive value from a primary investment. A) Complementary B) Liquid C) Current D) Primary 118) Investments in organization.
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61) On the Transactions tab of the Vendor Center, you can print a report for vendor transactions by clicking: A) Print Transactions. B) List Transactions. C) Print. D) View Vendor Info. 62) On the Transactions tab of the Vendor Center, you can edit vendor account information for the transaction highlighted by clicking: A) Edit Vendor. B) New.
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178) The ________ has been called the "Swiss Army knife of the digital age." 179) The Apple ________ is also emerging as a business tool for Web-based note-taking, file sharing, word processing, and number-crunching. 180) ________ systems contain information about significant people, places, and things within the organization or in the environment.
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1) Employees claiming the Single (S) filing status and employees claiming the married (M) filing status use the same IRS tables for weekly, biweekly, or monthly pay. 2) Unlike a manual system, QBP can perform all paycheck calculations. 3) Clicking Lists>>Payroll Item List will allow you to review employee compensation, payroll tax.
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21) When creating a new company, the window that lets you convert accounting information from another accounting software is: A) the Get Started window. B) the Setup window. C) the Accounting Method. D) the Accounting Periods window. 22) When creating a new company, the window that allows you to setup the company's business's legal status.
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128) ________ is data that has been shaped into a form that is meaningful to human beings. 129) A ________ is one in which nearly all of the organization's significant business relationships with customers, suppliers, and employees are digitally enabled and mediated. 130) A ________ describes how a company produces, delivers, and.
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187) Define operational excellence. How can information systems help achieve it? 188) You work for an auto manufacturer and distributor. How could you use information systems to achieve greater customer intimacy? 189) Studies of returns from information technology investments show that there is considerable variation in the returns firms receive. How does.
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41) A listing that displays general ledger accounts is called the: A) list of accounts. B) chart of accounts list. C) trial balance list. D) general ledger accounts list. 42) When setting up the Chart of Accounts, if the account type you need is not listed then choose: A) List of Accounts. B) Other Account Types. C) Rename.
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41) UPS's use of Web-based tools that allow customers to embed UPS functions such as tracking and cost calculations into their own Web sites was an information systems solution used to achieve customer intimacy. 42) Government and private-sector standards are examples of complementary social assets required to optimize returns from IT.
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21) When reconciling a bank statement, you will need to record: A) Deposits in transit. B) Bank fees. C) Outstanding checks. D) all the above. 22) When reconciling a bank account, you will need to enter: A) bank fees. B) beginning balance. C) ending balance and bank fees. D) ending balance. 23) When reconciling a bank account, if you made.
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61) Payroll tax schedules can be set up for: A) Federal 940. B) Federal 941/944. C) State Unemployment Insurance and Withholdings. D) all the above. 62) To customize forms for the new company, select: A) Lists>>Templates. B) Company Preferences>>Templates. C) Templates>>Lists. D) none of the above. 63) When customizing forms, the tab that sets the fields and titles that print.
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1) Internet advertising is growing at a rate of more than 25 percent a year. 2) The cloud computing platform is a flexible collection of computers on the Internet designed to perform tasks traditionally performed on corporate computers. 3) Digital firms sense and respond to their environments far more rapidly than traditional.
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41) On the Employees tab of the Employee Center, new employees are added by clicking: A) New Employee. B) Employees>>New. C) Employees>>Open New Account. D) Employees>>New Employees. 42) Since an employee with paycheck information in the current or preceding year cannot be deleted, you can stop paying the employee by selecting the Employment Tab and: A).
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31) Information systems literacy describes the behavioural approach to information systems, whereas computer literacy describes the technical approach. 32) The dimensions of information systems are management, organizations, and information technology. 33) Knowledge workers assist with paperwork at all levels of the firm. 34) In order to understand how a specific business firm uses.
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1) It is important to analyze posted transactions before closing an accounting period. 2) The General Ledger report and the General Ledger Detail Report show the same information. 3) When "Split" appears in the Split Column of the General Ledger report then you know more than one account was affected by the.
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106) Which of the following would NOT be used as an input for an information system? A) digital dashboard B) handheld computer C) bar-code scanner D) cell phone 107) Which field of study focuses on both a behavioural and technical understanding of information systems? A) sociology B) operations research C) economics D) management information systems 108) The three principle levels.
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86) Networking and telecommunications technologies, along with computer hardware, software, data management technology, and the people required to run and manage them, constitute an organization's A) data management environment. B) networked environment. C) IT infrastructure. D) information system. 87) An example of a business using information systems to create new products and services is A) Walmart's.
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148) ________, in contrast, focuses primarily on knowledge of information technology. 149) The key elements of an ________ are its people, structure, business processes, politics, and culture. 150) ________ carries out the programs and plans of senior management. 151) ________ job is to make sense out of the many situations faced by.
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76) The average number of tickets sold daily online is an example of A) input. B) raw data. C) meaningful information. D) feedback. 77) Output A) is feedback that has been processed to create meaningful information. B) is information that is returned to appropriate members of the organization to help them evaluate the input stage. C) transfers data.
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11) The employee income taxes withheld on taxable wages are called: A) Federal Income Tax. B) Social Security tax. C) Medicare tax. D) State Income Tax. 12) The employee taxes withheld on gross wages and paid to the federal government to fund social security retirement is called: A) Federal Income Tax. B) Social Security tax. C) Medicare tax. D).
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51) After creating vendors for the new company and entering beginning balances, you should compare the total listed on the Transactions tab of the Vendor Center to the balance in the: A) Accounts Receivables general ledger account. B) Accounts Payable general ledger account. C) Purchases general ledger account. D) Purchase Journal. 52) Items that you.
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21) You calculate employee Medicare taxes: A) on gross pay. B) on net pay. C) on taxable pay. D) none of the above. 22) You calculate employee federal tax withholdings on: A) gross pay. B) net pay. C) taxable pay. D) none of the above. 23) The employer tax paid to the state to fund compensation to injured workers is.
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138) A growing percentage of the economy of North America and other advanced industrial countries in Europe and Asia depends on ________ and ________. 139) Canada lost many ________ jobs to offshore, low-wage producers. 140) Firms producing goods and services on a global scale achieve extraordinary ________ by finding low-cost suppliers.
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190) In 2005, journalist Thomas Friedman wrote an influential book declaring the world was now "flat". What does this mean and what impact does it have for managers in regards to information technology? 191) You work at the central office of a nationwide pizza chain. You have been assigned the task.
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158) Important ________ investments, such as the Internet and the supporting Internet culture, educational systems, network and computing standards, regulations and laws, and the presence of technology and service firms, are important. 159) The disciplines that contribute to the ________ approach are computer science, management science, and operations research. 160) ________ research.
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