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Study Resources (Accounting)

19) What is the software development waterfall methodology? 20) What is the software development prototype methodology? 21) What is the software development ABC methodology? 22) You are a staff accountant at manufacturing firm. IT is creating an new accounting system and wants to use the ABC methodology. Your boss wants IT to use.
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11) In the REA model, the ________ event consumes business resources. A) Purchasing B) Buying C) Giving D) Taking 12) In the REA model, the ________ event compensates the consumed resource with a different or same type of resource. A) Purchasing B) Buying C) Giving D) Taking 13) Which REA diagraming rule states every event entity must relate to.
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41) Which category in Weatherbe's PIECES framework affects revenues (benefits) or costs? A) Control problem B) Economic problem C) Service problem D) Performance problem 42) In the ABC methodology of software development, which stage of the customer stage involves reviewing and updating user requirements for the new accounting system? A) Plan B) Analyze C) Install D) Deploy 43) In the.
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Objective 2 1) The COSO Enterprise Risk Management framework replaces the COSO framework for internal control. 2) Given the impossibility of foreseeing every conceivable control to address all threats, risk management uses the approach of assessing risk to determine the probability of risk, its frequency, and its impact. 3) It is possible.
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46) What are the advantages of using a baseline model? 47) List and define the categories in Weatherbe's PIECES framework for problem analysis. 48) After the system design phase is complete, the system proposal is submitted to the client for approval. What information is included in the system proposal? 49) You are a.
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Objective 1 1) Luckily, project management questions are not part of the CPA exam. 2) Project management uses techniques to organize and streamline the project. 3)  System development life cycle is the order and timing of when the SDLC phases are completed. 4) ________ design the system, specifying the components needed for the.
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39) What is the purpose of an entity relationship diagram? 40) Why does a database designer need to understand a business's rules? 41) What are the steps for designing an ERD? 42) List the ERD design steps that are independent of the database structure. 43) List the ERD design steps that are dependent on.
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Match the design feasibility name to the appropriate definition. A) Evaluates whether the new system deliverables can be delivered by the required due dates B) Assesses the probability of successful implementation and use of the new system, including any legal considerations C) Assesses whether the new system IT architecture can interact with the.
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1.3   Learning Objective 1-3 1) The accounting equation expresses the idea that Resources - Insider claims = Outsider claims. 2) Elements are the building blocks of the financial statements. 3) The word "payable" always signifies a liability. 4) The accounting equation must always be in balance. 5) Claims to assets must come from outsiders. 6) Owners'.
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Objective 2 1) The SDLC provides a common language for communicating with programmers, system analysts, database administrators, and other IT professionals engaged in accounting system development. 2) The plan phase of a SDLC involves designing new system models to satisfy user requirements, either by creating a new model or by modifying.
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11) Financial accounting provides budgeting information to a company's managers. 12) A partnership is formed under state law. 13) Accounting: A) measures business activities. B) processes data into reports and communicates the data to decision makers. C) is often called the language of business. D) is all of the above. 14) The two types of accounting are: A).
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Objective 2 1) Sometimes, in an entity relationship diagram, the entity relationship is written on the connection line. 2) Entity identifiers are attributes that uniquely identify an entity occurrence. 3) For a single occurrence of one entity (one customer), cardinality defines the maximum and minimum number of occurrences that might relate to the.
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Objective 6 1) Spreadsheets introduce significant risks into the financial reporting process for organizations. 2) Storing the spreadsheet on the server increases the difficulty to track changes made by multiple users. 3) The use of access security controls on spreadsheets is not an effective method to improve spreadsheet risk management. 4) A.
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Objective 1 1) The SEC requires company boards to report in-depth on how their enterprises identify risk, set risk tolerances, and manage risk/reward trade-offs. 2) Controls are not task driven. Understanding risk is not a prerequisite to the appreciation and application of control. 3) Enterprise risk management (ERM) goes beyond just security and.
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Match the SDLC phase to the appropriate definition. A) Deliver the new system, including hardware and software. B) Models for the current system, such as database models and business process models, are studied to determine modifications required. C) In this phase, the models are transformed into software programming code, which is then.
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11) The ABC methodology A) Completes a phase before starting the next phase B) Creates a sample that is provided to the end users for feedback C) Always starts with a baseline system D) Is another name for spiral methodology 12) Which of the following is an advantage of the waterfall methodology of software development.
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1.2   Learning Objective 1-2 1) Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Financial Accounting Standards Board, or the FASB. 2) The SEC sets international financial reporting standards. 3) The fundamental qualitative characteristics of accounting are relevance and materiality. 4) Information that is material must be separately disclosed.
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11) The basic component of paid-in capital is common stock. 12) The calculation of ending retained earnings considers beginning retained earnings, current net income or net loss, and dividends. 13) The two main components of stockholders' equity are paid-in capital and retained earnings. 14) Long-term debt is a liability that is payable beyond.
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Match the ERM component name to the appropriate definition. A) This is comprised of policies and procedures established and implemented to ensure risk responses are effective. B) This involves identifying occurrences that affect an enterprise's ability to attain its objectives. C) This involves ensuring relevant data is captured and communicated effectively throughout the.
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21) Which of the following is a true statement about the characteristics of partnerships? A) In a limited-liability partnership, a wayward partner can create a large liability for the other partners. B) General partners have mutual agency and limited liability. C) Income and loss of the partnership "flows through" to the partners. D) The.
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11) ________ depicts the relationship among entities in the database. 12) A specific customer, such as Vincent, is an entity ________. 13) A ________ relationship are problematic when designing databases 14) In a one-to-many relationship in an ERD, the entity on the one side (customer) is called a ________ entity and.
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Objective 3 1) The system development life cycle lists what steps to complete. 2) Many system development methodologies exist, which one is the best fit for the project depends on the nature of the project and the specific requirements. 3) The waterfall methodology of software development consists of two stages: Baseline and 4).
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11) The International Organization for Standardization framework for risk management is ________. 12) At the top management level, ________ IT controls provide IT governance that sets the tone from the top of the enterprise. 13) ________ are controls embedded in business processes where a majority of security breaches occur. 14) What percentage.
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Objective 1 1) The largest provider of relational database tools is Sun Microsystems Inc. 2) Information assets are the new currency of business. 3) The database integrity rule Referential Integrity states that field values must be from a predefined domain. 4) The database integrity rule Primary Key Integrity states each record in the database.
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19) Which phase of the SDLC involves users entering data into the new system? A) Design B) Deploy C) Install D) Build 20) The project schedule is defined in which phase of the SDLC? A) Analysis B) Build C) Plan D) Design 21) List and define the phases of the SDLC. 22) What is the system development life cycle (SDLC)? .
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Nice Lawn Database Tables 14) Using the Nice Lawn database tables, write an SQL statement to retrieve employee addresses. 15) Using the Nice Lawn database tables, write an SQL statement to retrieve the address for all the employees with the last name of 'Smith.' 16) Using the Nice Lawn database tables, write an.
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1.1   Learning Objective 1-1 1) Accounting is an information system that measures business activities. 2) Bookkeeping is the mechanical part of accounting. 3) Accounting is often called the language of business. 4) Accounting produces financial statements, which report information about a business entity. 5) The accounting process begins and ends with people making decisions. 6) Accounting.
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19) Which ERM component involves the risk management philosophy of the enterprise,including the tone set by top management? A) Control activities B) Information and communication C) Internal environment D) Event identification 20) Which ERM component is comprised of policies and procedures established and implemented to ensure risk responses are effective? A) Risk assessment B) Control activities C) Information.
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6) In SQL, ________ statements create, alter, and drop database objects. 7) In SQL, ________ statements select, insert, update, and delete database records. 8) Which of the following statements about SQL is false? A) SQL is a nonprocedural language. B) SQL is a procedural language. C) SQL can query many records from one or more.
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Objective 4 1) ISO 13000 is not the only internationally accepted enterprise risk management standard. 2) The risk time frame ________ relates to the organization's strategy, affecting three to five years or longer. 3) The risk time frame ________ related to tactics, such as new projects that initiate change. 4) The risk time frame.
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21) Diff: 2 Objective:  Q14.2 What is ERD (entity relationship diagram)? Answers: 17) D 18) E 19) B 20) A 21) C Match the normalization rule to the appropriate definition. A) No field can have multiple values. B) Every identifier should be a candidate key C) The table identifier (primary key) should not be a composite.
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11) Design feasibility includes operational, economic, technical, schedule, cultural, and risk feasibility of the proposed IT architecture for the new system. 12) Economic feasibility assesses the probability of successful implementation and use of the new system, including any legal considerations. 13) Risk feasibility assess the probability of successful implementation and use.
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Objective 5 1) Focusing on sustainable operations increases the risk of dependence on dwindling natural resources that may become cost prohibitive in the future. 2) Effective implementation of ERM requires a robust discussion of the potential impact of not mitigating risks and the likelihood that the risk will impact the organization. 3).
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Match the database realm to the appropriate activity. A) Create database tables B) Update data C) Create database model 20) Database designer realm 21) Database builder realm 22) Database user realm 23) Which database architecture is a relatively new type of database? A) Dimensional B) XBRL C) Relational D) Network 24) Which database architecture is typically used for data warehouses? A) Dimensional B) XBRL C).
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21) Hiring competent employees who are provided ongoing training A) Can increase risks from accidents and errors B) Can increase the amount of fraud C) Can reduce risks from accidents and errors D) Can reduce an enterprise's risk tolerance 22) Which of the following is NOT an external factor that might affect an enterprise's ability.
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11) The ________ database structure is used by data warehouses. 12) ________ is a technique used to develop an anomaly-free database with database integrity. 13) Database anomalies are removed through ________ and/or database modeling. 14) The database ________ creates the database model. 15) The database ________ creates the database. Match the database integrity.
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10) What is system development methodology (SDM)? 11) What type of IT professionals are involved in the design and development of the accounting system? 12) Why do accountants need to know about the processes IT professionals use for system development? 13) Why do accountants need to be included on the development team for.
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Objective 3 1) A well developed and articulated risk management philosophy can provide consistency in risk attitudes throughout the entire enterprise. 2) In ERM risk assessment, possibility may refer to assessing likelihood using a quantitative measure, such as percentages. 3) When risk responses are being considered, the costs and benefits of options may.
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30) What is risk tolerance? Provide an example. 31) What are five external events that may pose a risk to an enterprise's ability to achieve objectives? Provide examples. 32) What are four internal events that may pose a risk to an enterprise's ability to achieve objectives? Provide examples. 33) Assessment techniques used to.
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Objective 4 1) Most entrepreneurs need to hire custom programmers to write accounting programs. 2) For most enterprises it is more cost-effective to hire programmers to write custom software programs for all of their accounting functions. 3) Most accounting systems today are built using an ABC methodology. 4) The baseline stage of the.
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21) A ________ analysis identifies any difference between the specifications of the baseline accounting system and the enterprise-specific user requirements. 22) According to Weatherbe's PIECES framework for problem analysis, a problem that relates to system issues, such as system availability, is classified as a(n) ________ problem. Match the category in Weatherbe's.
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11) The Financial Accounting Standards Board is responsible for establishing: A) the code of professional conduct for accountants. B) the Securities and Exchange Commission. C) generally accepted accounting principles. D) international accounting financial standards. 12) The acronym GAAP stands for: A) generally acceptable authorized pronouncements. B) government authorized accountant principles. C) generally accepted accounting principles. D) government audited accounting.
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21) Examples of liabilities include: A) accounts payable and accounts receivable. B) accounts payable and land. C) investments and owners' equity. D) accounts payable and long-term debt. 22) The assets of a company: A) must equal the liabilities of the company. B) include property, plant, and equipment and common stock. C) represent economic resources that are expected to.
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Spice House REA Diagram 17) In the Spice House REA diagram, list the one-to-many relationships. Objective 4 1) In SQL, Data Definition Language statements create, alter, and drop database objects. 2) SQL DML statements select, insert, update, and delete database records. 3) The SQL command ALTER changes the relational database, such as adding a.
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