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accounting information systems
Questions and Answers of
Accounting Information Systems
Classify the following reports as being either scheduled or on-demand reports. Cash disbursements listing Overtime report Customer account history Inventory stockout report Accounts receivable aging
Relco Industries recently purchased Arbeck, Inc., a manufacturer of electrical components used by the construction industry. Roland Ford has been appointed as chief financial officer of Arbeck and
Barnes Corporation recently purchased Parker Machine Company, a manufacturer of sophisticated parts for the aircraft industry. Donald Jenkins has been appointed vice president of production of Parker
While attending night school to earn a degree in computer engineering, Stan Wilson worked for Morlot Container Company (MCC) as an assem- bly line supervisor. MCC was located near Wilson's hometown
The Star Paper Division of Royal Industries is located near Los Angeles. A major expansion of the division's only plant was completed in April 2004. The expansion consisted of an addition to the
Family Resorts, Inc., is a holding company for several vacation hotels in the northeastern and mid- Atlantic states. The firm originally purchased several old inns, restored the buildings, and
Some executives believe that it is extremely impor- tant to manage "by numbers." This form of man- agement requires that all employees with departmental or divisional responsibilities spend time
Engineers Education Association (EEA) is a volun- teer membership organization providing educational and professional services to its members. The professional staff is organized into four divisions
Sequential access means thata. data are stored on magnetic tape.b. the address of the location of data is found through the use of either an algorithm or an index.c. each record can be accessed in
A chart of accounts would best be coded using a(n) coding scheme.a. alphabeticb. mnemonicc. blockd. sequential
Which of the following statements is NOT true?a. Sorting records that are coded alphabetically tends to be more difficult for users than sorting numeric sequences.b. Mnemonic coding requires the user
Which file has as its primary purpose to present comparative financial reports on a historic basis?a. journal voucher history fileb. budget master filec. responsibility filed. general ledger history
Which of the following statements is true?a. Journal vouchers detailing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted
Which of the following statements best describes a computer-based GL/FRS?a. Most firms derive little additional benefit from a real-time FRS.b. Batch processing is typically not appropriate for
A coding scheme in the form of acronyms and other combinations that convey meaning is a(n)a. sequential code.b. block code.c. alphabetic code.d. mnemonic code.
Which of the following is NOT a potential exposure of the FRS?a. a defective audit trailb. general ledger accounts that are out of balance with subsidiary accountsc. unauthorized access to the check
Which task should the general ledger perform?a. update the general ledgerb. prepare journal vouchersc. have custody of physical assetsd. have record-keeping responsibility for special journals of
CMA Adapted Hersh Company uses a performance reporting system that reflects the company's decentralization of decision making. The departmental performance report shows one line of data for each
CMA Adapted All of the following are characteristics of the strategic planning process except thea. emphasis on both the short and long run.b. analysis and review of departmental process.c. review of
CMA Adapted Kallert Manufacturing uses budgets only as a planning tool. Management has decided that it would be beneficial to also use budgets for control purposes. To implement this change, the
CMA adapted The budgeting process should be one that motivates managers and employees to work toward organizational goals. Which of the following is least likely to motivate managers?a. setting
CMA adapted Wong Company uses both strategic planning and operational budgeting. Which of the following items would normally be considered in a strategic plan?a. setting a target of 12 percent return
CMA adapted Long-range planning as a management function is more importanta. at top management levels.b. at middle management levels.c. at lower management levels.d. for staff functions than line
CMA adapted The basic purpose of a responsibility accounting system isa. budgeting.b. motivation.c. authority.d. variance analysis.e. pricing.
CMA adapted A segment of an organization is referred to as a profit center if it hasa. authority to make decisions affecting the major determinants of profit, including the power to choose its
A segment of an organization is referred to as an investment center if it hasa. authority to make decisions affecting the major determinants of profit, including the power to choose its markets and
How can a poorly designed database result in unintentional loss of critical records?
Does a user view always require multiple tables to support it? Explain.
Discuss the importance of the role of the database administrator. In the flat-file environment, why is such a role not necessary? What are the tasks performed by the DBA?
Why is a separate link table required when a M:M association exits between related tables?
In a relational database environment certain accounting records (e.g., journals, subsidiary ledgers, and event general ledger accounts) may not exist. How is this possible?
Explain how to link tables in (1:1) association. Why may this be different in a (1:0,1) association?
Diagram the sequence in which the following source documents are prepared.a. bill of materialsb. work orderc. sales forecastd. materials requisitione. move ticketf. production schedule g. route sheet
Out Camping is a manufacturer of camping sup- plies and has several divisions, one of which is the tent division. Away From Home is the deluxe tent produced by the tent division; 14,000 of these
Examine the flowchart on the next page and determine any control threats. Specifically discuss the control problems, the possible dangers, and any corrective procedures you would recommend.
Consider a pizzeria that sells pizza, pasta, lasagna, meatball sandwiches, and sodas. Discuss the methods in which the products would be manufactured undera. the traditional manufacturing
Playthings, a toy manufacturer specializing in toys for toddlers, is considering switching to a JIT manufacturing process. The CEO has been talking with the production consultants, who tell her that
Cut It Up, Inc., is a manufacturer of wooden cut- ting boards that are sold through a chain of kitchen stores. For years, the company has allocated over- head based on total machine hours. A recent
Choose a manufactured product (e.g., an automobile or bicycle) and write an essay explaining the implications of underlying JIT assumptions on the manufacturing process of this product.
What are some of the more common uses of data codes in AIS?
What are the 11 steps, in order, of the financial reporting process?
What are the purposes of an audit trail? What is meant by a defective audit trail? How can a defective audit trail be prevented?
What is data mining?
Sometimes a trade-off must be made between information accuracy and timeliness. Give an example where it is imperative to make an estimate now, rather than wait a couple of weeks for an exact number.
Figure 8-13 illustrates both upward and down- ward flows of information. What are the downward flows and their purpose? What about the upward flows? Are the downward and upward flows related?
What is a world-class firm? What characteristics do world-class information systems need to have to provide sufficient information to world-class firms?
What activities are involved in the production system? The cost accounting system?
What three main functions does inventory control serve in the production process?
What are the four operating characteristics U.S. manufacturing firms need to incorporate to regain their competitive advantage?
Upon what assumptions does the JIT method heavily depend?
Distinguish between CAD and CAM.
How have U.S. manufacturers adjusted their emphasis in response to competitive factors since the mid-1970s?
What is meant by manufacturing flexibility and how do firms achieve it?
Explain how CAD can contribute to a firm's move toward world-class status.
Explain how CAM can contribute to a firm's move toward world-class status.
Explain how JIT can reduce inventory.
Which of the following is not an advantageous reason to reduce inventories?a. Inventories provide a competitive advantage.b. Inventories can invite overproduction.c. Inventories are expensive to
Which of the following is not a benefit of JIT purchasing?a. Increased cash discounts on purchases.b. A reduction in the number of suppliers.c. A reduction in purchasing paperwork through the use of
All of the following are problems with traditional accounting information except:a. Managers in a JIT setting require immediate information.b. The measurement principle tends to ignore standards
Benefits of an MRP II system may include all of the following excepta. reduced inventory investment.b. improved cash flow.c. higher quality goods.d. Higher quality service.e. Greater flexibility in
Which of the following is NOT an operational characteristic incorporated into manufacturing flexibility?a. Reduction of inventories.b. High product quality.c. Reduction of accounts receivables.d.
When the goods are received and the receiving report has been prepared, which ledger may be updated?a. standard cost inventory ledgerb. inventory subsidiary ledgerc. general ledgerd. accounts payable
Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash disbursements maintains the check register.b. Accounts payable maintains the accounts payable subsidiary
Which duties should be segregated?a. matching purchase requisitions, receiving reports, and invoices and authorizing paymentb. authorizing payment and maintaining the check registerc. writing checks
Which documents would an auditor most likely choose to examine closely to ascertain that all expenditures incurred during the accounting period have been recorded as a liability?a. invoicesb.
Which task must still require human intervention in an automated purchases/cash disbursements system?a. determination of inventory requirementsb. preparation of a purchase orderc. preparation of a
Which of the following situations represents a strength in the internal control for purchasing and accounts payable?a. Prenumbered receiving reports are issued randomly.b. Invoices are approved for
The host computer mainframe is located at corporate headquarters with interactive, remote job-entry terminals at each branch location. In general, data entry occurs at the source and is transmitted
Production orders and appropriate bills of materials are generated by the host computer at corporate headquarters. Based on these bills of materials, purchase orders for raw materials are generated
Vendor invoices are mailed directly to corporate headquarters and entered by accounts payable personnel when received; this often occurs before the receiving data are transmitted from the branch
An important reconciliation in the payroll system isa. the general ledger department compares the labor distribution summary from cost accounting to the disbursement voucher from accounts payable.b.
Which internal control is not an important part of the payroll system?a. supervisors verify the accuracy of employee time cardsb. paychecks are distributed by an independent paymasterc. the accounts
CMA Adapted In a well-designed internal control structure, two tasks that should be performed by different persons area. preparation of purchase orders and authorization of monthly payroll.b.
Which transaction is not processed in the fixed asset system?a. purchase of buildingb. repair of equipmentc. purchase of raw materialsd. sale of company van
Depreciationa. is calculated by the department that uses the fixed asset.b. allocates the cost of the asset over its useful life.c. is recorded weekly. d. results in book value approximating fair
Depreciation records include all of the following information about fixed assets except thea. economic benefit of purchasing the asset.b. cost of the asset.c. depreciation method being used.d.
Which control is not a part of the fixed asset system?a. formal analysis of the purchase requestb. review of the assumptions used in the capital budgeting modelc. development of an economic order
Objectives of the fixed asset system do not includea. authorizing the acquisition of fixed assets.b. recording depreciation expense.c. computing gain and/or loss on the disposal of fixed assets.d.
Which of the following is not a characteristic of the fixed asset system?a. acquisitions are routine transactions requiring general authorizationb. retirements are reported on an authorized disposal
Which document is NOT prepared by the sales department?a. packing slipb. shipping noticec. bill of ladingd. stock release
Which document triggers the update of the inventory subsidiary ledger?a. bill of ladingb. stock releasec. sales orderd. shipping notice
Which function should NOT be performed by the billing department?a. Record the sales in the sales journal.b. Send the ledger copy of the sales order to accounts receivable.c. Send the stock release
When will a credit check approval most likely require specific authorization by the credit department?a. when verifying that the current transaction does not exceed the customer's credit limitb. when
Which type of control is considered a mitigating control?a. segregation of dutiesb. access controlc. supervisiond. accounting records
Which of the following poses the biggest threat with respect to potential losses?a. The petty cash custodian has the ability to steal petty cash. Documentation for all disbursements from the fund
In a well-designed internal control structure in which the cashier receives remittances from the mail room, the cashier should nota. endorse the checks.b. prepare the bank deposit slip.c. deposit
Which of the following situations represents an internal control weakness in accounts receivable?a. Internal auditors confirm accounts periodically. customerb. Delinquent accounts are reviewed only
Mar-port Company is a manufacturing company that uses forms and documents in its accounting information systems for record keeping and internal control. The departments in Mar-port’s organizational
What is ethics?
What three forces within an individual's personality and the external environment interact to promote fraudulent activity?
Which statement is not true?a. Business activities begin with the acquisition of materials, property, and labor in exchange for cash.b. The conversion cycle includes the task of determining raw
Sequential file processing will not permita. data to be edited on a separate computer run.b. the use of a database structure.c. data to be edited in an off-line mode.d. batch processing to be
Real-time systems might be appropriate for all of the following except:a. airline reservations.b. payroll.c. point-of-sale transactions.d. air-traffic control systems.e. all of these applications
is the document flowchart symbol for:a. on-page connector.b. off-page connector.c. home base.d. manual operation.e. document.
CMA Adapted Accounting systems are designed toa. analyze and interpret information.b. allow managers to manage by exception.c. provide information required to support decisions.d. record and report
CMA Adapted One of the ingredients of the primary quality of relevance isa. verifiability.b. predictive value.c. neutrality.d. due process.e. representational faithfulness.
CMA Adapted Accounting information that users can depend on to represent the economic conditions or events that it purports to represent best definesa. relevance.b. timeliness.c. feedback value.d.
CMA Adapted Accounting information that is capable of making a difference in a decision by helping users to confirm or correct expectations best definesa. neutrality.b. timeliness.c. accuracy.d.
CMA Adapted One of the ingredients of the primary quality of reliability isa. verifiability.b. feedback value.c. timeliness.d. comparability.e. consistency.
CMA Adapted A database isa. essential for storage of large data sets.b. a collection of related files.c. a real-time system.d. a network of computer terminals.e. a task-oriented file system.
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