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accounting information systems
Questions and Answers of
Accounting Information Systems
What is a remittance advice? What function do remittance advices play in a cash receipts business process?
Identify the major features of control in a cash receipts business process.
What is the potential advantage of using a lock-box collection system for customer remittances?
What is a professional shopper?
The internal auditor is reviewing shipping procedures of a manufacturing company. The auditor should be greatly concerned when:(a) merchandise is shipped without an approved customer's order.(b)
Which of the following is an effective internal accounting control over accounts receivable?(a) Only people who handle cash receipts should be responsible for preparing documents that reduce accounts
Which of the following control procedures may prevent the failure to bill customers for some shipments?(a) Each shipment should be supported by a prenumbered sales invoice that is accounted for.(b)
To achieve good internal accounting control, which department should perform the activities of matching shipping documents with sales orders and preparing daily sales summaries?(a) billing(b)
Shipping documents should be compared with sales records or invoices to(a) determine whether payments are properly applied to customer accounts.(b) assure that shipments are billed to customers.(c)
As payments are received, one mailroom employee is assigned the responsibility of prelisting receipts and preparing the deposit slip prior to forwarding the receipts, deposit slip, and remittance
For the purpose of proper accounting control, postdated checks remitted by customers should be(a) restrictively endorsed.(b) returned to the customer.(c) recorded as a cash sale.(d) placed in the
A company policy should clearly indicate that defective merchandise returned by customers is to be delivered to the(a) sales clerk.(b) receiving clerk.(c) inventory control clerk.(d) accounts
The most likely result of ineffective internal control policies and procedures in the revenue cycle is that(a) irregularities in recording transactions in the subsidiary accounts could result in a
Proper authorization procedures in the revenue cycle usually provide for the approval of bad debt write-offs by an employee in which of the following departments?(a) treasury(b) sales(c) billing(d)
Tracing bills of lading to sales invoices provides evidence that(a) shipments to customers were invoiced.(b) shipments to customers were recorded as sales.(c) recorded sales were shipped.(d) invoiced
A sales clerk at Schackne Company correctly prepared a sales invoice for \(\$ 5,200\), but the invoice was entered as \(\$ 2,500\) in the sales journal and similarly posted to the general ledger and
For good internal control, the billing department should be under the direction of the(a) controller.(b) credit manager.(c) sales manager.(d) treasurer.
Which of the following controls most likely would be effective in offsetting the tendency of sales personnel to maximize sales volume at the expense of high bad debt write-offs?(a) Employees
An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of cash by using(a) employee fidelity bonds.(b) independently prepared
The most effective way to prevent an employee from misappropriating cash and then altering the accounting records to conceal the shortage is to(a) perform bank reconciliations on a timely basis.(b)
Which of the following is not a universal rule for achieving strong internal control over cash(a) Separate the cash handling and record-keeping functions.(b) Decentralize the receiving of cash as
Which of the following events represent the basic give-to-get economic exchange for a business that rents equipment and machinery for use by others?a. Rent Equipment and Return Rented Equipmentb.
Which of the following is most likely to be modeled as being a 1:1 relationship?a. the relationship between Sales and Customersb. the relationship between Sales and Inventoryc. the relationship
How can service companies (accounting, law, consultants, etc.) use technology to track how their employees use time?
Determining whether the organization has access to people who can design, implement, and operate the proposed system is referred to as which of the following?a. technical feasibilityd. scheduling
This chapter suggests that an organization should make special efforts to ease fears among its employees about potential job or seniority loss. One advantage of mechanizing a system, however, is a
The president of Monteer Signature Homes is perplexed by requests for computers from three different areas of the firm. The EDP manager wants \($4.5\) million to upgrade the mainframe computer. The
Describe some examples of systems analysis decisions that involve a trade-off between each of the following pairs of objectives:a. economy and usefulnesse. simplicity and reliabilityb. economy and
For years, Jerry Jingle’s dairy production facilities led the state in total sales volume. However, recent declines left Jerry wondering what his company was doing wrong. When he asked several
Yuping Chai has seen the future, and so far she wants no part of it. The offices at Sierra Manufacturing Company, where Chai is vice president, have just been automated. Sitting at her desk in
XYZ Conglomerate Company has completed a feasibility study to upgrade its computer system. Management received the information in Table 18-9, which shows the benefits of the new system.Required As
The Alkin Chemical Company manufactures and sells chemicals for agricultural and industrial use. The company has grown significantly over the past five years. However, the company’s AIS is the
PWR Instruments manufactures precision nozzles for fire hoses. The president, Ronald Paige, an engineer, started the corporation, which has been successful and has experienced steady growth.
In the process of developing a new drug, pharmaceutical companies perform clinical trials to test the drug. The collection and processing of clinical trials’ data accounts for 40% of the total
Don Richardson, vice president of marketing for the JEM Corporation, has just emerged from another strategic planning session aimed at developing a new line of business. The company’s management
Remnants, Inc., is a large company that manufactures and markets designer clothing throughout the United States. From its St. Louis headquarters. Remnants has developed a regional system for
Managers face a continual crisis in the systems development process; Information systems departments develop systems that businesses cannot use. At the heart of the problem is a proverbial “great
Joanne Grey, a senior consultant, and David Young, a junior consultant, were assigned by their firm to conduct a systems analysis for a client. The objective of the study was to consider the
Business organizations often are required to modify or replace a portion or all of their financial information system to keep pace with their growth and take advantage of improved IT. The process
A large manufacturing firm needed a specialized software program to identify and monitor cost overruns for one of its specialty processing plants. After an extensive search and analysis of potential
Ajax Manufacturing installed a new inventory tracking system in its warehouse that includes bar code scanners. Warehouse personnel must scan each item in the warehouse on a monthly basis. To properly
Which of the following is not one of the difficulties accountants have experienced using the traditional systems development life cycle?a. AIS development projects are backlogged for years.b. Changes
Which of the following statements is false?a. As a general rule, companies should buy rather than develop software if they can find a package that meets their needs.b. As an AIS increases in size and
When buying large and complex systems, vendors are invited to submit systems for consideration. What is such a solicitation called?a. request for quotationb. request for systemc. request for
To compare system performance, a company can create a data processing task with input, processing, and output jobs. This task is performed on the systems under consideration and the processing times
A city in the Midwest with a population of 45,000 purchased a computer and began developing application programs with in-house programmers. Four years later, only one major application had been
Sara Jones is the owner of a rapidly growing department store and faces stiff competition. The store is using an out-of-date AIS, resulting in poor customer service, late and error-prone billing, and
Clint Grace is the owner of a chain of regional department stores and has been in the business for more than 30 years. He has definite ideas about how department stores should be run. He is
Don Otno is confused. He has been researching software options but cannot decide among three alternatives. He has come to you for help.Don started his search at Computers Made Easy (CME), a computer
One unhappy federal agency spent almost \($1\) million on a development contract for an integrated human resources/payroll system that produced no usable soft¬ ware. The original contract was for
Wong Engineering Corporation (WEC) operates in 25 states and three coun¬ tries. WEC faced a crucial decision: choosing a network operating system and soft¬ ware that would maximize functionality,
Mark Mitton is the accountant acting as liaison to the information systems department for a midsize retail firm in Salem, Oregon. Mark has been investigating several computer systems and has narrowed
Nielsen Marketing Research USA (NMR), with operations in 29 countries, is the recognized world leader in the production and dissemination of marketing information. Nielsen was a pioneer in the
A state department of licensing needed a new system to handle registration and license applications. After conducting a thorough systems analysis, the department estimated that the project would cost
Meredith Corporation publishes books and magazines, owns and operates tele¬ vision stations, and provides a real estate marketing and franchising service. Meredith is dissatisfied with its ability
The following list outlines the activities a company may perform in the process of reengineering its business. Match each activity with one of the seven prin¬ ciples of reengineering.Reengineering
The management of Quickfix would like to decrease costs and increase customer service by reengineering its computer repair procedures. Currently, when a defective or broken computer needs servicing,
Conduct a search (using written materials, the Internet, electronic databases, etc.) for successful and failed implementations of information systems. Per your professor’s instructions, prepare an
Norcom, a division of a large manufacturer, needed a new distribution and customer service system to replace its old system. The project was to take 18 months to complete and cost approximately $5
A large organization needed a new system to replace its old customer data¬ base within 18 months. The new customer system was built at an estimated cost of $1 million and installed by the
How does an organization identify the specific accounts it needs in its chart of accounts?
Why are control accounts commonly found in the general ledger of an organization?
What functions are served by accounting forms and papers in an organization?
What are the uses of standard journal entries?5 . What are the basic objectives of coding systems?
Define and give an example of the following types of codes:(a) sequential(b) block(c) group(d) decimal
What is the major disadvantage of a decimal code?
Identify several standardization procedures pertinent to the coding of calendar data.
Distinguish between Julian and Gregorian calendar dating. Which is more advantageous in data processing environments?
What is a mnemonic code?
Are forms always paper documents? Explain.
Identify several basic considerations in form design.
Identify a fundamental principle of form design that pertains to the features that appear on the form itself.
What are the functions of a form control unit? Why is forms control important in large organizations?
Why are records retention requirements an important consideration in systems design?
Identify several sources that list federal records retention requirements.
What is the major difference between computer batch processing and direct processing of transactions?
Describe how a writing board is used to process transactions.
Why is data validation important when computers are used to process transactions?
Discuss the importance of an accounting systems manual to(a) the training of new personnel.(b) the uniformity and consistency of reports.(c) an external audit.(d) the revision of an accounting
Figure 4-11 contains a schematic diagram of a one-write system. Identify the probable uses of forms \(A, B\), and \(C\) if the system is used for the following functions:(a) accounts payable(b)
Modify Figure 4-7 to illustrate ledger less bookkeeping when partial payments are made.Figure 4-7 Sales on Account Procedure Invoices in Numerical Order Batch Control Post to Control Account Batch
A form should permit the right thing to be done at the right time. What form would you want as proper authorization to perform the tasks that follow?(a) Assemble the items ordered by a customer and
The purchasing agent of the Hirz Company has approved the design of the purchase requisition in Figure 4-12. Criticize the design of the purchase requisition, limiting your comments to the original
The potential negative financial effect of an event multiplied by its probability of occurrence is a(n) ( ___________ ) .(a) control(b) exposure(c) hazard(d) risk
Fraud that benefits a company or organization, rather than the individual(s) who perpetrate the fraud, is known as ( ___________ ) .(a) white-collar crime(b) corporate crime(c) management fraud(d)
The responsibility for establishing and maintaining an internal control structure rests with ( ___________ ).(a) internal auditing(b) the treasurer(c) management(d) the controller
Which of the following is an element of an internal control process?(a) information and communication(b) reasonable assurance(c) internal audit function(d) management control methods
Which of the following limits the initiation of a transaction or performance of an activity to selected individuals?(a) authorization(b) approval(c) fidelity bond(d) audit trail
Computer master files and transaction files are maintained after the creation of an updated master file in case the current master file is corrupted. This is an example of ( ___________ ).(a)
Marking bills as "paid" to prevent duplicate payment is an example of ( ___________ ).(a) cancellation(b) backup(c) approval(d) endorsement
A meaningless total that is useful for control purposes only is called a(n) ( ___________ ).(a) line control count(b) hash total(c) document control total(d) amount control total
An imprest payroll checking account has a zero balance after all paychecks have been cashed. This type of control practice is an example of a(n) ( ___________ ) .(a) tickler file(b) upstream
Agreement or conspiracy among two or more people to commit fraud is known as ( ___________ ) .(a) dual control(b) complicity(c) intrigue(d) collusion
Distinguish between risks and exposures.
Identify several common business exposures.
What is corporate crime?
Does computer processing increase an organization's exposure to undesirable events?
List the basic elements of an internal control process.
Why are written procedures manuals control tools?
Differentiate preventative, detective, and corrective controls. Give an example of each.
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