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Study Resources (Accounting)

31) Identify and discuss the two common methods of production planning. 32) How can CAD software help improve the efficiency and effectiveness of the product design process? A) It can eliminate the costs associated with creating and destroying physical prototypes. B) It can simulate how new products will be manufactured. C) It can.
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18.1   Integrate separate REA diagrams for individual business cycles into a single, comprehensive organization-wide REA diagram. 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.
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31) Why would a firm perform ABC cost analysis? A) to identify the best inventory supplier B) to reconcile accounts payable C) to prioritize physical inventory counts D) to verify production quality 32) True or False:  It is important to physically count inventory, at least periodically, even in a perpetual inventory system. 33) What is the.
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15.2   Discuss the key decisions to be made in the HRM/payroll cycle and identify the information needed to make those decisions. 1) The sales department administrative assistant has been assigning phone order sales to her brother-in-law, a company sales person. Company policy is to pay commissions only on orders directly received.
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21.1   Describe how organizations purchase application software, vendor services, and hardware. 1) Identify the statement below that is false with regards to the development of an AIS. A) A newly designed AIS always meets user needs for a time period. B) Changes to the AIS are often difficult to make after requirements.
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13) 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 14) In the table called Perform Machine Operations, which is the most likely primary key? A) Equipment Number B).
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11) The expenses associated with disposal of defective products are ________ costs. A) prevention B) inspection C) internal failure D) external failure 12) In addition to identifying and dealing with defective products before they reach customers, quality management is concerned with initiating process changes that will reduce the number of defective units produced. All other.
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20.2   Discuss the people involved in systems development and the roles they play. 1) Which group of individuals listed below can be the most effective in generating employee support and encouraging the development and acceptance of an AIS project? A) accountants B) information systems steering committee C) management D) project development.
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16) Which of the following will limit a firm's potential loss exposure from paycheck forgery? A) segregation of check distribution from payroll duties B) prompt redeposit of unclaimed paychecks C) a separate payroll bank account D) direct deposit of checks 17) Which of the following is a control that addresses the threat of unauthorized changes.
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16) Identify the notation below that is not used to represent cardinality information. A) UML B) (Min, Max) C) DFD D) Maximums only 17) Every citizen in the United States has one social security number, but no two citizens have the same social security number. Thus, the cardinality that exists between social security numbers and.
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31) Explain the functions of the payroll register, deduction register, and earnings statement. 32) What is the difference between a payroll service bureau and a professional employer organization? 33) Discuss the various types and sources of input into the HRM/payroll cycle. 34) A growing number of companies require some of their.
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14.3   Explain how a company's cost accounting system can help it achieve its manufacturing goals. 1) Which objective listed below is not a cost accounting objective for the production cycle? A) Provide information for planning, controlling, and evaluating the performance of production operations. B) Provide cost data about products used in.
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16) Concatenated keys are A) only needed when combining two or more REA diagrams. B) foreign keys used to implement 1:N or 1:1 relationships. C) multiple attribute keys used to implement 1:N relationships. D) required to implement M:N relationships. 17) How many tables are needed to implement an REA data model that has six distinct.
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19.1   Develop REA data models for a variety of organizations besides retail stores. 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.
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20.1   Explain the five phases of the systems development life cycle. 1) A company that invests in a system in the hopes of improving product or service quality is attempting to use their information system to gain A) a competitive advantage. B) improved business processes. C) productivity gains. D) better systems integration. 2) An information.
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27) Describe the possible relationships between entities, in terms of cardinalities. 28) A dental office employs three dentists and five dental hygienists. One of the dentists is a very recent dental school graduate and can't yet see patients on her own until she passes boards and obtains a license. Dentists.
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20.5   Explain why system changes trigger behavioral reactions, what form this resistance to change takes, and how to avoid or minimize the resulting problems. 1) ________ is a form of user resistance where data are erroneously entered into a system. A) Acceptance B) Aggression C) Avoidance D) Aggravation 2) ________ is a form of resistance when.
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16) Companies that specialize in processing payroll are known as A) paycheck distribution companies. B) payroll service bureaus. C) professional employer organizations. D) semi-governmental organizations. 17) Which organization provides payroll processing as well as other HRM services, like employee benefit design and administration? A) title companies B) payroll service bureau C) professional employer organization D) paycheck distribution companies 18) Which.
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16) Immediately after the adjusting entries are posted, the next step in the general ledger and reporting system is to prepare A) an adjusted trial balance. B) closing entries. C) financial statements. D) an unadjusted trial balance. 17) Financial statements are prepared in a certain sequence. Which statement is prepared.
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16) At the end of each production run, preventive maintenance is done on the assembly line. The expenses associated with this maintenance are ________ overhead. A) batch-related B) product-related C) company wide D) department-based 17) Which of the following is not a benefit of activity-based costing? A) lower cost B) better decisions C) improved cost management D) identification of.
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28) Which of the following diagrams represents the cardinality pairs in a situation where many people apply for a specific position, and some of the applicants have applied for the position in the past? A) B) C) D) 29) Which of the following diagrams represents the cardinality pairs in a situation.
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12) Refer to the diagram below, where the numbers next to the arrows refer to the number of days required for completion of the corresponding activity. What is the critical path? A) A-B-D-F B) A-C-E-F C) A-B-D-E-F D) A-C-B-D-F E) A-C-B-D-E-F 13) Describe the importance of the master plan in systems development. 14) PERT is an.
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16.4   Discuss how tools like responsibility accounting, balanced scorecards, and graphs can be used to provide information managers need to effectively monitor performance. 1) The ________ is the managerial report that shows planned cash inflows and outflows for major investments or acquisitions. A) journal voucher list B) statement of cash flows C) operating.
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17.1   Discuss the steps for designing and implementing a database system. 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.
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16.1   Describe the information processing operations required to update the general ledger and to produce reports for internal and external users. 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.
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15.1   Describe the major business activities and related information processing operations performed in the human resources management (HRM)/payroll cycle. 1) Which activity below is not performed by Human Resources management (HRM)? A) compensation B) training C) discharge D) recruitment and hiring 2) Which department should have the sole ability to provide information.
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14.1   Describe the major business activities and related information processing operations performed in the production cycle. 1) The AIS compiles and feeds information among the business cycles. What is the relationship between the revenue and production cycles regarding the exchange of information? A) The revenue cycle provides sales forecast and customer.
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9) Marina Filimena is an accountant at Jasmina Hair Products. Marina received the following error message while making an adjusting entry to the general ledger: "The amounts debited and credited are not equal. Please correct and try again." This is an example of a A) validity check. B) field check. C) zero-balance.
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50) Type and group entities are similar in that both are abstractions that represent sets of A) objects. B) semantics. C) attributes. D) all of the above 51) The attributes of which type of entity would provide a way for the system to compare an employee's reimbursement request with the permissible range of the.
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31) Explain a completeness check. 32) Constructing a well-structured, well-developed REA diagram eliminates which anomaly problem(s)? A) update B) insert C) delete D) all of the above 33) How many tables are needed to implement an REA data model that has four distinct entities, three M:N relationships and one 1:N relationships in a relational database? A) 5 B).
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16) The system objective concerned that crucial information be produced first, and then less important items as time permits, is known as A) flexibility. B) reliability. C) timeliness. D) usefulness. 17) A prototype A) is expensive to create and is therefore only created once user needs are well-defined. B) is making an.
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18.3   Explain how to write queries to retrieve information from an AIS relational database built according to the REA data model. 1) Nonfinancial information should be collected because A) it may indicate events that may affect resources. B) it can be used to plan other activities. C) it can be used.
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39) Why is cost information stored in several relational tables? 40) Identify the business activity below that cannot be modeled using an REA diagram. A) purchase requisitions B) rental transactions C) intangible assets D) All of the above can be modeled by an REA diagram. 41) In which entity would an item's standard cost information most.
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12) Which of the following graphical symbols represents a minimum cardinality of zero and a maximum cardinality of one? A) B) C) D) 13) Which of the following graphical symbols represents a minimum cardinality of zero and a maximum cardinality of many? A) B) C) D) 14) Which of the following graphical.
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16) Using technology such as robots and computer-controlled machinery to shift from mass production to custom order manufacturing is referred to as A) computer integrated manufacturing (CIM). B) lean manufacturing. C) Six Sigma. D) computer-aided design (CAD). 17) Direct labor must be tracked and accounted for as part of the production process. Traditionally, direct labor.
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9) An effective project development team consists of A) systems analysts. B) accountants. C) users. D) all of the above 10) Who should communicate frequently with users and hold regular meetings to consider ideas and discuss progress so there are no surprises upon project completion? A) information systems steering committee B) management C) project development.
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20.6   Discuss the key issues and steps in systems analysis. 1) During ________ of systems analysis, an examination made of each development activity to define the problem to be solved. A) information needs and systems requirements B) the feasibility study C) the initial investigation D) the systems survey 2) When is a.
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11) The threat of violation of employment laws relates directly to which activity? A) payroll processing B) collecting employee time data C) hiring and recruiting D) all of the above 12) What is a potential threat to the specific activity of payroll processing? A) hiring unqualified employees B) poor system performance C) violations.
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16.3   Understand the implications of new IT developments, such as XBRL, and changes in the external reporting requirements, such as IFRS, for the design and operation of the general ledger and reporting system. 1) Which of the following statements is not true regarding XBRL? A) XBRL is a variant of XML. B) XBRL.
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16) The management at Barks-a-Million is considering a new inventory control system. The current system is inadequate because it frequently causes stockouts that interrupt production and lead to excess stock of other materials — resulting in markdowns and high carrying costs. The new system will focus on ensuring that these.
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