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Study Resources (Accounting)

60) The acronym for the organization responsible for standardizing flowchart symbols is A) FASB. B) ANSI. C) AICPA. D) CMA. 61) Audit tests that follow compliance tests and rely on the interim audit's results are called A) substantive tests. B) follow-up tests. C) internal control tests. D) evaluation tests. 62) Which of the following is a procedure included in systems.
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42) Preparing flowcharts can be viewed as more ________ than ________. 43) ________ ________ are a fact-gathering technique where persons provide written answers to general, rather than specific, questions. 44) ________ ________ is based on the premise that quantitative measurement is essential to the design of efficient procedures. 45) The formula for capacity.
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Exercise 9 A private, not-for-profit university received donations of $1,000,000 in 2003 that were restricted to capital improvements of the football stadium. The university spent $1,300,000 on capital improvements for the stadium in 2003 and recorded depreciation of $102,000.  In 2003, an alumnus contributed a $5,000,000 endowment for football scholarships with.
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11) Systems analysis involves formulating a blueprint for a completed system. 12) Auditors primarily use IPO and HIPO charts. 13) Section 404 of the Sarbanes-Oxley Act requires that annual filings of publicly traded companies include a statement of management's responsibility for establishing and maintaining adequate internal control as well as an assessment.
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11.A type of fund that may be either expendable or nonexpendable is a(n): a.agency fund. b.enterprise fund. c.internal service fund. d.private-purpose trust fund. 12.Which of the following does not appear on the statement of cash  flows as an investing activity?   a.Receipts or payments from the disposal or acquisition of capital assets. b.Receipts or payments regarding.
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Exercise 1 Prepare journal entries to record the following transactions for a private, not-for-profit university. Tuition and fees assessed total $10,000,000, 85% of which was collected by year-end; tuition scholarships were granted for $800,000, and $400,000 was expected to be uncollectible. Revenues collected from sales and services by the university bookstore were.
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Multiple Choice Questions 1. What basis of accounting is used by fiduciary funds? a.modified accrual b.accrual c.cash basis d.None of the above choices is correct. 2. County collections of property tax (on behalf of itself and its municipalities) would be accounted for in a(n): a.agency fund. b.general fund. c.special revenue fund. d.private-purpose trust fund. 3.In a proprietary fund statement of cash.
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Exercise 3 Montgomery County incurred the following transactions during 2004: Marketable securities were donated to support the county's bike and nature trails. The donor acquired the securities for $35,000 ten years earlier; however, their current market value was $200,000. The donor specified that all income from the securities be used for the.
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Exercise 8 The four cash flow activities required in a government proprietary fund's statement of cash flows are listed below and assigned a letter code. A) Cash flows from operating activities B) Cash flows from noncapital financing activities C) Cash flows from capital and related financing activities D) Cash flows from investing activities Required: Use the.
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Exercise 1 Prepare journal entries to record the following transactions in the enterprise fund for a state university. Tuition and fees assessed total $8,000,000 of which 80% was collected by year-end; scholarships were granted for $300,000 and $200,000 was estimated to be uncollectible. Revenues collected from sales and services to the university.
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Exercise 8 The unadjusted trial balance for the general fund of the City of Allensville at June 30, 2004 is as follows: Debits Accounts receivable...........................................              $40,000 Cash.......................................................                75,000 Due from agency fund.........................................                25,000 Encumbrances.........................................  60,000 Estimated revenues............................................              975,000 Expenditures.........................................750,000 Taxes receivable..............................................              250,000 Credits Allowance for doubtful accounts.................................              5,000 Allowance for uncollectible taxes................................                50,000 Appropriations...............................................              785,000 Due to utility fund............................................                40,000 Unreserved.
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154) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. XBRL ________ 2. Telecommuting ________ 3. JIT ________ 4. Total quality management ________ 5. OA ________ 6..
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99) Material requirements planning software assists management in managing A) inventories. B) overhead. C) scheduling production. D) both inventories and scheduling production. 100) The international quality-management standard credited for promoting the process management approach is the A) Six Sigma. B) ISA-95. C) ISO 9001. D) ISA-Y2K. 101) Which systems permit the reprogramming of computers to produce entirely different products in.
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11.A gift-in-kind, for which there is little or no discretion on disposition, should be accounted by a not-for-profit entity as: a.a contribution b.an exchange transaction c.an agency transaction d.a conditional promise to give 12.Not-for-profit organizations report unconditional promises to give that will be collected in future years at: a.the present value of the amounts expected to.
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Exercise 9 The general fund trial balance for Ellwood City held the following balances at September 30, 2004, just before closing entries were made: Due from other funds....................................              $750 Unreserved fund balance.................................              5,000 Estimated revenues......................................                        20,000 Revenues..............................................                        18,950 Appropriations.........................................                        19,000 Expenditures - current year................................                        16,800 Expenditures - prior year.................................              2,500 Encumbrances..........................................              1,200 Operating transfers in....................................              4,000 Reserve.
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119) The technological philosophy that emphasizes "customer satisfaction" to the point of "customer obsession" is known as A) TQP. B) EDI. C) TQM. D) TQP and TQM. 120) Which of the following is not a consumer benefit of Web commerce? A) There is no waiting for a salesperson or product information. B) There is automatic electronic encoding.
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109) The three general phases of systems development projects and the order in which they occur are A) systems design, systems implementation, and systems analysis. B) systems design, systems implementation, and systems auditing. C) systems design, systems analysis, and systems programming. D) systems analysis, systems design, and systems implementation. 110) Quick Response reader application can.
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Exercise 3 Record the following transactions in the Brown State Hospital enterprise fund: Gross patient services revenues: $10,000,000. Included in the above revenues are: charity services, $200,000; contractual adjustments, $700,000; and estimated uncollectible amounts, $350,000. Purchased equipment by issuing a 5-year note for $80,000. Received cash donations restricted for a capital building addition program, $2,200,000. Incurred.
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153) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. Chief Information Officer ________ 2. Treasurer ________ 3. Transaction processing cycle ________ 4. Technical support.
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11) Some organizations that use computers to process transactional data must have an information system function. 12) The operations function allows specialization in areas such as operating systems and software and communications technology. 13) Cloud computing describes the increasing trend for data processing capabilities to be provided as a service via the.
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158) Briefly describe and distinguish technical support and user support. 159) Discuss the internal audit function within an organization. 160) Discuss the nature of systems development. 161) Describe an enterprise resource planning system to include the pros and cons of this type of system. .
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54) A systems development project consists of ________ general phases. 55) The purpose of the ________ approach is to assist in the orderly development of effective systems. 56) Many companies prefer business process ________ because they find it more cost-effective than designing their own system from the ground up. 57) A philosophy of.
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Exercise 6 The Mental Health Clinic is a private, not-for-profit organization that provides free mental health services for the uninsured. Record each of the following transactions in the accounts of the Mental Health Clinic. Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $10,000. Unrestricted.
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Exercise 2 The Meals for the Homeless is a private, not-for-profit organization that provides free meals for the destitute in a large city. Record the following transactions in the accounts of Meals for the Homeless. 1.  Unrestricted cash gifts that were received last year, but designated for use in the current year,.
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Exercise 8 Parkland General is a private, not-for-profit hospital. Record the appropriate journal entries for each of the following hospital transactions. Gross patient services charges totaled $9,000,000. Included in the above revenues are: charity services, $330,000; contractual adjustments, $800,000; and courtesy allowances, $28,000. Received marketable securities valued at $225,000 for the purchase of.
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Exercise 3 The following information was taken from the accounts and records of the Salmon Foundation, a private, not-for-profit organization. All balances are as of December 31, 2003, unless otherwise noted. Unrestricted Support - Contributions.........................              $5,000,000 Unrestricted Support - Membership Dues......................                   600,000 Unrestricted Revenues - Investment Income....................                     96,000 Temporarily restricted gain on sale.
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89) The term that best describes an information system that is tailored to the strategic information needs of top-level management is a(n) A) accounting information system. B) expert system. C) executive information system. D) EDP system. 90) ________ are the only physical items that are absolutely required for a user of cloud computing. A) A data.
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Exercise 4 A private, not-for-profit university received donations of $4,000,000 in 2003 that were restricted to certain research projects on gene splicing. The university incurred $2,300,000 of expenses on this research in 2003. In 2003, an alumnus contributed a $2,000,000 endowment for genetic research with all endowment income restricted for that.
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Exercise 6 Prepare journal entries in an Internal Service Fund to record each of the following transactions. Purchased equipment on September 1 by paying $50,000 down and borrowing $200,000 on a 6%, 2-year note.  Billed General Fund departments $1,240,000 for services provided to those departments. Billings to the Enterprise Fund totaled $330,000..
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Exercise 1 Wildwood Township entered into the following transactions during 2004: The township authorized a bond issue of $5 million par to finance construction of a fountain in the town square. The bonds were issued for $5,120,000. The premium was transferred to the fund for which the debt will be serviced. The township.
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41) EDI is a key component to quick-response technology systems. 42) The philosophy that one should do the right thing the first time is better known as TQM or TQP. 43) RFID tags are used for tracking objects within a quick-response system. 44) Only active RFID tags transmit signals containing digital information to.
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74) The linking of applications in a suite is facilitated through a(n) ________ ________ ________. 75) A business process is an interrelated set of tasks that involve data, ________ units, and a logical time sequence. 76) A simple way of viewing the company's activities in a manner suited to analyzing its competitive.
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129) RFID tags include all of the following except A) active tags. B) passive tags. C) inactive tags. D) semi-passive tags. 130) Which of the following is not associated with lean manufacturing? A) CRM B) Toyota Production System C) Eliminating waste D) JIT 131) The following are EDI standards except A) ANSI X.12. B) AS2. C) eBXML. D) ISO-95. 132) Green IT is concerned with A).
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Exercise 5 Based upon the provided 2003 annual cash flow information, prepare a cash flow statement for the Red River Municipal Golf Course enterprise fund. Green fees received                                $500,000 Membership fees received                             30,000 League outing fees received                         120,000 Interest revenue received                             2,000 Cash received from short-term note payable           75,000 Payments to employees                               350,000 Payments to suppliers                               198,000 Cash paid.
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64) A group of loosely connected companies that work together to maximize the value of their economic outputs is a(n) ________ ________. 65) The IT benefits for AISs are ________, ________, and ________. 66) Application ________ involves the process of ensuring the suite of organization's applications work together in order to meet.
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Exercise 5 Prepare journal entries to record the following grant-related transactions for a municipality special revenue fund. 1.  Awarded an operating grant from the state, $5,000,000 (cash will be received after qualified expenditures are made). 2.  Incurred and paid qualifying expenditures on the grant program, $3,200,000. 3.  Received a federal grant to finance.
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Exercise 10 The following information was taken from the accounts and records of the Plutarch Foundation, a private, not-for-profit organization. All balances are as of June 30, 2004, unless otherwise noted. Unrestricted Support - Contributions.........................              $3,000,000 Unrestricted Support - Membership Dues......................                   700,000 Unrestricted Revenues - Investment Income....................                     76,000 Temporarily restricted gain on sale.
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31) Operational transaction cycles have traditionally grouped activities of a business into six common operational processes. 32) Transactions are used by auditors to verify account balances and internal controls. 33) The internal audit function and the accounting functions should not be segregated in order to increase a company's internal control. 34) The director.
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21) In CIM systems, computers control management-designed parts of the manufacturing process. 22) Flexible manufacturing systems can be reprogrammed to produce entirely different products. 23) The process management approach aids in the management and improvement of a company's processes in order to increase customer satisfaction while ignoring the company's cost structure. 24) ERPs.
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70) The "hierarchy" aspect of HIPO charts refers to the fact that this technique factors a task into modules by A) using the entity's organization chart. B) utilizing a horizontal approach. C) going from the general to the specific. D) None of these answers are correct. 71) The charting technique which emphasizes a logical rather.
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Multiple Choice Questions 1.In accounting for private, not-for-profit organizations, revenues and expenses are reported at _________ amounts and most gains and losses are reported at ___________ amounts. a.net, gross b.gross, net c.gross, gross d.net, net 2.When the temporary-use restriction on a charitable donation is satisfied, which of the following is not reported? a.net assets released from restrictions.
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Exercise 9 Prepare journal entries to record the following grant-related transactions of an enterprise fund. 1.  Received an operating grant in cash from the state, $5,000,000. 2.  Incurred and paid qualifying expenses on the grant program, $3,200,000. 3.  Received a federal grant to finance construction of a plant, $9,000,000 (cash received in advance). 4. .
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1) Tools used in the analysis, design, and documentation of system and subsystem relationships are known as system techniques. 2) The interim audit requires some type of substantive testing. 3) Substantive testing involves direct verification of financial statement figures. 4) When evaluating internal controls, auditors are usually not concerned with the flow of.
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Exercise 7 The following information regarding the fiscal year ended September 30, 2004, was drawn from the accounts and records of the Washington County general fund: Revenues and other asset inflows: Taxes............................................              $12,000,000 Licenses and permits..........................................              2,500,000 Intergovernmental grants.......................................                1,000,000 Proceeds of short-term note issuances.............................                1,200,000 Collection of interfund advance to other fund.......................                   800,000 Receipt.
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