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Study Resources (Accounting)

58. Define minimum and maximum cardinalities. 59. Describe the possible relationships between entities, in terms of cardinalities. 60. Explain specifically what is meant by the following statement, "Accountants can and should participate in all stages of the database design process." 61. A dental office employs three dentists and five dental.
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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 credits. C. REA data modeling could be referred to as an.
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68. Describe the basic revenue cycle activities. 69. Explain how validity checks, completeness tests and reasonableness tests can be implemented to ensure accuracy of customer orders. 70. Define and describe benefits of a CRM system. 71. How can Electronic Data Interchange (EDI. facilitate the billing and accounts receivable process? 72. Describe typical.
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41. The average annual middle-management salary at Folding Squid Technologies is $60,000. If the average turnover rate for middle management is ten employees per year, what is the approximate average annual cost of turnover? A. $300,000 B. $600,000 C. $900,000 D. $1,200,000 42. Which of the following will contribute to the efficiency of a.
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31. Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information. Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis.
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21. Which of the following is not a benefit of using a payroll service bureau or a professional employer organization? A. Freeing up of computer resources B. Increased internal control C. Reduced costs D. Wider range of benefits 22. Many companies offer their employees a "cafeteria" approach to voluntary benefits in which employees can pick.
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77. Identify possible problems associated with receiving goods and appropriate actions in response to the problems. 78. How can information technology be used to improve the vendor invoice approval process? 79. Under what conditions is MRP more suitable than JIT and vice versa? 80. In the expenditure cycle, the majority of.
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41. Adjusting entries that reflect a change in accounting principle used to value inventories are classified as A. corrections. B. estimates. C. deferrals. D. revaluations. 42. Cheryl Liao is an accountant at Folding Squid Technologies. While making an adjusting entry to the general ledger, she received the following error message, "The account number referenced in.
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21. Stepanek Sales and Service provides free coffee to employees. Stepanek arranged with Ingebrigtson's Joe to deliver as many coffee packages, sugar, creamer, and filters as needed each week. Ingebrigtson's sends a monthly invoice for Stepanek to pay. This arrangement is best described as a A. blanket purchase order. B. set.
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53. Discuss the various types and sources of input into the HRM/payroll cycle. 54. Describe benefits and threats of incentive and bonus programs. 55. Explain benefits to companies and to employees of using electronic direct deposit for payroll. 56. What factors should be considered in outsourcing payroll to a payroll service.
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31. Which of the following transactions is represented by the diagram below?   A. An automobile salvage business holds weekly auctions at which it sells its entire inventory. B. A grocery store sells products to consumers. C. A hobbyist restores antique cars. When a car is finished, she sells it on eBay. D. A firm.
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73. Describe the two methods to manage accounts receivable. 74. Describe cycle billing and identify how an organization might benefit by using cycle billing. 75. Failure to collect cash on credit sales is a threat in the revenue cycle. What controls can be used to help neutralize this threat? 76. Discuss.
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51. What control should be put in place that assigns responsibility for EFT payments made to vendors? A. Encrypt all EFT transmissions. B. Time stamp all EFT transactions. C. Establish a control group to monitor EFT transactions for validity and accuracy. D. Number all EFT transactions. 52. Which of the following threats is not.
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21. The managerial report that shows planned cash inflows and outflows for major investments or acquisitions is the A. journal voucher list. B. statement of cash flows. C. operating budget. D. capital expenditures budget. 22. The operating budget A. compares estimated cash flows from operations with planned expenditures. B. shows.
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41. Wee Bee Trucking determines the cost per delivery by identifying variables as cost drivers, and allocating overhead accordingly. This is an example of ________ costing. A. job-order B. unit-based C. activity-based D. process 42. In activity-based costing, expenses associated with the purchase of health care insurance for employees are ________ overhead. A. batch-related B. product-related C. companywide D..
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12. Which of the following deductions is not classified as a voluntary deduction? A. pension plan contributions B. social security withholdings C. insurance premiums D. deductions for a charity organization 13. Which type of payroll report contains information such as the employees' gross pay, payroll deductions, and net pay in.
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56. How many side panels should the company budget for use in week two? Bill of Materials Finished Product: DVD Player Part Number 105 125 148 155 173 195 199 Description Control Unit Back Panel Side Panel Top/Bottom Panel Timer Front Panel Screw Quantity 1 1 2 2 1 1 6 Operations List for: Create Side Panel Operation Number 105 106 124 142 155 Description Cut to shape Corner cut Turn and shape Finish Paint Machine Number ML15-12 ML15-9 S28-17 F54-5 P89-1 Standard Time (m:s. 2:00 3:15 4:00 7:10 9:30 57. How many labor hours should the company budget in week three.
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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 and activities. C. provides a single comprehensive enterprise-wide model of the organization. D. All of the.
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11. The production cycle document that specifies the quantity of each product to be produced and when production should begin is the A. bill of materials. B. bill of lading. C. master production schedule. D. operations list. 12. What information is necessary to create the master production schedule? A. engineering.
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51. Cosgrove Art & Antiques sells unique art and antiques exclusively at antique shows. Cosgrove purchases inventory from individuals and other dealers at garage sales, flea markets, antique malls, and estate sales. Each time Cosgrove makes a purchase, she records the person's name, address, date, specific items purchased and price.
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41. Which of the following transactions is represented by the diagram below?   A. Vendors send a bill for each inventory item purchased which is payable on receipt. B. A single purchase of inventory is paid for with multiple payments. C. Inventory vendors send a monthly bill for merchandise delivered. The seller does not.
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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 order information to the production cycle, but the production cycle sends information back to revenue.
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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 for; printing C. information processing; updating; creating D. business transactions; data processing; preparing 2. Which item below is not considered.
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21. For replacement of inventories and assets destroyed by fire or other disasters, an organization needs A. stand-by facilities. B. adequate insurance coverage. C. source data automation. D. All of the above are correct. 22. Overproduction or underproduction can be a threat to an organization. To which process or activity.
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48. Describe the basic activities in an HRM/payroll cycle. 49. Identify the two types of payroll deductions and give two examples of each type. 50. Why are accurate cumulative earnings records important? 51. Explain the functions of the payroll register, deduction register, and earnings statement. 52. What is the difference between a.
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