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Study Resources (Accounting)

51.The AICPA Core Competency framework comprises three parts. Which of the following best pairs a specific competency with the correct part? A. Resource management, broad business perspective B. Risk analysis, functional C. Both resource management, broad business perspective and risk analysis, functional D. Neither resource management, broad business perspective nor risk analysis, functional 52.The.
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64.AIS is an important area of study for future accountants, since a well-designed AIS can respond to many elements of the FASB Conceptual Framework. Indicate which element of financial statements from the FASB Conceptual Framework best describes each item below.a. Accounts payableb. Cashc. Common stockd. Cost of goods solde. Depreciation.
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21.Common internal controls associated with source documents include: (i) sequential numbering, (ii) physical security, (iii) equality of debits and credits. A.I and II only B.I and III only C.II and III only D.I, II and III 22.Requiring ___ on certain source documents is associated with transaction limits as an internal control. A.Sequential numbering B.Physical security C.Supervisory approval D.Internal transaction.
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Multiple Choice Questions 1.An accounting information system is a set of interrelated: A. Activities and documents only. B. Activities and technologies only. C. Documents and technologies only. D. Activities, documents and technologies. 2.The components of an accounting information system are designed to collect ___ and report ___. A. Data; information B. Data; data C. Information; information D..
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Short Answer Questions 51.The following are key terms in Chapter 17 that relate to accounting and financial reporting for federal agencies and the federal government: A. Apportionment B. Budgetary resources C. Expended appropriation D. Governmental assets E. Heritage assets F. Intragovernmental assets G. Stewardship investments H. Stewardship land For each of the following.
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11.Internal control has four major purposes in organizations. Ways to achieve at least one of the four include: (i) keeping cash in a bank, (ii) conducting a new employee orientation. A.I only. B.II only. C.Both I and II. D.Neither I nor II. 12.Internal control has four major purposes in organizations. Ways to achieve at least.
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67.BLP Company is a consulting firm with offices in Atlanta and San Diego; it provides consulting services in three main areas: finance, marketing and operations. Selected account titles from BLP's accounting information system appear below:In addition to its overall company financial statements, BLP wants to report selected financial data by.
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31.All of the following are common coding systems used in organizations except: A.Block B.Hierarchical C.Random D.Sequential 32.Which type of coding system helps people remember the meaning of the code? A.Sequential B.Block C.Hierarchical D.Mnemonic 33.The accounting department at a local university uses the prefix ACC for all its courses, thus exemplifying which type of coding system? A.Sequential B.Block C.Hierarchical D.Mnemonic 34.Courses intended for freshmen at a.
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36.One of the purposes of the Federal Financial Management Improvement Act of 1996 was to: A.Establish a requirement that the financial statements of the federal government as a whole be audited. B.Improve the effectiveness of programs receiving federal funds. C.Establish generally accepted federal accounting principles. D.Rebuild the credibility and restore public confidence in the.
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Essay Questions 61.Fill in the blanks below to complete the COSO definition of internal control. Internal control is a (a), effected by an entity's (b), management and other personnel, designed to provide (c), regarding the achievement of objectives relating to (d), (e) and (f).a. _______________________________________________________b. _______________________________________________________c. _______________________________________________________d. _______________________________________________________e. _______________________________________________________f. _______________________________________________________ 62.Sam and.
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65.Carlos is the vice president of finance at PLP Corporation. When he joined the company five years ago, the finance division was organized in two departments: operating transactions and non-operating transactions. Each department had two employees and a manager. The operating transactions department handled all aspects of transactions dealing with.
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Essay Questions 62.Which type of account is debited in each of the following adjusting entries? Which type of account is credited? 63.Supply the correct word for each lettered item below to complete the American Accounting Association's definition of accounting. Accounting is the process of (a), (b), and (c) economic information to permit.
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41.Human judgment is important in which of the following AIS tasks: (i) designing source documents, (ii) recognizing recordable transactions. A.I only B.II only C.Both I and II D.Neither I nor II 42.Information technology: A.Has replaced human judgment in accounting. B.Has cut down on the tedium associated with many steps in the accounting cycle. C.Is an essential element of.
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Short Answer Questions 69.Eric and Gloria were recently hired as entry-level accountants for RSP Corporation. They had the following conversation about their duties and responsibilities. Eric: I'm really excited to have this job; I've wanted to work in this industry for a couple years now. Gloria: I completed an internship with.
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21.Hewlett-Packard is a publicly traded corporation whose principal activity is making and selling computers. Customers can buy an HP computer directly from HP online if they pay with a bank credit card (such as Visa or Mastercard). HP's risk exposures therefore include all of the following except: A.Market risk B.Systems risk C.Credit risk D.Human.
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65.Accounting information systems have five generic parts, one of which is internal control. Please give two examples of applicable internal controls for each of the remaining parts of the AIS.1) Inputsa. Example 1: _________________________________________________b. Example 2: _________________________________________________2) Processesa. Example 1: _________________________________________________b. Example 2: _________________________________________________3) Outputsa. Example 1: _________________________________________________b. Example 2:.
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51.Consider the following partially completed risk/control matrix as you answer the questions:Assume the risk/control matrix is organized like the one presented in the chapter. Column A is most closely related to the ___ part of the COSO framework. A.first B.second C.fourth D.last 52.Consider the following partially completed risk/control matrix as you answer the questions:Assume the.
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31.The generic structure of most accounting information systems comprises ___ elements. A. Three B. Four C. Five D. More than five 32.Which generic element of the AIS is focused on master files, transaction files and junction files? A. Inputs B. Processes C. Outputs D. Storage 33.Which of the following is an example of an AIS output? A. Journal.
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58."Each federal government agency should maintain a General Fund and as many other funds defined by the GASB as are appropriate." Do you agree? Why or why not? 59.Describe the budgetary accounts used in federal agency accounting and the flow of budgetary authority through those accounts. 60.Identify the office, officer, or department.
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11.Accounting information systems is an important area of study for future accountants because: (i) Developing a strong accounting information system helps achieve some of the components of the FASB Conceptual Framework of Accounting, (ii) Studying AIS helps students develop many of the core competencies suggested by the AICPA, (iii) Acquiring.
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11.Federal government agencies prepare a management's discussion and analysis (MD&A) to be included in their general purpose federal financial report. 12.Under SFFAC No. 2, all federal agencies are defined as separate reporting entities for financial statement preparation and reporting purposes. 13.Objectives that are identified by SFFAC No. 1 for federal financial reporting.
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Multiple Choice Questions 26.Which of the following is not a fund group used by the federal government? A.General Fund. B.Permanent Fund. C.Special Fund. D.Trust Fund. 27.Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard? A.Public comment on a discussion memorandum. B.Issuing an exposure draft. C.Unanimous approval by the.
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62.Which UMUC evaluation criterion is indicated by each of the following questions?a. Can you establish the writer's credentials?b. Can you tell when the source was created/written?c. Can you tell who created the information?d. Does the information contain advertising?e. Does the information contain any obvious errors of fact?f. Does the source.
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63.Which generic AIS element is exemplified by each item below?a. Balance sheetb. Customer's checkc. General ledger softwared. Requiring two signatures on checks over $500e. Sales invoicef. Sales transaction fileg. Spreadsheet softwareh. Statement of cash flowsi. Storing accounting records in a locked filing cabinetj. Vendor master file 1-1 .
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21.Which of the following statements about AIS is most true? A. Compared to introductory accounting, AIS is more likely to have problems with nondeterministic answers. B. Compared to introductory accounting, AIS is less likely to have problems with nondeterministic answers. C. Introductory accounting and AIS are equally likely to have problems with.
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Multiple Choice Questions1.The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information is called: A.Accounting B.Bookkeeping C.Making journal entries D.Preparing financial statements 2.Which of the following phrases most closely relates to bookkeeping? A.Identifying and measuring economic information B.Communicating economic information C.Permitting informed judgments by users D.Permitting informed decisions by.
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11.Which of the following steps in the accounting cycle occurs first? A.Analyze transactions. B.Close the temporary accounts to retained earnings. C.Prepare an unadjusted trial balance. D.Record the transactions in a journal. 12.Which step in the accounting cycle immediately precedes closing the temporary accounts? A.Analyze transactions. B.Prepare an adjusted trial balance. C.Prepare financial statements. D.Record adjusting entries. 13.In what way is.
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Matching Questions 61.MNR Corporation uses block coding for its chart of accounts. Selected account titles are listed below on the left in alphabetic order; account numbers for those accounts are listed in random order on the right. Match each account name with the most appropriate number using the principles of block.
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52.The Federal Monuments Commission began operations on October 1, 2017. Show in general journal form all entries that should be made in budgetary and proprietary accounts of the agency to record the following events: 1. The Congress passed, and the President signed, a one-year appropriation for fiscal year 2018 for the.
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72.Explain, in your own words, two similarities and two differences between "accounting" and "bookkeeping." 73.The text discussed four common coding systems for AIS documents, charts of accounts and other applications. It also discussed a few common internal controls associated with the steps in the accounting cycle. Can the use of block.
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54.The Desert Conservation Agency was authorized by the United States Congress to commence operations on October 1, 2017. Record the following transactions in general journal form, as they should appear in the budgetary and proprietary accounts of the agency. For each entry indicate whether it affects the budgetary accounts or.
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41.Information literacy is the ability to ___ information in all of its various formats. A. Find and evaluate B. Use and communicate C. Find, evaluate, use and communicate D. Use and evaluate 42.According to the University of Maryland's University College, information should be evaluated based on ___ criteria. A. Two B. Three C. Four D. Five 43.Which of.
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41.PRL Corporation's internal control plan is based on the COSO framework. It includes five items: (i) conducting ongoing evaluations of internal control during the normal course of operations, (ii) hiring accountants who understand the importance of strong internal control, (iii) including a segment in new employee orientation on the importance.
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True / False Questions 1.Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board. 2.By law, federal agencies must incorporate the accounting standards (GAAP) established for the federal government into their financial management systems. 3.The objectives of federal financial reporting are to assist report.
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Essay Questions 61.Which generic element of the AIS is most closely associated with each of the following questions?a. Beyond the general-purpose financial statements, what other reports will managers and system users need?b. How many copies of each source document will be required?c. How should the AIS be designed to facilitate the.
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58."The goal of financial and operational analysis for the manager is to determine the creditworthiness of the health care organization." Do you agree with the statement? Why or why not? 59.Explain how one can evaluate both the financial performance of a hospital and the quality of health care the hospital provides. 16-1 .
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Multiple Choice Questions: 1.According to COSO, internal control is a: A.Process. B.Set of rules. C.Responsibility of employees only. D.Requirement only for publicly-traded firms. 2.Internal control is designed to provide: A.Certainty. B.Freedom from fraud. C.Reasonable assurance. D.Truth. 3.According to the COSO definition, internal control should address objectives in all of the following categories except: A.Operations. B.Compliance. C.Reporting. D.Fraud. 4.According to the COSO definition, internal control should promote.
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67.For each independent case below: (1) indicate which source better fulfills the indicated UMUC criterion for information evaluation AND (2) circle the phrase that led you to your decision.a. Objectivity:i. A Wall Street Journal article about financial statement fraud cases, written by an investigative reporter whose contact information is providedii..
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51.At the end of 2014, CNC Corporation's accounting information system produced the following trial balance:CNC completed the following transactions in January 2015:a. Purchased inventory on account, $300.b. Collected cash from customers for prior year sales, $500.c. Paid current month's wages, $900.d. Had land appraised. Cost of doing the appraisal (paid.
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Short Answer Questions 71.In your own words, define "accounting information system."72.AIS is an important area of study for future accountants because a well-designed AIS can respond to many elements of the FASB Conceptual Framework. List the parts of the FASB Conceptual Framework. (You do not need to list the items in.
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31.Raj, an employee at TRS Corporation, was preparing a risk/control matrix related to the steps in the accounting cycle. The first row of the matrix contained the following entries: Adequate training. Assets that should be reported at historical cost are reported at market value. Human error. Internal audits. All the.
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61.Explain the process of financial reporting of the U.S. Government as a whole. Does the federal government receive an unmodified audit opinion on its financial report? 62.Describe the purpose of a management's discussion and analysis (MD&A) in the general purpose federal financial report of a federal agency. 63.What is the difference between.
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