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Study Resources (Accounting)

Objective 4 1) Quality expert, W. Edwards Deming, helped develop and disseminate the plan-do-check-act (PDCA) cycle. 2) Many organizations start the planning stage by re-affirming or updating its mission statement. 3) Operating profit is an example of nonfinancial information. 4) The check step in the PDCA cycle includes two components — measuring and monitoring.
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45) The vendor activity that creates a new vendor account is: A) New Vendor. B) New Transactions. C) Print. D) Excel and Word. 46) On the Vendors tab of the Vendor Center, you can enter a vendor bill for the highlighted vendor by clicking New Transactions and selecting: A) Enter Bills. B) Pay Bills. C) Purchase Orders. D) Receive.
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37) The Company Preferences tab under Items & Inventory allows you to do all the following EXCEPT: A) activate inventory and purchase orders. B) warn about duplicate purchase order numbers. C) enter the Job status description. D) warn if not enough inventory quantity on hand to sell. 38) The Payroll & Employees tab under Preferences.
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21) Historically, management accounting innovations have been developed by: A) the International Accounting Standards Board. B) the Cost Accounting Standards Board. C) Academic accountants. D) Managers. 22) In general, it was not until the 1970s that management accounting systems: A) were improved because of demands by the FASB and the SEC. B) stagnated and proved inadequate. C) started.
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11) A national company manufactures a line of modern furniture. Information MOST useful to the employee who assembles the furniture includes: A) a daily report comparing the actual time it took to assemble a piece of furniture to the standard time allowed. B) a monthly report on the proportion of furniture pieces.
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5) An important financial metric in the Balanced Scorecard is return on investment. 6) Important measures in the customer perspective usually include the percentage of repeat customers and growth in sales to existing customers. 7) The use of multiple-performance measures in the Balanced Scorecard would be expected to lead to all of.
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53) Gross pay minus total payroll tax withholdings and total voluntary deductions equals ________. 54) In a manual accounting system, the accountant prepares a ________ to calculate employee net pay. 55) Gross pay minus 401k contributions equals ________. 56) Payroll taxes are due on the dates set by taxing agencies and the ________.
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47) After creating new customers and entering beginning balances, the report that displays information so you can review for accuracy is called the: A) Customer Contact List. B) Aged Payables report. C) Accounts Receivables Journal. D) Sales Accounts. 48) If you need to add additional vendors after setting up the new company then open the.
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Objective 5 1) The design and introduction of new measurements and systems must be accompanied by an analysis of the behavioral and organizational reactions to the measurements. 2) People react when they are being measured, and they react to the measurements.. 3) Information is never neutral; just the act of measuring and reporting.
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21) What is the Return on Sales for the Retail paint division? A) 2% B) 4.5% C) 20% D) 45% 22) For improving operational efficiencies and customer satisfaction, nonfinancial information is: A) critical. B) moderate. C) infrequently used. D) unnecessary. 23) Nonfinancial information might be used for all of the following EXCEPT: A) improve product quality. B) reduce cycle times. C) satisfy customers'.
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16) Grapevine Corporation plans to grow by offering a cellular phone model, the QWERTY Touch Screen, which is superior and unique from the competition. Grapevine believes that putting additional resources into R&D and staying ahead of the competition with technological innovations are critical to implementing its strategy. Required: a. Is Grapevine's strategy.
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25) To reprint a bank reconciliation report, select Reports>>Banking>>: A) Previous Reconciled Reports. B) Previous Reconciliation. C) Previous Banking reports. D) Previous Checking Reconciliation reports. 26) When reconciling a bank account, you can clear all transactions in the window by clicking: A) Modify. B) Mark All. C) Clear All. D) Unmark All. 27) When reconciling a bank account, you can.
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Objective 1 1) Database and information systems are physical assets which create distinctive value for companies. 2) The roles of performance measurement systems in organizations include all of the following EXCEPT: A) motivate employees to help the organization achieve its strategic objectives. B) help managers with resource allocation. C) create value from intangible assets as.
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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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Objective 1 1) Management accounting is subject to the rules formulated by standard setters such as the Financial Accounting Standards Board (FASB). 2) Management accounting information is primarily oriented to external stakeholders, such as investors, creditors, regulators, and tax authorities. 3) The International Accounting Standards Board sets the guidelines used for management accounting. 4).
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15) Defect rates for products and yield percentages in manufacturing are measures of quality included in the ________ perspective of the Balanced Scorecard. A) financial B) production C) process D) internal 16) If a performance measure in the customer perspective of the Balanced Scorecard was customer loyalty, then a driver from the process perspective would.
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Dakota Corporation plans to grow by offering a hand held application, the Pocket Analyst 2, which is superior and unique from the competition. Dakota believes that putting additional resources into R&D and staying ahead of the competition with technological innovations is critical to implementing its strategy. 6) Dakota's value proposition is: A).
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75) You can modify a vendor bill using the: A) Vendor Center. B) Edit tab. C) Bill tab. D) both A and B. 76) In the text, you began tracing the audit trail for printed checks by selecting Reports>>Memorized Reports>>Accounting Journals>>: A) Cash Disbursement Journal. B) Cash Payments Journal. C) Cash Receipts Journal. D) Cash Expense Journal. 77) To trace.
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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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15) The General Ledger report is viewed by selecting: A) Reports & Analysis>>Accountant and Taxes>>General Ledger. B) Reports and Finances>>Accountant and Taxes>>General Ledger. C) Company Accounts>>Accountant and Taxes>>General Ledger. D) Reports>>Accountant and Taxes>>General Ledger. 16) You can modify reports in QBP by opening the report and then clicking: A) Modify Report. B) Memorize Report. C) Adjust Report. D) Analyze.
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7) Identify the BEST description of the Balanced Scorecard's learning and growth perspective. To achieve our firm's vision and strategy: A) How do we obtain a greater market share? B) What do our noncustomers consider to be most important? C) What new processes do our customers value? D) How do we identify the objectives.
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25) In a manual accounting system, a Purchase Order can be used to: A) authorize inventory purchases. B) document purchases and quantities ordered. C) document vendor prices. D) all the above. 26) In a manual accounting system, the document enclosed with the shipment of goods that is sent to the accountant is called a: A) packing.
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68) The Item Class that is used to track goods purchased and held for resale is called: A) Inventory Part. B) Non-inventory Part. C) Service. D) Sales Tax Item. 69) The Item Class that is used for job materials purchased but not tracked in inventory is called: A) Inventory Part. B) Non-inventory Part. C) Service. D) Sales Tax Item. 70).
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35) The Balance Sheet will report a company's financial position as of: A) a range of dates. B) a specific date. C) either A or B. D) both A and B. 36) The ending balance in the accounts payable account will be reported on the: A) Income Statement. B) Profit & Loss statement. C) Balance Sheet. D) Statement of.
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11) Which of the following types of information are used in management accounting? A) financial information B) nonfinancial information C) information focused on the long term D) All of the above are correct. 12) Management accounting: A) is both retrospective, providing feedback about past operations, and also prospective, incorporating forecasts and estimates about future events. B).
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17) QBP's wizards for starting a new company include: A) creating the chart of accounts. B) creating customer and vendors. C) creating inventory and employees. D) all the above. 18) QBP's new company Data File Wizard can be access by selecting: A) File>>New Company. B) File>>Company>>New Company. C) File>>New Company Setup. D) File>>Setup>>New Company. 19) When creating a new company,.
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85) To locate a memorized vendor bill, select: A) Lists>>Transaction List>>Memorized. B) Lists>>Transaction List>>Recurring. C) Find>>Lists>>Memorized Transaction. D) Lists>>Memorized Transaction List. 86) To analyze vendor purchases, open the Report Center and select the: A) PO Monitoring category. B) Vendor Purchases category. C) Purchases category. D) none of the above. 87) The report that will list items on order through a.
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27) To customize the Chart of Accounts to use account numbers, select Edit>>Preferences>>Company Preferences and mark the: A) setup Trial Balance option. B) Create account numbers option. C) Use report general ledger option. D) Use account numbers option. 28) You can edit the following fields on an existing general ledger account: A) Account Type and Account.
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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) 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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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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57) QuickBooks payroll options include: A) manual payroll. B) QuickBooks payroll. C) both A and B. D) none of the above. 58) To begin setting up manual payroll for the new company, select: A) Employees>>Payroll Setup. B) Employee Defaults. C) Employees>>History. D) Employees>>Reports>>List. 59) When setting up payroll, you can set the employee insurance options of: A) My company does not.
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Objective 3 1) At the highest level strategic planning involves choosing a strategy that provides the best fit between the organization's environment and its internal resources in order to achieve the organization's objectives. 2) Quality is the degree of conformance between what the customer is promised and what the customer receives. 3) Government.
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Objective 2 1) During the history of management accounting, innovations were developed to address the decision-making needs of managers. 2) A key element in any organization's strategy is to identify its target customers and to deliver what those target customers want. 3) Management accounting innovations are usually developed by academics. 4) The first modern.
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