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Multiple-Choice Questions 1. The process by which a financial transaction is recorded so that its flow through the system can be followed is called:a) Financial shadowingb) Managerial trace techniquec) Concatenationd) Audit trail 2. Justifying expenditures for new technologies is especially difficult because:a) You do not know how many jobs will be affectedb) Expenses are often recurring and are difficult to estimatec) Many benefits are intangible and are not easily known or measuredd) Justifying a new technology is no different from any other capital budgeting problem 3. The essential steps in performing a systems study are (in order of occurrence):a) Analysis, design, implementation and initial operation, follow upb) Design, planning, follow up, analysis, and implementationc) Planning, system specification, analysis, production, implementationd) Planning, analysis, design, implementation, and follow up 4. What is the first step to be performed by most organizations in their accounting cycles?a) Recording business transactions in a journalb) Preparing a trial balancec) Recording closing entries in a journald) Preparing transaction source documentse) none of the above 5. Which systems study step is normally performed first?a) Designb) Initial operationc) Follow upd) Analysise) none of the above 6. The purpose of a company firewall is to:a) Guard against spoofingb) Assist the IETFc) Deny computer hackers access to sensitive datad) all of the above 7. The term data encryption refers to:a) Storing data in safe places called "crypts"b) Transforming data into secret codesc) Scrambling data in random ways that cannot be unscrambledd) none of these 8. An advantage of an extranet is that:a) It can disseminate information corporate wideb) It can be accessed by selected trading partnersc) Users can employ common web browsers to access information in themd) all of the above 9. Another name for an Internet domain address is its:a) URLb) ISPc) email addressd) IETF 10. Business process reengineering efforts sometimes fail because: a) Management gets too involved in the process b) Management is too optimistic regarding its expectations from its implementation c) Management support can never overcome employee resistance d) Employees will never accept change 11. The sales process begins with:a) Placing an order with a vendorb) A customer order for goods or servicesc) Production of goods or servicesd) Delivery of goods or services 12. The primary objective in processing revenues is to:a) Sell as many goods as possibleb) Achieve timely and efficient cash collectionc) Maximize an organization's sales ordersd) Only sell goods to customers who can pay their bills 13. An important input to the sales process is:a) A customer sales orderb) The cash forecastc) Aged accounts receivable informationd) A receiving report 14. Which of the following is not an example of a source document?a) Receiving reportb) Purchase orderc) Sales orderd) Aging report 15. Inputs to transaction processing systems:a) Are always in hard copyb) Are best when input in a graphical formatc) May be in an electronic format when an EDI system is usedd) May never be audio 16.Integrated accounting software programs generally include all of the following, except:a) Graphic reporting capabilitiesb) Internet connectivityc) One standardized chart of accountsd) The ability to handle multiple companies 17. Enterprise-wide AISs:a) Almost never pay for themselvesb) Do not include many more features than middle-range accounting software packagesc) Are seldom used by multinational organizationsd) Integrate an organization's financial functions with its other functional areas 18. Training and change management activities:a) Take place just before the go live stage of implementationb) Are most effective when conducted throughout design, go live, and post-implementation follow-upc) Include technical training onlyd) Do not include the design of user interfaces 19. Which of the following software packages is not an example of a middle-range AIS?a) Great Plains Dynamicsb) MAS 90c) SAP R/3d) Solomon 20. Many organizations purchased new AISs during the 1990's:a) Because of the need for Year 2000 complianceb) Because they wanted Internet connectivityc) In order to take advantage of opportunities for reengineeringd) all of the above
The following information is available regarding the total manufacturing overhead costs of Paymore, Inc., for five months in 2012:
namo inc. is preparing its budget for the second quarter. the following sales data have been forecasted april may june
you have been recently hired as a general manager of a family owned restaurant whose owners have decided to open up a
the president of the retailer prime products has just approached the companys bank with a request for a 33000 90-day
The current balance in Retained Earnings is $1,600,000. Determine the maximum dividend per share that can be paid to common shareholders.
In year 1 Laylor Company has revenues of $100,000, advertising expense of $22,000, depreciation of $15,000-what is expected for last four years. The cost of capital is 10%.
On May 31, the inventory balances of Tog Designs, a manufacturer of high quality children's clothing, were as follows: Materials Inventory, $21,360; Work in Process Inventory
Battle Tank, Inc. had net sales in 2004 of $1,200,000. At December 31, 2004, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,100 credit.
Prepare journal entries for each activity (ie., the write-down, the sale of Item #1, and the sale of Item #2). Compute the profit or loss associated with each item in 2011 and 2012.
A company has 20,000 shares of $12 par common stock outstanding. Present entries to record the following:
during its first year of operations cupola fan corporation issued 30000 of 1 par class b shares for 385000 on june 30
target corporation a major u.s. retailer reported the following amounts in the asset section of its balance sheets for
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