EspressoCoffee processes a customer order in the following sequence. After receiving a customer order and verifying the customer's identity, the items' availability is verified. Upon availability of all items, the customer credit standing is verified. To verify the customer credit standing, an authorization request for the order total is sent to the credit card company. Upon receipt of the customer credit confirmation, sales order information is stored in the Sales Order and Sales Order Line tables. If the customer does not have good credit standing or any items in the customer's order are not available, then the customer order is rejected and customer is notified.

(Answer all the Questions) 1. When today's university students are asked about their long-term career choice, a surprisingly large number respond that they wish to someday own and manage their own business. In fact, the aspiration to start a business, to be an entrepreneur, is nearly universal. It is widely acknowledged that a degree in accounting offers many advantages to be an entrepreneur. In fact, if you ask owners of small businesses which skill they wish they had more expertise in, they will very frequently reply "accounting". No matter what the business may be, the owner and/or manager must be able to understand the accounting and financial consequences of business decisions. Required: Do you agree with this view? Why or why not? Marks: 5 2. Many companies have been restructuring their organizations and reducing the number of employees to cut expenses. General Motors, AT&T, IBM, and numerous other companies have taken this action. One could question whether companies place as much value on their employees as in the past. In previous years it was common to see the following statement in the annual reports of companies: "Our employees are our most valuable asset". Companies are not permitted to show employees as assets on their balance sheets. Required: Do you think they should be allowed to do so? Marks: 5