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Study Resources (Accounting)

– CHAPTER 13 – MULTIPLE CHOICE 46.Data is A.the interpretation of facts that have been processed. B.the set of facts collected from transactions. C.set of facts pertaining to accounts payable. D.set of facts pertaining to accounts receivable. 47.Information is A.the interpretation of facts that have been processed. B.the set of facts collected from transactions. C.set of facts pertaining to.
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106.Select the true statement from those provided below. A.The data warehouse has five to ten years of data while the operational database has current year data. B.The data warehouse has current year data while the operational database has five to ten years of data. C.The data warehouse archives both current and long-term, five.
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126.Advantages of distributed databases include all except: A.reduced hardware costs. B.Improved responsiveness. C.eased managerial obligations. D.easier incremental growth. 127.Disadvantages of distributed databases include all except: A.increased difficulty in managing the database. B.maintaining integrity of the data. C.easier security controls. D.easier control of the database configuration. 128.Advantages of distributed databases include all except: A.easier incremental growth. B.multiple site access for processing. C.decreased user involvement. D.increased.
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48. The component of the logistics function that directs the focus of operations is the: A.operations component. B.resource management component. C.planning component. D.the sales component. 49. The planning component of the logistics function has all of the following elements except: A.maintenance and control. B.engineering. C.scheduling. D.capital budgeting. 50. The resource management component of the logistics function has all of the.
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– CHAPTER 12 – END OF CHAPTER QUESTIONS: 109.Which of the following is not part of an administrative process? A.The sale of stock B.The sale of bonds C.The write-off of bad debts D.The purchase of marketable securities 110.Which of the following statements is not true regarding source of capital transactions? A.These processes should not be initiated unless.
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133.What is the purpose of an inventory status report? 134.What is the overall goal of the inventory control department? 135.What is the purpose of the quality control department? 136.What is the purpose of determining standard costs? 137.What should be done when unfavorable variances are discovered? .
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79.Segregation of duties: A.remains unchanged between computerized and manual accounting. B.may be more difficult in less complex computerized accounting systems. C.is not a factor with computerized accounting systems. D.is not a factor with manual accounting systems. 80.When transactions are posted in a computerized accounting system: A.the user must post all transactions awaiting in the module. B.segregation of.
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99.Unethical or fraudulent behavior 1.can occur in administrative processing of an organization. 2.can occur in the reporting functions of an organization. 3.are much more likely to be initiated by management. 4.are much more likely to be initiated by employees. A.Only 1, 2, and 3 are correct. B.Only 1, 2, and 4 are correct. C.Only 1 and 3.
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147.Describe the steps in a manual accounting cycle. 148.Describe why it is true that there may be two authorizations related to revenue, expenditures, and conversion processes before they are posted to the general ledger. 149.For each report shown, indicate in the appropriate column whether the report is likely to be for internal.
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138.Why would perpetual inventory records be preferable to periodic inventory records in a manufacturing company? 139.Which three activities in the conversion process should require specific authorization before they are begun? 140.Why is it important to separate the functions of inventory control and the production stations? What could go wrong if these functions.
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143.When IT systems are used in conversion processes, what are some of the resulting advantages to the organization? 144.How can programmed controls within the IT system for conversion processes enhance internal controls? 145.What is the difference between CAD, CAM, and CIM? 146.What is the difference between MRP, MRP-II, and ERP? 147.How can conversion processes.
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139.How would operational internal reports differ from financial internal reports? 140.How does time horizon affect the type of information in internal reports? 141.Why are managers, rather than employees, more likely to engage in unethical behavior in capital and investment processes? 142.How do processes with large volumes of transactions make fraudulent behavior easier? 143.Explain the.
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38. The process that plans the timing for production activities is referred to as: A.operations list. B.bill of materials. C.scheduling. D.capital budgeting. 39. The form that authorizes production activities for a particular sales order or forecasted needs is referred to as the: A.production schedule. B.production orders. C.maintenance and control process. D.human resources process. 40. The process that is concerned with maintaining.
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- CHAPTER 11 - PROBLEMS 160.Using an Internet search engine, search for the terms “CAD” _“industrial robots.” Identify a company (name and location) that provides manufacturing automation by using robotics. Describe some of the robotic operations that are featured on the company’s website. 162.Explain how the over-production of inventories can be seen.
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58. Production orders: A.outline the specific timing required for sales orders. B.authorize production activities for a particular need or order. C.are forecasts of needs based on known and anticipated sales. D.are issued by the engineering department to correct product deficiency issues. 59. A production schedule: A.does not contain requirements due to sales forecasts. B.does not contain information.
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76.Select the correct statement from those provided below. A.If batch processing is selected due to payroll and production type processing mandates, the entire system must be batch processing. B.If real-time processing is selected due to sales and inventory type processing mandates, the entire system must be real-time processing. C.If sales and inventory are.
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89.Financial statements: A.are generated from the values of the special journals and subsidiary ledgers. B.are presented with complete chart of account detail. C.may contain condensed data from the general ledger. D.show units in inventory and dollar value of those units. 90.The four general purpose financial statements: A.are generated at the end of each month. B.are generated at.
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56.Select the true statement from the following. A.A character is a single letter only. B.A character is a single number only. C.A character is a single symbol only. D.A character is a single letter, number, or symbol. 57.A field is: A.a row within a record. B.a column within a record. C.a series or collection of records. D.a character is.
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– CHAPTER 12 – PROBLEMS 150.Compare source of capital processes with sales processes in terms of a. the frequency of transactions; b. the volume of transactions; c. the magnitude in dollars of a single transaction; and d. the manner of authorization. 151.Compare investment processes with sales processes in terms of a. the frequency of transactions; b. the volume.
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– CHAPTER 11 – MULTIPLE CHOICE 28. A company’s conversion processes includes all of the following except: A.materials. B.office supplies. C.labor. D.overhead 29. A company must have systems in place to accomplish all of the following except: A.capture data. B.vocalize data. C.record data. D.summarize data. 30. The conversion process is initiated when the company recognizes: A.the receipt of raw materials. B.the shipment of.
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69.Closing entries: A.close all of the general ledger accounts. B.end the fiscal period. C.close all of the subsidiary ledger accounts. D.are journalized in the subsidiary ledgers. 70.Today’s automated accounting process: A.is built on a structure independent of manual accounting. B.does not require special journals or subsidiary ledgers. C.is built on an operational structure similar to manual accounting. D.eliminate errors.
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128.What are the two types of documents or reports are likely to trigger the conversion process? 129.What are the three primary components of logistics? 130.What types of information must be taken into consideration when scheduling production? 131.Differentiate between a routing slip and an inventory status report. 132.What are the conversion responsibilities of the maintenance.
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66.(Magnetic) Disk storage is: A.preferred over magnetic tape storage. B.sequential access. C.not random access. D.not direct access. 67.Batch processing: A.occurs when dissimilar transactions are grouped and processed as a group. B.occurs when similar transactions are grouped into a batch and processed as a group. C.occurs when the transaction is processed as soon as it is entered. D.would not be.
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88. Physical controls include all but: A.fences and alarm systems. B.security guards. C.high tech security tools. D.Each of the answers, A, B, and C are correct. 89. Physical inventory counts should only include: A.finished goods. B.finished goods and raw materials. C.finished goods and work-in-process. D.raw materials, work-in-process, and finished goods. 90. When there is a difference between the inventory records.
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96.The primary key of a relational database: A.must be a common identifier for all of the data within the table. B.must never be the first field of the table. C.represents a value that is used to sort, index, and access records with. D.is the password which allows unlimited access to the database. 97.Structured query language.
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129.Why are internal controls less effective in capital and investment processes? 130.How is a special journal different from a general journal? 131.How is a subsidiary ledger different from a general ledger? 132.In what way are subsidiary ledgers and special journals replicated in accounting software? 133.Within accounting software systems, what is the purpose of limiting.
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86.A flat file database: A.has the ability to call necessary information from linked databases. B.has two dimensions, rows and depth. C.has only columns. D.has two dimensions, rows and columns. 87.Processing of a flat file table is: A.random. B.sequential. C.random or sequential, selectable by the user. D.direct. 88.Flat file records are: A.kept in random order. B.kept is sequential order. C.linked to other records by.
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59.Select the correct statement from the following. A.To review purchases from a vendor inspect the purchases journal, to review payments to a vendor inspect the cash receipts journal. B.To review purchases from a vendor and review payments to a vendor inspect the cash disbursements journal. C.To review the purchases from a vendor inspect.
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116.Data is the data warehouse: A.is analyzed by data mining. B.is analzyed by SQL. C.is analyzed by analytical processing. D.Both A and C are correct. 117.Proper data analysis of data warehouse files: 1.improves short-term planning. 2.improves long-term planning. 3.enhances the ability to meet customer needs. 4.increase performance. A.1, 2, 3, and 4. B.2, 3, and 4. C.1, 3, and 4. D.1, 2, and.
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– CHAPTER 12 – TRUE / FALSE 1.The sale of bonds should be considered a regular, recurring process since these types of transactions are recorded in the general ledger. 2.Administrative processes are transactions and activities that either are specifically authorized by top managers or are used by managers to perform administrative functions. 3.Not.
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98. Select the true statement. A.Computer-aided manufacturing (CAM) requires computer-aided design. B.Computer-aided design is always two dimensional. C.Computer-aided design may be three dimensional. D.Computer-aided design requires additional manpower during assembly. 99. Just-in-time (JIT) production systems: A.require close communications with the engineering department. B.do not require close communications with vendors. C.require closely controlled inventory levels. D.do not require additional monitoring. 100..
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134.In a complex IT system, how may a customer actually “authorize” a sale? 135.To properly segregate duties, what are the three functions that general ledger employees should not do? 136.In an IT accounting system, which IT controls ensure the security of the general ledger? 137.Describe the nature of reports for external users. 138.Does the.
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- CHAPTER 11 – END OF CHAPTER QUESTIONS: 108.Manufacturing has changed in recent years as a result of each of the following factors except: A.globalization B.technological advances C.increased competition D.lack of economic prosperity 109.The term conversion processes is often used synonymously with A.operations. B.production. C.manufacturing. D.All of the above. 110.Which of the following activities is not part of the planning component.
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11.An entire set of files is a database. 12.An entire record forms a “database.” 13.Magnetic tape is a storage medium that allows only a sequential access type of storage. 14.Sequential access means that data are stored in sequential or chronological order. 15.Random access means that any data item on the storage media can be.
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124.Describe when an organization would have a need to undertake investment processes. 125.Why is the monitoring of funds flow an important underlying part of investment processes? 126.How are IT systems potentially useful in monitoring funds flow? 127.Explain how cash resulting from source of capital processes may be handled differently than cash in revenue.
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21.If real-time processing is to occur, database records must be stored on random access media. 22.Data redundancy occurs when the same customer has more than one database record. 23.Concurrency means that all of the multiple instances of the same data are exactly alike. 24.A record pointer identifies a specific record in a flat.
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39.Raw material events can be found in which two processes? A.1) Revenue and return processes, systems & controls and 2) expenditures and return processes, systems & controls. B.1) Expenditures and return processes, systems & controls and 2) conversion processes, systems & controls. C.1) Conversion processes, systems & controls and 2) Administrative processes, systems.
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- CHAPTER 11 - SHORT ANSWER QUESTIONS 123.What are the three resources that an organization must have to conduct a conversion (or transformation) process? 124.Do conversion processes occur in manufacturing companies only? Why or why not? 125Why are conversion activities typically considered routine data processes? 126.Differentiate between a bill of materials and an operations.
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21.Service firm internal reports are more likely to focus on sales and the status of projects. 22.Unethical and fraudulent behaviors are much more likely to be initiated by employees, not .management. 23.One of the reasons that management, not employees, initiate more unethical and fraudulent activities are that employees do not have access.
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153.Describe the purpose of each of the following cost accounting records or reports: •Work-in-process and finished goods inventory accounts •Bill of materials •Variance reports •Routing slips 154.Describe how a cost accountant would cancel a production order upon completion of the related product. Why is this important? 155.When taking a physical inventory count at a typical manufacturing.
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– CHAPTER 12 – SHORT ESSAY 144.Describe the steps in source of capital processes and explain how top management is involved. 145.Describe the steps in investment processes and explain how top management is involved. 146.Explain the internal control environment of source of capital and investment processes. 1 .
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11.Business processes in an organization do not include events that are accounting transactions. 12.Subsidiary ledgers maintain the detail information regarding routine transactions, with an account established for each entity. 13.Special journals are journals that are established to record the transactions of specific customers and vendors. 14.In the case of a manual accounting system,.
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49.Investment processes: A.issue stock. B.issue bonds. C.purchase of fixed assets. D.invest excess funds. 50.The _____________ of a corporation has the responsibility for making investment decision. A.board of directors. B.chief financial officer. C.treasurer. D.president/CEO. 51.The _____________ of a corporation usually has physical custody of securities held as investments. A.treasurer. B.president/CEO. C.board of directors. D.chief financial officer. 52.Corporations with complex IT systems: A.may automate their investment process. B.still handle.
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68. Rework refers to: A.generating a better quote for a customer. B.overhaul of a manufacturing machine. C.additional procedures to bring a product up to specifications. D.parts that are beyond repair at any cost. 69. The final hub in the logistics function which involves a follow-up to production, where the products are inspected before they are moved.
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– CHAPTER 12 – MULTIPLE CHOICE 29.Capital or investment processes: A.is a regular and frequent event. B.only requires the specific approval of someone such as a senior accountant. C.requires the specific approval of top management or board of directors. D.can be considered revenue since it results in cash inflows. 30.Capital or investment processes: A.is a regular and.
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78. Variances: A.represent the differences between actual costs and the standard costs applied. B.represent the difference between design specifications and production results. C.represent flaws in the production results. D.Each of the answers, A, B, and C are correct. 79. Variances: A.are only investigated if they are unfavorable. B.are always investigated. C.will always result in the improvement of the.
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– CHAPTER 12 – SHORT ANSWER QUESTIONS 119.What characteristics of administrative processes are different from the characteristics of revenue, expenditures, or conversion processes? 120.How do other processes (revenue, expenditures, conversion) affect the general ledger? 121.How would you describe capital? 122.Describe the nature of the authorization of source of capital processes. 123.How does the specific authorization.
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31.Data warehouse files are non-volatile, and not frequently updated while operational databases are updated with each transaction that affects them. 32.HIPs, or high-impact processes, are the critically important processes that must be executed correctly if the organization is to survive and thrive. 33.Tools commonly used in data mining are OLAP, ROLAP, and.
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