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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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67.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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Short Answer Questions 71.List and discuss three basic principles of business process management. 72.Pearl had been asked by her boss to develop a new way to process expense reimbursements in her company. In your own words, list and discuss the steps Pearl should take to accomplish her task. 73.Nestor and Maureen are partners.
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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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11.___ comprises seven interrelated elements. A.The COSO enterprise risk management framework B.The generalized model of business process management C.Expectancy theory D.All of these 12.Which of the following steps occurs first in the generalized model of business process management discussed in the text? A.Analyze collected data. B.Collect process-related data. C.Optimize the process. D.Select the process and define its boundaries. 13.Laurie and.
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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.According to expectancy theory, motivation is determined by three factors. Which of the following is not one of the three factors? A.Energy B.Expectancy C.Valence D.Instrumentality 32.Which of the following formulas explains motivation using expectancy theory? A.Energy X Valence X Instrumentality B.Expectancy + Valence + Instrumentality C.Expectancy X Valence + Instrumentality D.Expectancy X Valence X Instrumentality 33.Because of the relationship between.
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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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69.A well-designed AIS can respond to many parts of the FASB Conceptual Framework. Descriptions of the assumptions, principles and constraints of the framework are listed below in alphabetic order. Group them as they are found in the conceptual framework.a. A company will continue in business long enough to satisfy its.
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Multiple Choice Questions: 1.COSO's Enterprise Risk Management—Integrated Framework comprises all the following sections except: A.Brown's risk taxonomy B.Objective setting C.Event identification D.Monitoring 2.In the COSO enterprise risk management framework, an organization's overall tone relates most closely to: A.Internal environment B.Objective setting C.Event identification D.Monitoring 3.The COSO enterprise risk management framework comprises eight sections, one of which is objective setting. COSO identified.
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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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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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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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66.Which element of expectancy theory is illustrated by each of the following statements?1. After changing his major from finance to accounting, Andy planned a schedule that would allow him to finish his degree in four years.2. Anh's suggestions for business process improvements often result in changes at her company.3. Erin.
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74.Explain how Brown's risk taxonomy, discussed in the chapter on internal control, relates to COSO's enterprise risk management framework. You do not need to list the elements of Brown's taxonomy. 75.Tim graduated from college three years ago, and recently has been promoted to a management position at a local charitable organization..
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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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41.Leigh is a corporate accounting manager with six employees reporting to her. Most of the employees do good work, but one of them consistently lacks motivation. Which of the following tools should Leigh use to address the problem? A.COSO's enterprise risk management framework B.Generalized model of business process management C.Basic principles of business.
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Essay Questions62.Joe talked to two friends who had recently worked on different business process management projects; one project was successful, but the other was not. Several actions taken in each project are listed below. Based on the generalized model of BPM discussed in the text, determine which actions were associated.
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70.Nancy talked to two friends who had recently worked on developing enterprise risk management plans; one project was successful, but the other was not. Determine which statements in the list below were associated with the successful project; then, identify the element of the COSO enterprise risk management framework that most.
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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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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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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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64.Dreambox Creations is an Internet services firm that designs web sites, develops content management systems and recommends online marketing strategies; Dreambox has used the COSO enterprise risk management framework to develop its own ERM plan. For each statement below, identify the element of the COSO framework that most clearly applies..
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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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21.The basic principles of business process management discussed in the text include: A.Enlist top management support. B.Make sure consultants' tasks are well defined. C.Both enlist top management support and make sure consultants' tasks are well defined. D.Neither enlist top management support nor make sure consultants' tasks are well defined. 22.The basic principles of business process.
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69.Expectancy theory suggests that three variables contribute to motivation. Consider the questions listed below. For each one, identify the variable that most clearly applies.a. Can I be assured of a pay raise once I pass the CPA exam?b. Do I really want this promotion?c. How badly do I want the.
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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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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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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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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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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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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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68.Annie and Ray were having a conversation about business process management; several statements from that conversation are listed below:a. A weekly e-mail to all employees will help everyone stay informed about our progress.b. I know a great consultant who can help us out; that way, we won't have to bother.
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Ranking Questions61.The steps in the generalized model of business process management discussed in the text are listed below. In the space provided, number them in the correct order.Analyze the collected data Optimize the process Collect process-related data Select the process and define its boundaries Implement and monitor process improvements Observe, document and map the process.
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69.COSO's Internal Control—Integrated Framework comprises five interrelated elements. List and briefly discuss each of the five elements. 70.Bumble Beasley was recently hired as a marketing manager at ATI Corporation. When approached by the accounting manager regarding the development of an internal control plan for the marketing department, Bumble said: "Internal control?.
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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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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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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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51."Control activities" are one element of the COSO ERM framework. To develop control activities, organizations may need to apply: (i) the FASB Conceptual Framework, (ii) expectancy theory, (iii) the generalized model of business process management. A.(i) and (ii) only B.(ii) and (iii) only C.(i) and (iii) only D.(i), (ii) and (iii) 52.Consider the following table.
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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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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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