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Study Resources (Accounting)

16. In a payroll processing DFD, the "prepare reports" activity will be represented by ________, the "employee payroll file" will be represented by ________, and the "management" will be represented by ________. A. a circle; two horizontal lines; a square B. a circle; two horizontal lines; two horizontal lines C..
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6) Carousel Clothes is a voluntary health and welfare organization that provides gently-used second-hand clothes to those in need. They had the following transactions in 2014. 1.Cash gifts were received in the amount of $60,000, of which $13,000 had been pledged in the prior year. 2.Pledges made in the current year but.
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10. Inventory information is provided in real time by a firm's accounting information system. The accuracy of this information is questionable, however, since the production manager often reports stock outs of components that the system indicates are in stock. Which of the following characteristics of useful information is absent in.
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9) Philiam Benedict dies on October 1, 2014, leaving his entire estate to his sole surviving niece, Muriel Finster. After all devise distributions and payments for estate expenses and liabilities, the fair value of Philiam's estate is $6,350,000. Required: Calculate the federal estate tax on Philiam's estate, assuming that federal estate taxes.
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3.2   Prepare and use flow diagrams to understand, evaluate, and document information systems. 1. The correct label for Shape 1 in the flowchart below is A. Purchase Order 3 B. Purchase Requisition 1 C. Accounts Payable Trial Balance D. Purchase Order 2 2. The correct label for Shape 2 in the flowchart below is A. 1 B. Purchase.
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17) A private, not-for-profit university received donations of $800,000 in 2014 that were restricted to capital improvements of the football stadium. The university spent $670,000 on capital improvements for the stadium in 2014 and recorded depreciation of $130,000. In 2014, an alumnus contributed a $1,500,000 endowment for football scholarships with all.
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2.1   Describe the four parts of the data processing cycle and the major activities in each. 1. Which of the following commonly initiates the data input process? A. a business activity B. automatic batch processing C. an accounting department source document D. a trial balance query 2. A typical source document could be A. some type.
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10) Coats for Kids is a private, not-for-profit organization that provides free coats for children in the suburbs of a large city. Coats for Kids had the following transactions in 2014. 1.Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $50,000. The cash.
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1.2   Explain the decisions an organization makes and the information needed to make them. 1. Paid time-off policies, job descriptions, and procedures manuals are examples of information needed to support key decisions in what business process? A. hire and train employees B. acquire inventory C. sell merchandise D. collect payment from customers 2. Before a firm.
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11) Under the Uniform Probate Code, the personal representative must publish for what time period a notice in a newspaper of general circulation in the county in which the decedent resided? A) For one week B) For two weeks C) For three weeks D) For five weeks 12) If estate assets are insufficient to pay.
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23.1   Multiple Choice Questions 1) Which of the following phrases is frequently used to refer to estate or trust accounting? A) Non-profit accounting B) Testamentary accounting C) Fiduciary accounting D) All of the above phrases are used to refer to estate or trust accounting. 2) In reference to accounting for trusts or estates, which of the.
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2.5   Discuss how organizations use enterprise resource planning (ERP. systems to process transactions and provide information. 1. Which of the following is an example of an ERP system? A. Alexis uses a computerized information system to keep track of all the financial data generated by her bakery. She is considering opening a.
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2.4   Discuss the types of information that an AIS can provide. 1. Which statement below regarding the AIS is false? A. The AIS must be able to provide managers with detailed and operational information about the organization's performance. B. Both traditional financial measures and operational data are required for proper and.
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1.1   Distinguish data from information, discuss the characteristics of useful information, and explain how to determine the value of information. 1. Which of the following statements below shows the contrast between data and information? A. Data is the output of an AIS. B. Information is the primary output of an AIS..
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9) The following information was taken from the accounts and records of the Helping Hands Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of June 30, 2014, unless otherwise noted. Unrestricted Support - Contributions$2,000,000 Unrestricted Support - Membership Dues640,000 Unrestricted Revenues - Investment Income80,000 Temporarily restricted gain on sale.
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15) A private, not-for-profit university received donations of $1,000,000 cash in 2014 that were restricted to certain research projects on sustainability, with an emphasis on reducing the campus waste. The university incurred and paid $450,000 of expenses on this research in 2011. In 2014, an alumnus contributed a $700,000 endowment for.
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19) Record the following transactions for Porter Hospital, a private, nonprofit hospital: 1.Gross patient services revenues: $25,000,000. Billed to patients. 2.Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3.Purchased equipment by issuing a 5-year note for $200,000. 4.Received cash donations restricted for a capital building.
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1.7   Explain how an AIS and corporate strategy affect each other. 1. A change in the AIS that makes information more easily accessible and widely available within an organization is most likely to first influence the A. organizational culture. B. customer base. C. external financial statement users. D. production activity. 2..
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38. Describe a system flowchart. Describe a program flowchart. How are the two interrelated? 39. Identify five important guidelines for drawing a flowchart. Select one from your list and describe why it could be the most important one to consider when preparing a flowchart. Support your choice with an example..
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13) Silvia Peacock has been appointed to serve as the executor of the estate of Mr. Mickey Babay, who passed away at the age of 104 on April 5, 2011. On April 5, 2011, Mr. Babay's assets consisted of the following: Asset Book Value Fair Value Cash $40,000 $40,000 Mutual fund investment 170,000 170,000 Selonoid Incorporated common stock 22,000 28,000 Ford Mustang 24,000 16,000 Condo in.
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22.2   Exercises 1) Will Wealth made three charitable donations in 2014. Each was for $500,000, however they were made to three different organizations as follows: 1.Will donated to a local voluntary health and welfare organization (VHWO), and indicated that the funds could be used as the VHO wanted. 2.Will donated to a local.
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1.4   Describe the major business processes present in most companies. 1. Obtaining financing from outside investors is part of which cycle? A. the revenue cycle B. the financing cycle C. the production cycle D. the payroll cycle 2. The ________ is not a transaction cycle. A. general ledger and reporting cycle B. expenditure cycle C..
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8) The following information was taken from the accounts and records of the Community Chest Foundation, a private, not-for-profit VHWO organization. All balances are as of December 31, 2014, unless otherwise noted. Unrestricted Support - Contributions$6,500,000 Unrestricted Support - Membership Dues700,000 Unrestricted Revenues - Investment Income63,000 Temporarily restricted gain on sale of investments20,000 Expenses -.
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23.2   Exercises 1) Avery died testate early in 2014. The following transactions occurred relating to Avery's estate. 1.Avery's estate included bonds with a fair (market) value of $120,000. On the date of Avery's death, there was $2,000 of accrued but unpaid interest. Two months after Avery's death, a check arrived in the.
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2.2   Describe documents and procedures used to collect and process transaction data. 1. The general ledger A. is the initial place to record general expenses. B. is posted in total to the general journal. C. only includes balance sheet accounts. D. summarizes the transactions in journals. 2. For a retail business, a delivery of.
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3) Southtown Community Hospital (SCH) shows the following balances on its trial balance at June 30, 2014, their fiscal year end. SCH is a not-for-profit, nongovernmental hospital. $260,000 cash was spent on equipment from donations restricted for that purpose. Debits: Administrative services expense200,000 Contractual allowances1,200,000 Depreciation expense700,000 Employee discounts300,000 General services expense900,000 Loss on sale of fixed.
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4.1   Explain the importance and advantages of databases, as well as the difference between database systems and file-based legacy systems. 1. Using a file-oriented approach to data and information, data is maintained in A. a centralized database. B. many interconnected files. C. many separate files. D. a decentralized database. 2. File-oriented.
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2.3   Describe the ways information is stored in computer-based information systems. 1. Identify the statement below that is not true with regards to the accounts receivable subsidiary ledger. A. Every credit sale is entered individually into the subsidiary ledger. B. Debits and credits in the subsidiary ledger must always equal. C. The subsidiary.
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43. True or False:  The Sarbanes-Oxley Act requires auditors to create flowcharts to document business processes. 44. In the data flow diagram below, Shipping is a A. data store. B. data flow. C. data source. D. data destination. 45. In the data flow diagram below, which process happens first? A. Respond to customer inquiries B. Take order C. Check.
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5) Albatross University, a not-for-profit, nongovernmental university, had the following transactions in 2014. 1.Tuition bills were sent amounting to $8,000,000, with 70% collected before the end of the fiscal year; tuition waivers were granted on the total amount of $400,000, and $220,000 was expected to be uncollectible. 2.Cafeteria sales, all cash, were.
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32. Discuss the ways in which information professionals interact with documentation tools and the various levels of understanding necessary. 33. Explain two reasons why it is important to have a working knowledge of DFDs and flowcharting. 34. What does the Sarbanes-Oxley Act require that is relevant to documentation tools? 35. Describe.
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3.1   Prepare and use data flow diagrams to understand, evaluate, and document information systems. 1. Graphical representations of information are often supplemented by A. narrative descriptions. B. relevant e-mail communications. C. logic charts. D. oral descriptions from management. 2. All of the following are guidelines for preparing data flow diagrams except A. show the.
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1.5   Explain what an accounting information system (AIS. is and describe its basic functions. 1. An accounting information system must be able to perform which of the following tasks? A. collect transaction data B. process transaction data C. provide adequate controls D. all of the above 2. Which of the following is.
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13) Childrens Hospital is a private, not-for-profit hospital. The following information is available about the operations. 1.Gross patient services charges totaled $6,400,000. 2.Included in the above revenues are: charity services, $210,000; contractual adjustments, $2,400,000; and courtesy allowances, $37,000. 3.Received a donation of marketable securities with a fair value of $165,000 for the purchase.
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4.2   Explain the difference between logical and physical views of a database. 1. The physical view of a database system refers to A. how a user or programmer conceptually organizes and understands the data. B. how the DBMS accesses data for a certain application program. C. how and where the data.
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