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Study Resources (Accounting)

41) Adjusting entries that reflect a change in accounting principle used to value inventories are classified as A) corrections. B) estimates. C) deferrals. D) revaluations. 42) Cheryl Liao is an accountant at Folding Squid Technologies. While making an adjusting entry to the general ledger, she received the following error message, "The account number referenced in.
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69) Why might an REA diagram show relationships between resources and agents? 70) Why is cost information stored in several relational tables? 71) What are the benefits of an integrated enterprise-wide data model? 72) Describe the relationships between Recruiting event and Skills, and between Recruiting .
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51) Which group is responsible for preparing a systems analysis report? A) computer analysts B) management C) the project development team D) the steering committee 52) In which systems analysis step do analysts conduct an extensive study of the present system to gain a thorough understanding of how it works?.
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61) Which of the following diagrams represents the cardinality pairs in a situation where rented items must be returned intact, and several rented items could be returned at the same time? A) B) C) D) 62) Which of the following diagrams represents the cardinality pairs in a situation where deliveries are.
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50) Why are accurate cumulative earnings records important? 51) Explain the functions of the payroll register, deduction register, and earnings statement. 52) What is the difference between a payroll service bureau and a professional employer organization? 53) Discuss the various types and sources of input into the HRM/payroll cycle. .
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41) The average annual middle-management salary at Folding Squid Technologies is $60,000. If the average turnover rate for middle management is ten employees per year, what is the approximate average annual cost of turnover? A) $300,000 B) $600,000 C) $900,000 D) $1,200,000 42) Which of the following will contribute to the efficiency of a.
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21) Since the same inventory items may be stored in several different warehouses, the maximum cardinality from Inventory to Warehouse is most likely ________. A) 0 B) N C) 1 D) determined by the number of warehouses compared to the number of inventory items 22) Relationships between resources and agents, such as Inventory and Supplier,.
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1) A system change that results in an improved product or service and helps lower costs provided a(n) A) competitive advantage. B) improved business process. C) productivity gain. D) technological change. 2) An antiquated information system used by an office supply manufacturer caused customer dissatisfaction since it took two days to process a telephone order..
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41) When integrating separate REA diagrams, A) common resources are placed between the events that affect them. B) each resource is connected to two agents. C) resources are duplicated to show the give and get of economic duality relationships. D) resources are merged if both events in the stockflow relationship are modeled. 42) In.
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11) Who is responsible for preparing the specifications that are used to create the programs? A) management B) programmers C) systems analysts D) the information systems steering committee 12) One step in the systems development life cycle (SDLC) identifies and evaluates design alternatives and to develop design specifications. This step.
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1) Which of the following statements about REA modeling and REA diagrams is false? A) REA is an acronym for Resources, Entities, and Agents. B) REA data modeling does not include traditional accounting elements such as ledgers, chart of accounts, debits and credits. C) REA data modeling could be referred to as an.
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1) Integrating separate REA diagrams developed for individual transaction cycles into a single, comprehensive enterprise-wide data model A) is possible. B) requires understanding what the cardinalities in each separate diagram reveal about the organization's business policies and activities. C) provides a single comprehensive enterprise-wide model of the organization. D) All of the.
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31) Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information. Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis.
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1) The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports. A) business transactions; updating; processing B) data processing; business transactions for; printing C) information processing; updating; creating D) business transactions; data processing; preparing 2) Which item below is not considered.
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31) Which of the following transactions is represented by the diagram below? A) An automobile salvage business holds weekly auctions at which it sells its entire inventory. B) A grocery store sells products to consumers. C) A hobbyist restores antique cars. When a car is finished, she sells it on eBay. D) A firm.
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21) The managerial report that shows planned cash inflows and outflows for major investments or acquisitions is the A) journal voucher list. B) statement of cash flows. C) operating budget. D) capital expenditures budget. 22) The operating budget A) compares estimated cash flows from operations with planned expenditures. B) shows.
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59) Describe the possible relationships between entities, in terms of cardinalities. 60) Explain specifically what is meant by the following statement, "Accountants can and should participate in all stages of the database design process." 61) A dental office employs three dentists and five dental hygienists. One of the dentists is.
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41) The ________ entity is used to collect and summarize data about the raw materials, labor, and machine operations used during production of inventory. A) Finished Goods Inventory B) Raw Materials C) Issue Raw Materials D) Work-in-Process 42) In the table called Perform Machine Operations, which is the most likely primary key? A) Equipment number B).
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41) Which data gathering method is most helpful to deal with the question: "Why?" A) interviews B) observation by the analyst C) questionnaires D) system documentation 42) Significant system changes were implemented two months ago. The changes were well-planned, well-designed, thoroughly tested before and after conversion, and several employee training.
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51) Cosgrove Art & Antiques sells unique art and antiques exclusively at antique shows. Cosgrove purchases inventory from individuals and other dealers at garage sales, flea markets, antique malls, and estate sales. Each time Cosgrove makes a purchase, she records the person's name, address, date, specific items purchased and price.
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1) Explicitly identifying the different employees who participate in each event by their job functions is helpful when verifying A) internal controls. B) job descriptions. C) proper supervision. D) segregation of duties. 2) Many companies sell software, music, or digital photographs over the Internet. They give up a digital copy of those resources, but.
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11) Payroll deductions fall into the broad categories of ________ and ________. A) payroll tax withholdings; voluntary deductions B) unemployment; social security taxes C) unemployment taxes; income taxes D) voluntary deductions; income taxes 12) Which of the following deductions is not classified as a voluntary deduction? A) pension plan contributions.
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61) Cosgrove Art & Antiques sells unique art and antiques exclusively at antique shows. Cosgrove purchases inventory from individuals and other dealers at garage sales, flea markets, antique malls, and estate sales. Each time Cosgrove makes a purchase, she records the person's name, address, date, specific items purchased and price.
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21) Which of the following is not a benefit of using a payroll service bureau or a professional employer organization? A) Freeing up of computer resources B) Increased internal control C) Reduced costs D) Wider range of benefits 22) Many companies offer their employees a "cafeteria" approach to voluntary benefits in which employees can pick.
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51) Which of the following diagrams represents the cardinality pairs in a situation where a finished product requires one or more machine operations, and machines usage is recorded to specific production runs? A) B) C) D) 52) Which of the following diagrams represents the cardinality pairs in a situation where a.
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87) Discuss the relative advantages and disadvantages of the four different methods for gathering data during a systems survey. 88) Identify and describe the five types of feasibility that must be considered throughout the system development life cycle. 89) What are some of the reasons why behavioral problems occur when a.
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41) Which of the following transactions is represented by the diagram below? A) Vendors send a bill for each inventory item purchased which is payable on receipt. B) A single purchase of inventory is paid for with multiple payments. C) Inventory vendors send a monthly bill for merchandise delivered. The seller does not.
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