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accounting information systems

Questions and Answers of Accounting Information Systems

‘If a product line is making a loss, should it be discontinued.’ Why or why not?
In a decision to make a previously purchased part, think of two incremental costs that might not be avoidable if the decision is reversed a year later. Why would they not be avoidable?
Suppose your friend tells you, ‘My colleague offered me $200 to rent my boat over the weekend, but I decided that I would use it myself to go water skiing at a cost of $90.’ What costs are
Explain, by using an example, how a fixed cost can be a relevant cost.
When are fixed costs relevant in a short-term decision?
What is the decision rule for a special order decision?
An airline company is considering giving rates reduced by up to 50 per cent to members of the families of businesspeople at certain times of the week, in order to encourage businesspeople to take
Actionwear makes clothing and accessories for the fitness industry. The company is considering dropping its line of Fitbands.What costs would be considered relevant to this decision? Are there costs
Lisa Cooper is an employee of a company that manufactures tear-proof tracksuits. Lisa is paid $60 per hour, and is the only person on staff who is trained to operate a piece of technology that is
Pete Panda has just discontinued its poorest-selling line of high-quality upholstery. In its inventory, Pete has 6000 metres of material that cost $10 per metre. At the current selling price of $20,
Smartime manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $100 000 annually. The company allocates these costs
On a chilly Sunday morning, Shaz Granger bought 30 dozen doughnuts for $75, prepared 10 litres of hot coffee and went to a farm auction. There, she sold all the coffee and all but six dozen of the
Steveo Company produces small gelblasters. The manufacturing costs per unit to produce a small gelblasters are as follows:Variable selling costs to obtain and fill orders normally average $6.00 per
Williamson Company, a furniture manufacturer, produces 10 000 units of Product X-100 each year for use in its production line. The costs per unit for Product X-100 are as follows:Direct materials:
Phonegrip Company manufactures mobile phone holders. Phonegrip currently buys a magnet for its phones for $0.90 per unit. Phonegrip’s president asked for cost estimates for making this product, and
Cooper Manufacturing produces high-quality cabinets. Cooper has been forced to increase prices by about 40 per cent over the last few years, mostly because of the increased costs of purchasing
Why is it important to understand how your business is performing before making capital expenditure decisions? How is this understanding achieved?
Briefly explain the advantages and disadvantages of the ARR and the payback period.
From the following table, calculate the variances and discuss each one in relation to the following questions:i Is the variance positive or negative in terms of business performance?ii What are the
Refer to the example given in the accounting rate of return (ARR) section of the text (pages 492–3), a summary of which is given below.Required:a Calculate the net present value (NPV) of the
The Anderson Group has identified the following capital expenditure proposals as acceptable. Only $150 000 is available for investment.Required:Determine the combination of proposals to be selected.
Cairns Farming is a small family run dairy farm, which is finding it hard to continue in business. After visiting a farm in Nienberg, Germany, it is considering buying equipment that will enable it
Several years ago, Catherine’s Cattery Supplies signed a contract to deliver 5000 units of a special product each year to one of its customers at a price of $15 per unit. This contract, which runs
What do we mean when we refer to different categories of business?
What distinguishes a service business from a merchandising business?
What impact does changes in interest rates have on the business environment?
What are the types of regulations with which businesses must comply in different jurisdictions?
What is an accounting management system?
What are generally accepted accounting principles (GAAP)?
Which groups of users require financial accounting reports to make decisions and what type of information do they need?
What does the term ‘ethics’ mean in business?
Why are ethical codes of conduct important for professional groups such as accountants and who monitors these codes of conduct?
What does ‘sustainability’ mean in regard to business?
What is auditing?
Explain the characteristics of a critical thinker. How do critical thinking skills improve problem solving?
Suppose you are Samuel Cook, CEO of DeFlava Coffee. DeFlava currently operates in south-eastern Australia, and you are considering opening a factory and sales office in Queensland. What questions do
Refer to question 1-34. Suppose, instead, that you were considering opening a factory and sales office in Bejing, China.What questions would you want answered before proceeding with this idea? How do
Suppose your brother, the owner of Muscle Up, a fitness centre, has asked you for a substantial loan to help him expand his business.Required:What would you like to know about Muscle Up before you
Your friend, Vito Guarino (an incredible cook), plans to open a restaurant when he graduates from university. One evening, while extolling the virtues of linguine to you and some other friends, he
How are ‘risk’ and ‘return’ each defined? Do you think there is a relationship between them?
Describe the components of a business plan. How does each of these components help the following people to make decisions about a business?(a) An investor.(b) A creditor.(c) A manager or owner.
What is the difference between short-term and long-term capital?
Define relevant range. Why is it important?
A business is considering two type of containers to package its product, one made of plastic and the other of biodegradable cardboard with native wild flower seeds embedded in the packaging, designed
Complete the crossword puzzle below:Clues Across 2 Amount of uncertainty that exists about the future operations of a business 4 The ‘V’ in CVP analysis 6 The amount provided by the sale of a
Below is an income statement for Rosie’s Flowers, prepared for internal management use.Required:Rewrite the income statement so that it is more useful for decision making. (Hint: There is a missing
Below is an income statement for Rosie’s Flowers, prepared for internal management use.Required:Rewrite the income statement using a contribution margin approach and a sales level of 20 000 units.
Topsy’s Trailers makes small trailers for towing light loads. The business’s accountant has undertaken CVP analysis on its main product – the Tipping Trailer – and presented the results to
You have worked out the following facts about three of your business’s products: A B Expected number of unit sales 1 400 5 000 6 600 Sales price per unit $ 200 $ 50 $ 160 Variable cost per unit $
Bellevue Amateur Dramatics club produces Shakespearian plays in a rural country setting. There are two productions every year and each production has five performances. The average performance sells
Doggy Day Care is a proposed new business venture that will look after pet dogs for their owners during the day while the dogs’ owners are at work. The following costs have been identified by the
Refer to Question 2.47. What if your aunt instead gave you $100 000 and you were interested in investing this amount in Cafe´ Revive?Required:Would this change your answers to Question 2.47? Why or
The Vend-O-Bait Company operates and services fishing-bait vending machines placed in service stations, motels and restaurants surrounding a large lake. Vend-O-Bait rents 200 machines from the
Killweed sells weed killers. It is currently considering importing a weed killer for bindii (Soliva sessilis), a weed commonly found in grass, which produces painful prickly seeds, to replace its
Refer to Question 2-45 regarding Bellevue Amateur Dramatics. The drama club is uncertain about some of its estimates and wants to conduct some sensitivity analysis or ‘what if’ scenario
What are the considerations for an appropriate credit-granting policy?
Why do you think budgeting is described as a cycle? How is that related to the control of the business?
Can you think of some circumstances where the budget or the budget-setting process might demotivate rather than motivate employees?
Why should a business consider sustainability in its budget?
Wivenhoe Wines is based in the Brisbane Valley and makes boutique wines sold online to customers on credit (70% of sales)and to customers visiting the vineyard and purchasing bottles of wine at the
Refer to 3-24. Jaime’s business policy is to plan to end each month with an ending inventory equal to 20 per cent of the next month’s projected sales. Jaime’s pays $8 for each hat that it
Refer to Question 3-24. Assume Jaime’s ended the first quarter of this financial year with 60 hats on hand.Required:a Notice that Jaime’s ended the first quarter with less than 20 per cent of
Refer to Question 3-24. Jaime’s Hat Shop expects to incur the following expenses for each month of the second quarter of this financial year:In April, Jaime’s had prepaid the rent for the whole
Refer to Questions 3-24 to 3-27. Jaime’s Hat Shop ended September with a cash balance of $10 343.Required:Prepare a cash budget for the second quarter of this financial year.Question 3-24Jaime’s
Refer to Questions 3-24 to 3-27.Required:Prepare a projected income statement for the second quarter of this financial year.Question 3-24Jaime’s Hat Shop sells hats with school logos on them for
Helena’s Chocolates is preparing a sales budget for the quarter (3 months) April–June 202X for their gift chocolate box product and a schedule of cash collections. The majority of their sales are
Refer to 3-37.Required:Prepare a projected income statement for Well Feed for February. How do you explain the differences between the income statement and the cash budget?Question 3-37Well Feed
Taylor Pty Ltd is based in Brisbane and sells ’glamping’ yurt tents imported from China at a cost of $150 each plus import duties and other costs of $60. These purchase and import costs are paid
The owner of the small business Wivenhoe Wines has completed a report analysing the results of the business for the quarter ended 31st December. He has compared the actual results with the original
Based on SOX, which of the following sections is about assessing internal controls?a. 302b. 401c. 404d. 906
SOX requires companies to use COSO or COSO ERM as the framework in evaluating internal controls.a. Trueb. False
Controls that are designed to prevent, detect, or correct errors in transactions as they are processed through a specific subsystem are referred to asa. general controls.b. application controls.c.
Prenumbering of source documents helps to verify thata. multiple types of source documents have a unique identifier.b. all transactions have been recorded because the numerical sequence serves as a
A field check is a(n)a. preventive control.b. detective control.c. corrective control.d. general control.e. output control.
Which is not an example of a batch total?a. Record countb. Financial totalc. Hash totald. Exception total
Backup is a preventive control.a. Trueb. False
The computer sums the first four digits of a customer number to calculate the value of the fifth digit and then compares that calculation to the number typed during data entry. This is an example of
Which of the following statements is correct?a. SOX requires all public companies to use the COSO ERM framework to meet the requirements of section 404.b. Regarding IT control and governance, the
What are the objectives and components of the COSO ERM 2004 framework?
The COSO 2013 internal control framework codifies 17 relevant principles associated with the five components of internal control. Match the following principles with the five components. COSO
Match the following internal controls with the categories of control activities. Internal Controls a. Separate handling cash (receipt and deposit) func- tions from recordkeeping functions (recording
Match the following control frameworks with their main purposes. Purposes a. Expand internal controls to provide a broader view on risk management to maximize firm value. b. Provide management an
Authentication is the process by which thea. system verifies that the user is entitled to enter the transaction requested.b. system verifies the identity of the user.c. user identifies him- or
Data processing activities may be classified in terms of three stages or processes: input, processing, and output. An activity that is not normally associated with the input stage isa. batching.b.
To authenticate the message sender in an asymmetric-key encryption system, which of the following keys is required to decrypt the received message?a. Sender’s private keyb. Sender’s public keyc.
Incentive to commit fraud usually will include all of the following, excepta. inadequate segregation of duties.b. financial pressure.c. personal habits and lifestyle.d. feelings of resentment.e.
An information technology director collected the names and locations of key vendors, current hardware configuration, names of team members, and an alternative processing location. What is the
A message digest is the result of hashing. Which of the following statements about the hashing process is true?a. It is reversible.b. Comparing the hashing results can ensure confidentiality.c.
Why would a company need a SOC report?a. The external auditor needs to know the effectiveness of internal controls of the company’s service provider(s).b. The company wants to use it for marketing
Which of the following statements regarding SOC is correct?a. SOC 1 report is prepared for the general public to use.b. SOC 2 report is focused on the impact of the service provider’s controls on
Which of the following frameworks could be used for SOC cybersecurity?a. NISTb. HIPPAc. PCI-DSSd. All of these options are correct.e. Two of these options are correct.
Using an uninterruptible power supply is aa. preventive control.b. detective control.c. corrective control.
Implementing a redundant array of independent devices (RAID) is a preventive control.a. Trueb. False
Match the descriptions with each encryption method. Descriptions a. Good for large datasets b. Slow in processing c. Convenient for key distribution and key management d. Each user has a public key
Match correct statement(s) with each term regarding system availability. Internal Controls a. Activities required to keep a firm running during a period of displacement or interruption of normal
Identify the main components of vulnerability management and assessment. Component a. Prioritize vulnerabilities b. Design a risk response plan c. Monitor vulnerabilities d. Establish policy and
Match correct purposes, contents, and users regarding SOC reports. Purposes/Contents/Users a. Easy to read by the general public in a summary format on security, availability, processing integrity,
A local area network (LAN) is best described as a(n)a. computer system that connects computers of all sizes, workstations, terminals, and other devices within a limited proximity.b. system that
Which of the following network components is set up to serve as a security measure that prevents unauthorized traffic between different segments of the network?a. Switchb. Routerc. Firewalld. Virtual
Unauthorized alteration of records in a database system would impair which of the following components of the CIA (related to security)?a. Confidentialityb. Integrityc. Availabilityd. Authorization

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