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Study Resources (Business Management)

1.A chronological record of day-to-day transactions is called the: a.budget.c.ledger. b.journal.d.balance sheet. 2.Separate accounts to which transactions are posted are: a.balance sheet accounts.c.budget accounts. b.journal accounts.d.ledger accounts. 3.In modern computerized accounting systems, point-of-sale terminals: a.are linked to systems that can automatically prepare and analyze financial statements based on the original transaction entry. b.record transactions and keep inventory in.
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Case 15.3: Mei Mei’s Secret Recipe: Attention to Accounting Details The success of the Mei Mei Group, which includes its Street Kitchen food truck and more recently, its new restaurant, can be credited to three siblings from the Boston area. Andy, Irene, and Margaret Li’s award-winning food truck serves up creative Chinese.
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Answers to Review Questions 1. Define accounting. Who are the major users of accounting information? 2. What are the three major business activities in which accountants play a major role? Give an example of each. 3. What does the term GAAP mean? Briefly explain the roles of the Financial Accounting Standards Board and.
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21. _____ limit data transfers to certain locations and log system use so that managers can identify threats to a system’s security. a.Firewallsc.Output devices b.Intranetsd.Virtual Private Networks 22. All of the following are examples of e-crimes EXCEPT: a.employees or outsiders modifying computer programs to create false information or illegal transactions or to insert viruses.             .
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11.The ________________ is the method of converting information about individual transactions into financial statements. 12.An independent professional who provides accounting services for both business and individuals is a(n) ________________ 13.The ________________ is the financial statement that reflects the income, expenses, and profits of a business over a period of time. 14.An important statement.
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31. The _____ budget tracks the firm’s cash inflows and outflows. a.transactionc.capital expenditures b.cashd.sales 32. Why are more firms moving to International Financial Reporting Standards (IFRS)? a. GAAP is out of date. b. IFRS is easier to understand than GAAP. c. Using IFRS allows firms with worldwide operations to standardize their accounting records. d. IFRS is more.
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1.A ________________ is a network of PCs that have been infected with one or more data-stealing viruses. 2.The ________________ is the top management executive responsible for directing a firm’s management information system and related computer operations. 3.The organized method of providing information for decision making is known as the ________________ 4.Powerful servers store.
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1.Systems designed to produce a variety of information for internal and external users are called a. transaction processing systems.c. operational support systems. b. management support systems.d. expert systems. 2. Examples of operational support systems includes a. transaction processing systems.c. operational support systems. b. management support systems.d. expert systems. 3.Systems designed to support effective decision making are a..
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1. _________________All computer-related crime involves the deliberate use of computer viruses. 2. _________________Cybercrime is on the rise. 3. _________________Employees are rarely suspects of e-crimes at business facilities. 4. _________________Companies need not carefully scrutinize the security protections provided by their Internet service providers. 5. _________________Theft of computer hardware has become more common with increasingly smaller.
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5. ________________A database is essentially an electronic filing cabinet. 6. ________________A firewall often proves the least effective compared to other modes of network protection. 7. ________________A major use of databases is to enable managers to find information they already have. 8. ________________A computer virus is an equipment failure caused by bad wiring. 9. ________________VoIP.
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Case 15.1: Walnut Scandal Costs Investors Plenty In a recent accounting case, the Securities and Exchange Commission reached a $5 million settlement with California-based snack company, Diamond Foods. As maker of Kettle Brand chips and Diamond of California nuts, the company neither admitted nor denied guilt in the case. The case centers.
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1.  How is data different from information? a. Data is current, whereas information is continuously changing. b. Data is facts that can be converted to a usable form, whereas information is knowledge. c. Data is continuously collected, whereas information is only collected sporadically. d. Data is processed information, whereas information is raw facts. 2. An.
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11. Technology is allowing firms to track business activities almost instantaneously. Package delivery companies such as FedEx and UPS use _____ to transmit information within seconds to the package sender. a. smart phones b. netbooks c. PDAs d. hand-held scanners 12. All of the following are examples of application software EXCEPT: a.Quicken.c.Linux. b.Adobe Acrobat.d.Microsoft PowerPoint. 13. A smart.
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Case 15.2: BDO Seidman: An Accounting Approach for the 20th Century In 1910, Maximillian Leonard Seidman (1888–1963), the son of Russian immigrants, founded the accounting firm of Seidman & Seidman in New York City. The profession of accounting was also brand new. When the income tax on individuals was established in 1913.
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1.Linking employees using tools of the Internet, such as e-mail and Web browser searches creates a(n): a.extranet.c.intranet. b.LAN.d.firewall. 2.An intranet blocks outsiders without valid passwords from entering its network by incorporating both software and hardware known as a ________________. a.mainframes.c.applications software. b.firewalld.computer viruses. 3.A local area connection (LAN) provides a network connection within: a.a building or several.
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1.A claim against the assets of the business; excess of assets over liabilities is ________________ 2.A(n) ________________ is a professional who has met specified educational and experiential requirements, and passed a comprehensive examination on accounting theory and practice. 3.A certification for an accountant employed by a business other than a public accounting.
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Going Green: Form 10-K Requires Sustainability Details The Sustainability Accounting Standards Board (SASB) was created to develop and disseminate accounting standards that relate to social and environmental measures, which have become increasingly relevant in today’s business environment. The sustainability standards will now be included in Form 10-K, a document all public companies.
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1. Which of these is NOT one of the three basic activities of an organization? a. Operating b. Financing c. Investing d. Accounting 2. Accounting is the process of a.developing a marketing plan.c.recording, measuring, and interpreting financial data. b.obtaining funds for the firm’s operations.d.producing goods and services. 3. Why is accounting not considered an activity of business? a. Accountants.
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Case 14.3 Technology Drives Zipcar’s Success As a member of Zipcar, the world’s largest car-sharing service, consumers avoid the costs associated with car ownership: gasoline, insurance, maintenance, and parking. Today, Zipcar is owned by Avis Budget and offers self-service, on-demand cars by the hour or day. The company provides automobile reservations to.
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21.________________ is an operational support system to monitor and control physical processes. 22.________________ are information systems that are designed to provide support for effective decision making. 23.Any malicious software program designed to infect computer systems is known as ________________. 24.________________ are designed to produce a variety of information on an organization’s activities for.
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21. Assets include a. cash. b. land. c. patents. d. all of these. 22. The financial document that shows how the company’s finances are doing at a particular point in time is called a(n) a.annual report.c.balance sheet. b.statement of cash flow.d.income statement. 23. A(n) _____ shows the change in net worth from the end of last fiscal year.
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Hit & Miss: Accountants to the Stars Once a year, two CPAs dressed in formal wear walk the red carpet among Hollywood’s most iconic stars at the annual Academy Awards event. PwC (PricewaterhouseCoopers) is the firm in charge of overseeing ballots for the world-famous Oscar Awards for the Academy of Motion Picture.
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11.A(n) ________________ is the computer integrated collection of an organization’s data resources. 12.A(n) ________________ is a company network that links employees through Internet tools like e-mail, hypertext links, and searches using Web browsers. 13.________________ refers to all tangible elements of a computer system. 14.________________ consists of a network of smaller computers running special.
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21.The ________________ reports the firm’s cash receipts and cash payments, presenting information on the sources and uses of cash. 22.________________ is the method of accounting that recognizes revenues and costs when they occur, not when actual cash changes hands. 23. Proponents of ________________ believe that allowing employees to view financial information helps.
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Hit & Miss: Forensic Accountants Look for Fraud Forensic accounting is accounting performed in preparation for legal review. Forensic accountants don’t simply accept a company’s numbers at face value—they are crime fighters. People who work in this growing field investigate such white-collar crimes as business fraud, improper financial reporting, and illegal investment.
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1. ________________Information technology trends are continually and rapidly evolving. 2. ________________Some of the most significant trends in information technology are the growing demands of the so-called distributed workforce and the increased use of application service providers. 3. ________________The Internet of everything” or “the Internet of things” for short refers to a move.
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Case 15.3: Mei Mei’s Secret Recipe: Attention to Accounting Details The success of the Mei Mei Group, which includes its Street Kitchen food truck and more recently, its new restaurant, can be credited to three siblings from the Boston area. Andy, Irene, and Margaret Li’s award-winning food truck serves up creative Chinese.
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1. ________________Accountants measure, interpret, and communicate financial information. 2. ________________Accountants produce information used by both the firm’s managers and by outside parties. 3. ________________Accounting is important in profit oriented businesses but it cannot be used to evaluate the performance of not-for-profit organizations. 4. ________________ If a firm is seeking a loan, it will.
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11. In the United States, _____ is primarily responsible for evaluating, setting, or modifying accounting guidelines. a.GAAPc.IASC b.FASBd.IRS 12. The basic accounting equation is a. Debt + Assets = Equity b. Assets = Liabilities + Owners’ equity c. Owner’s equity – Assets = Liabilities d. Assets + Liabilities = Owners’ equity 13. Double-entry booking states that every accounting.
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31.Software that prevents entry to an intranet from an unauthorized location or by an unauthorized person is called the ________________. 32.Software that secretly gathers user information through the user’s Internet connection without his or her knowledge is called ________________. 1. _________________Raw facts and figures are called information. 2. _________________Information is knowledge gained from.
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11. ________________A host is a program that secretly attaches itself to another program. 12. ________________ Employees or outsiders may modify computer programs to create false information or illegal transactions or to insert viruses. 13. ________________A firewall limits data transfers to certain locations and log system use so that managers can identify attempts.
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1. ________________Since public accountants involved in an audit do not work for the firm being audited, their findings are expected to be unbiased. 2. ___F__Accountants who own their own accounting firms and who provide accounting services to other organizations are known as management accountants. 3. ________________Government and not-for-profit accountants are concerned with.
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1.A DSS (decision support system) typically involves: a.direct support to business people during decision-making b.a marketing manager might use a DSS to analyze impact on sales of a product price change c.some, but certainly not all decisions of a firm to be made. d.all of these answers are correct. 2.A computer program that can imitate.
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1. _________________Fax machines, personal computers, and printers are all examples of software. 2. _________________Two of the most common input devices are the printer and monitor. 3. _________________A printer is an example of output hardware. 4. _________________Not only have computers become far more powerful and faster over the past 25 years, but they are.
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