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11.Accounting information systems have five basic elements. Within the context of the human resource process, "inputs" include: A.Job applications. B.Payroll-related data. C.Both job applications and payroll-related data. D.Neither job applications nor payroll-related data. 12.Accounting information systems have five basic elements. Which of the following would be associated with the human resource process? A.Payroll transactions B.Performance evaluations C.Both payroll.
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63.Several journal entries common to the sales/collection process are listed below. For each, explain what transaction the entry is recording. 64.Several symbols that might be used in a systems flowchart of the sales/collection process are listed below.Indicate which symbol should be used to depict each of the following. Some symbols may.
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Multiple Choice Questions1.The purpose of an organization's conversion process is: A.To transform raw materials into finished products. B.To determine if the company should use process costing. C.Both to transform raw materials into finished products and to determine if the company should use process costing. D.Neither to transform raw materials into finished products nor to.
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51.According to Arthur, big data is: A.a collection of data. B.a way to refer to quantities of data processed. C.a synonym for accounting data. D.always quantifiable. 52.Big Data can arise from two broad types of sources. Which of the following best pairs one type with an example? A.accounting, trial balance B.marketing, customer preferences C.digital, query results from a.
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66.Which flowcharting symbol would be used to represent each independent item below? a. Begin manufacturing process b. Complete initial public offering c. Electronic applicant files d. Evaluate product quality e. Issue debt? f. Issue Form W-2 g. Job cost sheet h. Manually assemble raw materials i. Manually file Form W-4.
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Essay Questions 62.Which of the following business processes is most closely associated with each of the items below: (a) conversion process, (b) financing process, (c) human resource process?1. Americans with Disabilities Act2. Capital stock3. Direct material4. Dividends5. Form W-26. Hiring employees7. Initial public offering8. Optimal capital structure9. Process costing10. Thorough background.
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74.YHW Corporation had been a traditional brick-and-mortar business, but was interested in expanding into e-business practices. Starting with the "identifying" phase, explain how you would use Steps for Better Thinking to make a recommendation on the expansion. 75.The chapter discussed Big Data, including five broad types of Big Data identified by.
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65.OTA Corporation completed the following transactions as part of its sales/collection process. Record each transaction in general journal format. a. Sold consulting services for cash, $500. b. Sold merchandise with a cost of $100 on account for $300. c. Paid a common carrier $50 to ship the merchandise. d. Collected.
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69.Prepare a Level Zero data flow diagram of the acquisition/payment process described below. PTW Corporation sells computer peripherals and related devices, such as printers, ink, flash drives and cables. PTW has a staff of three purchasing agents, each of whom is in charge of a specific set of inventory items..
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41.A systems flowchart of the financing process is likely to include which of the following column headings? A.Debt and equity B.Cash dividends and stock dividends C.Both debt and equity and cash dividends and stock dividends D.Neither debt and equity nor cash dividends and stock dividends 42.NCD Corporation pays annual dividends to its shareholders. A REA.
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66.Robert and Claudia are partners in Retail Consulting Associates (RCA), a firm specializing in enterprise risk management for small retail businesses. As their client base expands, they want to develop a knowledge management system that will benefit themselves, their employees and their clients. They have established three key knowledge areas.
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51.Missouri Can Corporation (MCC) manufactures and sells a variety of can types, such as soft drink cans, oil cans and many others. MCC has adopted a functional organization structure that includes departments for accounting, marketing, manufacturing, human resources and information systems. Some clients have standing repeat purchase orders for a.
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41.Consider the following short case as you respond to the question:Abruzzi's Italian Kitchen is a small family restaurant with an administrative staff of four people. Giuseppi Abruzzi is the chief executive officer; his wife Maria is the chief financial officer. Their son Antonio is responsible for all transactions dealing with.
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Ranking Questions 61.Number the following steps for creating a knowledge management system in their correct order. Purchase or build appropriate tools. Develop a knowledge management strategy. Define the business goals the knowledge management system will address. Perform a knowledge audit. Create an organizational culture that supports the ideas of knowledge sharing and development. Periodically reassess the value.
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Essay Questions 63.Which level of Steps for Better Thinking is indicated in each of the following?a. Acquire background knowledge and skills.b. Deal with limitations to the solution.c. Identify the problem, relevant information and uncertainties.d. Implement solutions.e. Interpret and organize the information. 64.Eppler and Mengis suggested five broad causes of information overload: (a).
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69.Prepare a REA model of the following business process. When the CEO of NTL Corporation resigned, the board of directors hired a recruitment firm to look for a replacement. The recruitment firm prepared several job announcements, then presented them to the board of directors. The board of directors approved one.
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67.Analyze the following narrative. Identify five risk exposures PTW faces in its acquisition/payment process; for each exposure, recommend two internal controls. PTW Corporation sells computer peripherals and related devices, such as printers, ink, flash drives and cables. PTW has a staff of three purchasing agents, each of whom is in.
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69.Create a systems flowchart of the following sales/collection process. ELM Corporation sells durable medical equipment, such as wheelchairs and hospital beds; each salesperson at ELM specializes in a specific type of medical equipment. When a prospective client comes into their store, a greeter does a preliminary needs assessment to determine.
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Multiple Choice Questions 1.When a decision maker reaches the point where the amount of information actually integrated into a decision begins to decline, the decision maker is experiencing: A.Information asymmetry. B.Information overload. C.Enterprise risk. D.Relapse errors. 2.Causes of information overload include: A.Personal factors. B.Information characteristics. C.Organizational design. D.All of these. 3.In response to information overload, decision makers can: A.Allow more time to.
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51.Consider the following case as you respond to the questions:HSO Corp. designs, manufactures and sells golf carts, scooters and similar vehicles. When a prospective client contacts one of their seven corporate offices, the office manager fills out an "intake questionnaire" to determine if HSO can meet the prospective client's needs..
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67.Divide the following examples of information overload causes into five groups based on the categories suggested by Eppler and Mengis. Specify the name of each group.1) Anxiety about job performance2) Attempting a task for the first time3) Disagreements about who should be a group leader4) E-mail forwarded to a smart.
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Matching Questions 61.Match each risk exposure on the left with the most appropriate internal control on the right. Each item on the left has only one best answer. Each item on the right should only be used once. 1.mistakes in IPO documentsadherence to a cash budget              2.cash embezzlement or larcenydocumentation of proper.
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31.Separation of duties can promote strong internal control in the conversion process. Which three duties should be separated? A.Physical custody, authorization and recordkeeping B.Direct material, labor and overhead processing C.Assets, liabilities and equity D.Job order, process and hybrid 32.Adequate documentation can promote strong internal control in the conversion process. All of the following documents are.
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74.Use COSO's internal control framework to develop an internal control plan for Homemade Craft Company based on the following narrative. Focus your plan on internal controls for the sales/collection process.Homemade Crafts Company (HCC) sells collectible items such as dolls, jewelry, drink coasters and table linens. The company, which has five.
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Short Answer Questions 71.List, in order, the seven steps to create a knowledge management system. 72.Helena, the chief financial officer of TRM Corporation, attempted to explain the role and purpose of financial statements to employees in the production department with no prior training in accounting. Suggest two causes of information overload the.
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63.Indicate the document described in each of the following items.1) Accumulates labor data in the conversion process2) Computes payroll data for all employees for a given pay period3) Establishes payroll withholding status4) Reports amounts paid to an independent contractor5) Reports amounts withheld by employer to IRS6) Reports employer's federal unemployment.
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63.Several journal entries common to the acquisition/payment process are listed below. For each, explain what transaction the entry is recording. 64.Several symbols that might be used in a systems flowchart of the acquisition/payment process are listed below.Indicate which symbol should be used to depict each of the following. Some symbols may.
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11.Consider the following independent situations as you answer the questions:a. Irene, a freshman accounting major, thought she would benefit from reading an intermediate accounting text while taking introductory financial accounting.b. Bradley developed a plan to study for all four parts of the CPA exam during his last semester at college,.
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Essay Questions 62.Accounting information systems have five generic elements. Which one applies to each item listed below within the context of the acquisition/payment process?a. Adequate documentation of the processb. Check, from the viewpoint of the buyerc. Inventory status reportd. Purchase order, from the viewpoint of the purchasing departmente. Purchase requisition, from.
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41.In which stage of Steps for Better Thinking should a decision maker interpret and organize information? A.Identifying B.Exploring C.Prioritizing D.Envisioning 42.Examples of Step 1 in Steps for Better Thinking include: A.Recognizing the need to create an enterprise risk management plan. B.Learning about the eXtensible Business Reporting Language. C.Both recognizing the need to create an enterprise risk management plan.
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67.Analyze the following narrative. Identify five risk exposures ELM faces; for each exposure, recommend two internal controls. ELM Corporation sells durable medical equipment, such as wheelchairs and hospital beds; each salesperson at ELM specializes in a specific type of medical equipment. When a prospective client comes into their store, a.
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67.Create REA model cardinalities for each of the following independent situations. a. A department manager conducts weekly meetings with his staff. b. Each factory worker is required to attend group classes on safety in the workplace. c. Each employee in the finance department is evaluated annually by his/her immediate supervisor..
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65.Which element of Steps for Better Thinking is described in each independent item below? Use each element of the model exactly twice.a. Classifying previously identified costs and benefits as financial or nonfinancialb. Conducting internal audits to assess the effectiveness of implemented internal controlsc. Organizing focus groups to discuss ways to.
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Ranking Questions 61.Please put the steps in the sales/collection process listed below in order of their usual occurrence based on the description given in the text. Take a customer's order Collect payment Ship the product Process uncollectible receivables as necessary Bill the customer Approve the customer's credit Fill the order based on approved credit 12-1 .
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64.Fill in the blanks below for common transactions processed in the conversion, human resource and financing business process.a. __________________________________ b. __________________________________ c. __________________________________ d. __________________________________ e. __________________________________ f. __________________________________ 65.Indicate the effect (increase, decrease or no change) the indicated transaction would have on the specified ratio in each of the following.
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Multiple Choice Questions 1.The primary purpose of the acquisition/payment process is to: A.Obtain the resources the organization needs. B.Pay for the resources the organization needs. C.Both obtain the resources the organization needs and pay for the resources the organization needs. D.Neither obtain the resources the organization needs nor pay for the resources the organization needs. 2.The.
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21.As a form of internal control, separation of duties can be applied to which steps in the acquisition/payment process? A.Second step B.Fourth step C.Fifth step D.All of these 22.Which of the following can serve as both an input to and an output of the acquisition/payment process? A.Check B.Purchase order C.Both check and purchase order D.Neither check nor purchase order While.
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65.OTA Corporation completed the following events as part of its acquisition/payment process. Record each one in general journal format; if an event does not require a journal entry, write "not applicable."a. Received request to order 300 units of inventory with an expected cost of $1,400.b. Purchased inventory on account, $1,500..
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31.BSP Corporation purchased inventory from RSR Corporation on account, $1,000. BSP also paid $100 freight to reimburse RSR for its payment to the common carrier that transported the merchandise. The $100 freight charge is likely to be found on: A.The bill of lading. B.RSR Corporation's invoice. C.Both the bill of lading and RSR.
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Ranking Questions 61.The steps commonly associated with the acquisition/payment process are listed below. Number them in the correct order based on the information in the text. Authorize a purchase. Disburse cash. Process purchase returns as necessary. Request goods and services based on monitored need. Receive goods/services. Purchase goods/services. 13-1 .
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Short Answer Questions 70.Some payroll forms include employee identification data. List three such forms commonly associated with the human resource business process. 71.Transactions commonly associated with the financing process include: (a) issuance of capital stock for cash, (b) declaration of cash dividends and (c) issuance of long-term debt. In your own words,.
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21.Which of the following transactions is commonly associated with the financing process? A.Issuance of equity securities B.Issuance of debt securities C.Both issuance of equity securities and issuance of debt securities D.Neither issuance of equity securities nor issuance of debt securities 22.Transactions associated with the financing process include all of the following except: A.Purchase of treasury shares. B.Issuance.
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Short Answer Questions 71.List, in order, the steps in the sales/collection process discussed in the text. 72.In your own words, explain the role and purpose of the sales/collection process. Do not list the steps in the process as part of your response. 73.Accounting information systems have five generic elements. Identify and describe one.
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21.In preparation for her retirement, Debra, the chief information officer of TPC Corporation, developed a diagram that showed all her areas of responsibility and how they were related to one another. Her actions contributed to which of Call's seven steps for creating a knowledge management system? A.The first step only. B.The fourth.
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11.Which of the following can serve as the basis for completing the first step in the acquisition/payment process? A.Information technology B.Human judgment C.The passage of time D.All of these 12.The acquisition/payment process includes all of the following steps except: A.Authorize a purchase. B.Prepare adjusting journal entries. C.Receive goods and services. D.Disburse cash. 13.The second step in the acquisition/payment process promotes.
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Short Answer Questions72.List, in order, the steps in the acquisition/payment process discussed in the text.73.In your own words, explain the role and purpose of the acquisition/payment process. Do not list the steps in the process as part of your response. 74.Accounting information systems have five generic elements. Identify and describe two.
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Essay Questions 62.Accounting information systems have five generic elements. Which one applies to each item listed below within the context of the sales/collection process? a. Customer check, from the point of view of the seller b. Customer order c. Employee master file d. Invoice e. Maintaining adequate inventory f. Record transactions.
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68.The nature and complexity of topics in accounting information systems can lead to information overload. Consider the situations below; for each situation, indicate one countermeasure from the list suggested by Eppler and Mengis.a. Ray attempted to design relational database tables for his company's acquisition/payment process before lunch.b. Employees at TRM.
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