Info
Warning
Danger

Study Resources (Accounting)

176.For each of the following companies, identify whether they are a service, merchandising, or manufacturing business. A. Dillards B. Time Warner Cable C. General Motors D. Blockbuster E. Applebee’s F. Sony G. Best Buy H. Banana Republic I. H & R Block 177.Identify each of the following as either internal or external users of accounting information. A. Payroll Manager B. Bank C. President’s Secretary D. Internal Revenue Service E. Raw Material Vendors F. Social Security Administration G. Health Insurance Provider H. Managerial Accountant 178.Determine the missing.
6 Views
View Answer
1.The main objective of a not-for-profit business is not to make a profit. 2.An example of an external user of accounting information is the federal government. 3.A corporation is a business that is legally separate and distinct from its owners. 4.About 90% of the businesses in the United States are organized as corporations. 5.The.
19 Views
View Answer
138.Krammer Company has liabilities equal to one fourth of the total assets. Krammer’s owner’s equity is $30,000. Using the accounting equation, what is the amount of liabilities for Krammer? 139.Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were completed by Daniels Company during May: 1. Received cash from.
10 Views
View Answer
41. Which of the following is the final activity in the systems development life cycle? A. monitoring of the system B. ongoing maintenance activities C. preparation of the post-implementation review report D. user acceptance of the post-implementation review report 42. An analyst who asks the question, "Does the system produce.
7 Views
View Answer
78. Identify the main reasons why companies change existing systems? 79. Who makes up the project development team and what is the team's purpose? 80. Describe the five phases of systems analysis. 81. Describe the four primary objectives of a systems survey conducted during systems analysis. 82. Identify and briefly discuss the.
5 Views
View Answer
31. Several types of documentation must be prepared for a new system. The type of documentation that includes the files and databases accessed and file retention requirements is called A. development documentation. B. operations documentation. C. reference documentation. D. user documentation. 32. What type of system test determines whether a.
2 Views
View Answer
134.Darnell Company purchased $88,000 of computer equipment from Joseph Company. Darnell Company paid for the equipment using cash that had been obtained from the initial investment by Donnie Darnell. 135.Explain the meaning of: (a) the objectivity concept and (b) the unit of measure concept 136.Doug Miller is the owner and operator of.
10 Views
View Answer
51. Where is the responsibility for the development of end-user computing applications typically placed? A. End users B. Help desk C. Information Technology Services Department D. Programmers 52. Callow Youth Clothing (CYC. declared bankruptcy in 2007 and has since closed 27 stores, which amounts to over half of its retail outlets. One of the conditions.
4 Views
View Answer
170.The assets and liabilities of S&P Day Spa at December 31, 2011 and its revenue and expenses for the year are listed below. The capital of the owner was $68,000 at January 1, 2011. The owner invested an additional $10,000 during the year. Accounts Payable $4,375 Spa Operating Expense $23,760 Accounts Receivable $8,490 Office.
8 Views
View Answer
81.Denzel Jones owns and operates Crystal Cleaning Company. Recently, Denzel withdrew $18,000 from Crystal Cleaning, and he contributed $14,000, in his name, to Habitat for Humanity. The contribution of the $14,000 should be recorded on the accounting records of which of the following entities? A.Crystal Cleaning and Habitat for Humanity B.Denzel Jones'.
6 Views
View Answer
71.Which of the following is not a certification for accountants? A.CIA B.CMA C.CISA D.All are certifications. 72.Which of the following isnot a characteristic of a corporation? A.Corporations are organized as a separate legal taxable entity B.Ownership is divided into shares of stock. C.Corporations experience an ease in obtaining large amounts of resources by issuing stock. D.A corporation’s resources are.
10 Views
View Answer
11. Information provided on a Request For Proposal given to vendors should include A. a budget for software and hardware. B. detailed specifications for the AIS. C. timeframe required for completion of the project. D. All of the above are correct. 12. The system performance evaluation approach that evaluates systems based.
14 Views
View Answer
149.Discuss the characteristics of a LLC (Limited liability company). 150.Kim Hsu is the owner of Hsu’s Financial Services. At the end of its accounting period, December 31, 2011, Hsu’s has assets of $575,000 and owner’s equity of $335,000. Using the accounting equation and considering each cased independently, determine the following amounts. a..
8 Views
View Answer
91.The assets and liabilities of the company are $175,000 and $40,000, respectively. Owner’s equity should equal A.$215,000 B.$135,000 C.$175,000 D.$40,000 92.If total liabilities decreased by $55,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets.
9 Views
View Answer
31.Paying an account payable increases liabilities and decreases assets. 32.Receiving payments on an account receivable increases both equity and assets. 33.Cash withdrawals by owners decrease assets and increase equity. 34.Purchasing supplies on account increases liabilities and decreases equity. 35.Receiving a bill or otherwise being notified that an amount is owed is not recorded until.
11 Views
View Answer
65. Describe computer-aided software (or systems. engineering (CASE. and identify the advantages and disadvantages of CASE? 66. Explain the concept of an application service provider. 67. Identify the ways an organization can gain full advantage of using a Request For Proposal (RFP.. 68. Discuss how an organization can develop custom.
6 Views
View Answer
144.Ramierez Company received their first electric bill in the amount of $60 which will be paid next month. How will this transaction affect the accounting equation? 145.Jonathan Martin is the owner and operator of Martin Consultants. At December 31, 2011, Martin Consultants has assets of $430,000 and liabilities of $205,000. Using.
8 Views
View Answer
61.Which of the following group of companies are all examples of a merchandising business? A.Delta Airlines, Marriott, Gap B.Gap, Amazon, NIKE C.GameStop, Sony, Dell D.GameStop, Best Buy, Gap 62.Which of the following would not normally operate as a service business? A.Pet Groomers B.Restaurant C.Lawn Care Company D.Styling Salon 63.Select the type of business that is most likely to obtain large.
9 Views
View Answer
1. Developing a general framework for implementing user requirements and solving problems identified in the analysis phase occurs in which phase of the SDLC? A. conceptual systems design B. implementation and conversion C. operations and maintenance D. physical design 2. Who is responsible for evaluating the design alternatives and selecting the.
16 Views
View Answer
11.An account receivable is typically classified as a revenue. 12.Managerial accounting information is used by external and internal users equally. 13.Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management. 14.Proper ethical conduct implies that you only consider what's in your best.
11 Views
View Answer
140.Use the accounting equation to answer each of the independent questions below: a. At the beginning of the year Norton Company assets were $75,000 and its owner’s equity was $38,000. During the year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner’s equity at the end of.
7 Views
View Answer
11. Physical input design considerations include A. which transactions to enter. B. layout of source documents. C. types of data input and optimal input methods. D. cost of collecting and storing data. 12. Program design A. spans all five stages of the system development life cycle. B. includes writing computer code. C. includes.
8 Views
View Answer
60. Describe the difficulties that could be encountered when developing an AIS. 61. What are the three methods to obtain a new information system? What is a turnkey system? 62. What guidelines should be followed when contracting with an outside developer to create custom software? 63. Describe the purposes of.
2 Views
View Answer
126.Discuss internal and external users of accounting information. What areas of accounting provide them with information? Give an example of the type of report each type of user might use. 127.Companies like Enron, WorldCom, and Tyco International, Ltd. have been caught in the midst of ethical lapses that led to fines,.
5 Views
View Answer
31. Which advantage of outsourcing, given below, may tend to cause resistance on the part of in-house IS staff and other organization employees? A. Outsourcing allows a company to better use its assets and scarce resources. B. Outsourcing can lower a company's overall IS costs. C. Outsourcing facilitates downsizing. D..
7 Views
View Answer
166.Name and describe the four primary financial statements for a proprietorship. 167.There are four transactions that affect Owner’s equity. (a) What are the two types of transactions that increase Owner’s equity? (b) What are the two types of transactions that decrease Owner’s equity? 168.The assets and liabilities of S&P Day Spa at.
7 Views
View Answer
111.Gomez Service Company paid their first installment on their Notes Payable in the amount of $2,000. How will this transaction affect the accounting equation? A.Increase Liabilities (Notes Payable) and decrease Assets (Cash) B.Decrease Assets (Cash) and decrease Owner’s equity (Note Payable Expense) C.Decrease Assets (Cash) and decrease Assets (Notes Receivable) D.Decrease Assets (Cash) and.
16 Views
View Answer
21.If a building is appraised for $85,000, offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer would record the building at $85,000. 22.Generally accepted accounting principles regulate how and what financial information is reported by businesses. 23.The accounting equation can be expressed as Assets - Liabilities.
15 Views
View Answer
162.The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $60,000 for personal use and had made an additional investment of $45,000 in the business. Assets Liabilities Beginning of year $305,000 $200,000 End of year 365,000 230,000 Calculate the net.
11 Views
View Answer
21. Why do so many organizations develop their own software, when many canned software packages are available? A. An organization may have unique requirements. B. Canned software packages are often less expensive than software developed in house. C. The organization's size and complexity necessitates the in-house development of software. D. A and.
8 Views
View Answer
41.A statement of owner's equity reports the changes in the owner's equity for a period of time. 42.The statement of cash flows consists of three sections: cash flows from operating activities, cash flows from income activities, and cash flows from equity activities. 43.The financial statements of a proprietorship should include the owner's.
9 Views
View Answer
56. How can accountants help in the systems development life cycle (SDLC. process? 57. What factors does a steering committee consider when evaluating different system designs? 58. What are the purposes of a conceptual systems design report? 59. Describe at least four considerations during controls design. 60. What is systems.
7 Views
View Answer
41. What is a disadvantage to prototyping? A. developers may shortchange the testing and documentation process B. errors are likely to be detected and eliminated early in the development process C. prototyping may be less costly than other approaches D. prototyping usually produces a better definition of user needs than.
13 Views
View Answer
101.The debt created by a business when it makes a purchase on account is referred to as an A.account payable B.account receivable C.asset D.expense payable 102.If total assets decreased by $88,000 during a period of time and owner's equity increased by $65,000 during the same period, then the amount and direction (increase or decrease) of.
7 Views
View Answer
51.Profit is the difference between A.assets and liabilities B.the incoming cash and outgoing cash C.the assets purchased with cash contributed by the owner and the cash spent to operate the business D.the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 52.Most businesses.
11 Views
View Answer

Welcome Back!

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Forgot?
Login
Don't have an account? Signup

Join ScholarOn

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Signup
By registering, I agree to the Terms and Privacy Policies
Already have an account? Log in

Thank You For Registering

Please Vreify Your Email Address

Resend Link
Verification Mail Send Successfully. Please Check Your Email.

Forgot Password

Please enter your registered email to recieve the password reset link.

Send reset link
Already have an account? Log in
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!

d
Let us boost your grade together!