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Study Resources (Accounting)

13) Managerial accounting provides information to: A) internal decision makers. B) outside investors and lenders. C) auditors. D) taxing authorities. 14) Which of the following statements best defines financial statements? A) Financial statements are the information systems that record monetary and nonmonetary business transactions. B) Financial statements are the verbal statements made to business news organizations by.
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11) ________ occurs when a person gains unauthorized access to a computer system. A) Usurpation B) Spoofing C) Hacking D) Phishing 12) A problem in a customer billing system that occurs due to errors made during software installation is a case of ________. A) faulty service resulting from human error B) distributed denial of service resulting from.
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11) The size and structure of the development group depends on whether programs are developed in-house. 12) A technical writer writes program documentation, help-text, procedures, job descriptions, and training materials. 13) Small-scale project managers and large-scale project managers do the same jobs, but on projects with varying complexity. 14) A user support representative.
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5) What is the responsibility of the technology office of a firm's IS department? 6) Describe the development group of a firm's IS department. 7) Describe the responsibilities of a systems analyst, a computer technician, and a network administrator. 8) What are a user's rights in relation to the IT department? 9) What are.
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True or False 1) Pretexting occurs when someone deceives by pretending to be someone else. 2) Sniffing is usually initiated via email. 3) Incorrectly increasing a customer's discount is an example of incorrect data modification. 4) System errors are not caused by human error. 5) Denial-of-service attacks are caused by human error, not malicious intent. 6).
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Learning Objective 1-6 1) The income statement shows whether or not a business can generate enough cash to pay its liabilities. 2) The balance sheet shows whether or not a business is earning profits. 3) The statement of owner's equity informs users about how much of the earnings were kept and reinvested in.
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15) The Sarbanes-Oxley Act (SOX) made it a criminal offense to: A) transfer shares of stock. B) issue debentures. C) declare bankruptcy. D) falsify financial information. 16) Which of the following organizations requires publicly owned companies to be audited by independent accountants (CPAs)? A) Securities and Exchange Commission (SEC) B) Public Company Accounting Oversight Board (PCAOB) C) Financial.
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True or False 1) Protection of information assets is a major function of the information systems department. 2) A common title for the principal manager of the IT department is Chief Development Officer. 3) The responsibilities of the CIO are the same as those of the CTO. 4) In some organizations, the CIO reports.
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11) Which of the following is a liability account? A) Accounts Receivable B) Cash C) Building D) Notes Payable 12) Which of the following is an asset account? A) Wages Payable B) Notes Payable C) Unearned Revenue D) Accounts Receivable 13) A customer's promise to pay in the future for services or goods sold is called a(n): A) Accounts Receivable. B) Accounts.
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11) Technical safeguards include passwords and encryption. 12) Technical safeguards involve just the software components of an information system. 13) Smart cards are convenient and easy to use since they don't require a PIN number for authentication. 14) A criticism against biometric authentication is that it provides weak authentication. 15) Most secure communication over.
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Learning Objective 1-2 1) As per the economic entity assumption, an organization and its owner should be seen as the same entity. 2) The guidelines for accounting information are called Generally Accepted Accounting Principles (GAAP). 3) IFRS is the main U.S. accounting rule book and is currently created and governed by the FASB. 4).
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Essay 1) Describe the IS department's responsibility to plan for information systems and IT infrastructure. 2) Explain the IS department's responsibility to develop and adapt information systems and IT infrastructure. 3) Compare the role of the chief information officer (CIO) and the role of the chief technology officer (CTO). 4) What is the typical.
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11) Which of the following is the correct accounting equation? A) Assets + Liabilities = Equity B) Assets = Liabilities + Equity C) Assets + Revenues = Equity D) Assets + Revenues = Liabilities + Expenses 12) Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the.
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21) Which of the following groups of accounts normally have a debit balance? A) assets and expenses B) revenues and expenses C) liabilities and owner's equity D) assets and liabilities 22) Which of the following groups of accounts will decrease with a debit? A) assets and expenses B) revenues and expenses C) liabilities and owner's equity D) assets and.
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  Multiple Choice 1) ________ are useful when the team needs to meet on some topic, but not everyone can meet at the same time. A) Blogs B) Discussion forums C) Wikis D) Surveys 2) Synchronous communication is defined as ________. A) communication between similar people and groups in an organization B) communication between people working in the same.
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True or False 1) Discussion forums are useful when the team needs to meet on some topic, but not everyone can meet at the same time. 2) Asynchronous communication occurs when team members do not meet at the same time. 3) A face-to-face meeting is an example of asynchronous communication. 4) Virtual meetings can.
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  Multiple Choice 1) An employee carelessly releases proprietary data to the media. This is a case of ________. A) loss of infrastructure resulting from human error B) unauthorized data disclosure resulting from human error C) loss of infrastructure resulting from malicious activity D) unauthorized data disclosure resulting from malicious activity 2) Which of the.
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Learning Objective 1-4 1) A business owner starts a new business and invests $6,000 of capital. This transaction results in an increase in the assets of the business. 2) For an accounting equation to balance, a transaction must affect both the sides of the equation. 3) John contributes cash in exchange for capital.
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11) Martin Supply Service received $1,000 cash from a customer which was owed to the business from the previous month. Which of the following accounts would decrease as a result of this transaction? A) Cash B) Equity C) Accounts Payable D) Accounts Receivable 12) Ace Inc. had the following transactions in June: Sold goods for.
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31) ________ is an example of a data safeguard against security threats. A) Application design B) Backup and recovery C) Accountability D) Procedure design 32) Organizations should protect sensitive data by storing it in ________ form. A) digital B) standardized C) encrypted D) authenticated 33) Because encryption keys can be lost or destroyed, a copy of the key should be.
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  Learning Objective 2-1 1) A chart of accounts is a detailed record of the changes in a particular asset, liability, or owner's equity. 2) A chart of accounts is a list of all of a company's accounts with their account numbers. 3) Liabilities are economic resources that are expected to benefit the business.
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Learning Objective 1-5 1) The balance sheet of a business summarizes an entity's revenues and expenses. 2) By looking at a statement of owner's equity, the effect of withdrawals on the ending balance in owner's equity can be evaluated. 3) Financial statements are business documents that are used to communicate information needed to.
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11) What is the first and most fundamental collaborative purpose? A) make decisions B) become informed C) manage projects D) solve problems 12) ________ decisions are those that support day-to-day activities, such as how many widgets to order from a particular vendor. A) Managerial B) Critical C) Strategic D) Operational 13) ________ decisions are decisions about the allocation and utilization.
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21) The purpose of the ________ phase of project management is to ensure that tasks are accomplished on time. A) finalizing B) starting C) doing D) planning 22) Which of the following tasks is performed during the doing phase of project management? A) establish team rules B) document and report progress C) revise budget D) prepare archival documents 23) The.
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  Multiple Choice 1) ________ is defined as a group of people working together to achieve a common goal via a process of feedback and iteration. A) Cooperation B) Groupthink C) Collaboration D) Brainstorming 2) Which of the following is true of collaboration? A) Iterations should be avoided for the smooth functioning of the collaborative process. B) Group members.
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21) A(n) ________ card has a microchip on it that is loaded with identifying data. A) USB B) biometric C) smart D) encryption 22) ________ use(s) personal physical characteristics such as fingerprints, facial features, and retinal scans to verify users. A) Passwords B) Smart cards C) Biometric authentication D) Personal identification numbers 23) ________ is the process.
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11) A Google account is not essential to edit Google Docs. 12) Version management systems provide version control. 13) In version-control systems, shared documents are often placed in shared directories called libraries. 14) Workflows cannot be defined for multistage business processes. 15) With SharePoint, it is possible to filter task lists to show only.
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  Learning Objective 1-1 1) Accounting is the information system that measures business activities, processes the information into reports, and communicates the results to decision makers. 2) Accounting is referred to as the language of business because it is the method of communicating business information to stakeholders. 3) Managerial accounting focuses on information for.
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31) It is expensive and risky to change vendors. 32) For service oriented outsourcing, the vendor is in the driver's seat. 33) The potential loss of intellectual capital is a concern related to outsourcing. 34) Exiting from an outsourcing agreement is extremely easy. 35) One of the responsibilities of the IT department is to.
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Learning Objective 1-3 1) Liabilities represent creditors' claims on the business's assets. 2) The left side of the accounting equation measures the amount that the business owes to creditors and to the owner. 3) The total of amount of assets that a business possesses, may or may not equal the total of liabilities.
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