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Accounting Information Systems 14th Global Edition Marshall B. Romney, Paul John Steinbart - Solutions
How do you model financing transactions, such as the issuance of stock or debt?
How do you integrate payroll activities with other HR processes, such as hiring and training employees?
How do you model the production cycle activities of a manufacturer?
How do you model the revenue cycle activities of a business that provides services, such as computer or automotive repairs? What about a business that rents items instead of selling them?
Understand and create an REA diagram for the financing cycle.
Understand and create an REA diagram for the HR/payroll cycle.
Understand and create an REA diagram for the production cycle.
Extend REA diagrams to include information about employee roles, M:N agentevent relationships, locations, and relationships between resources and agents.
Create REA data models for the revenue and expenditure cycles of other types of organizations besides retail.
The Mesa Veterinary Hospital is run by Dr. Brigitte Roosevelt. She has two employees in the office and has asked you to develop a database to help better track her data.Dr. Roosevelt currently uses her personal computer only for word processing, but she is interested in also using it to maintain
How would you modify the expenditure cycle REA diagram depicted in Figure 19-4 to include the return of defective products to suppliers for credit?
Describe the relationships between Recruiting and Skills, and between Recruiting and Job Applicants.
Why is the event Issue Debt often modeled as a separate event entity?
Why might an REA diagram show relationships between resources and agents?
Often, it takes several sales calls to obtain the first order from a new customer. Why then does Figure 19-1 depict the relationship between the Call on Customer and Take Customer Orders events as being 1:1?
Which of the following additions to the basic REA template are sometimes needed?a. relationships between two resourcesb. relationships between two agentsc. relationships between a resource and an agentd. all of the above
Design appropriate input controls to ensure the validity of data entered in the form created in step 3.
Create a sales invoice form that references the appropriate tables and inputs data about attributes into the proper tables.
How would the process of generating a cash disbursements journal from the REA data model presented in Figure 18-4 and Table 18-1 differ from the process for creating a sales journal?
Which of the following elements of a traditional AIS can be derived from queries of an REA database?a. journalsb. ledgersc. claims (receivables and payables)d. all of the above
Use the REA data model to write queries to retrieve information from an AIS relational database.
Build a set of tables to implement an REA model of an AIS in a relational database.
Integrate separate REA diagrams for individual business cycles into a single, comprehensive, organization-wide REA diagram.
There is an important difference between merging redundant events and merging redundant resources. Explain this difference.
Write a query to calculate accounts receivable for a specific customer.
Write a query to calculate total accounts receivable.
Refer to Figure 18.4 and Table 18-1 to write the query logic needed to answer the following questions. (Optional: If requested by your instructor, write your queries in SQL or a Query-By-Example graphical interface.) Some answers may require more than one query—try to write the most efficient
The following tables and attributes exist in a relational database:TABLE ATTRIBUTES Vendor Vendor #, name, street address, city, state Purchases P.O. #, date, amount, vendor #, purchasing agent #Inventory Receipts Receiving report #, date, receiving clerk #, remarks, P.O. #Disburse Cash Check #,
for Sue’s Gallery in a relational database. Specify a primary key for each table, and suggest at least one other attribute that should be included in each table.
Develop a set of tables to implement the integrated REA diagram you developed in Problem
Refer to Problems 17.3 and 17.4 for information about the revenue and expenditure cycle activities of Sue’s Gallery in order to draw an integrated REA diagram of both cycles.
Examine Figure 18-4 and Table 18-1. Why do the Inventory, Customers, and Suppliers tables all have an attribute that contains data about the balance at the beginning of the current fiscal period?
Why does Figure 18-4 show only one Disburse Cash entity if Fred’s Train Shop uses a general operating checking account for purchases of inventory, supplies, and operating expenses such as rent but also uses a separate checking account for payroll?
The Computer Warehouse purchases its inventory from more than a dozen different vendors. Orders are placed via telephone, fax, or on the supplier’s website. Most orders are delivered the next day. Most orders are filled completely in one shipment, but sometimes a supplier is out of stock of a
Write queries to calculate as many financial statement items as possible from the data model you implement.
Discuss the basic business activities and related information processing operations in the expenditure cycle, explain the general threats to those activities, and describe the controls that can mitigate those threats.
Explain the process and key decisions involved in ordering goods and services, identify the threats to those activities, and describe the controls that can mitigate those threats.
Explain the process and key decisions involved in receiving goods and services, identify the threats to those activities, and describe the controls that can mitigate those threats.
Explain the process and key decisions involved in approving supplier invoices for goods and services, identify the threats to those activities, and describe the controls that can mitigate those threats.
Explain the process and key decisions involved in making cash disbursements to suppliers, identify the threats to those activities, and describe the controls that can mitigate those threats.
What must be done to ensure that AOE’s inventory records are current and accurate to avoid unexpected components shortages like those experienced at the Wichita plant?
How could the problems at the Dayton plant be avoided in the future? What can be done to ensure timely delivery of quality components?
Is it possible to reduce AOE’s investment in materials inventories?
How could the information system provide better information to guide planning and production?
How could IT be used to further reengineer expenditure cycle activities?
What is the optimal level of inventory and supplies to carry?
Which suppliers provide the best quality and service at the best prices?
How can the organization consolidate purchases across units to obtain optimal prices?
How can information technology (IT) be used to improve both the efficiency and accuracy of the inbound logistics function?
How can the organization maintain sufficient cash to take advantage of any discounts suppliers offer?
How can payments to vendors be managed to maximize cash flow?
At what point in the process can the order be canceled?
Which party is responsible for the cost of return freight if contract terms are not followed?
Which party is responsible for errors in bar codes, RFID tags, and labels?
What happens if errors in the purchasing company’s sales system cause additional errors in the amount of goods that suppliers provide?
Can suppliers ship more inventory than ordered if doing so reduces total freight costs because it results in a full, rather than partial, truckload?
The combination of supplier invoice and associated supporting documentation creates aa. voucher package.b. double bill.c. nonvoucher system.
The just-in-time inventory system attempts to minimize, if not eliminate, finished goods inventory by purchasing and producing goods in response to forecasted, rather than actual, sales.a. Trueb. False
A Stockholm-based medicine company wishes to reduce kickbacks. For kickbacks to make economic sense, the supplier must find a way to recover the money spent on it.This usually is accomplished by inflating the price of subsequent purchases or by substituting goods of inferior quality. Name three
Describe the EOQ approach to inventory management. Discuss the differences between EOQ, MRP, and JIT.
What types of decision-making and strategic information should an AIS provide in the expenditure cycle?
Cash disbursement, the final step of the expenditure cycle, faces a number of threats including cash flow problems. Why is it important to monitor this problem? What is the best way to mitigate this threat?
In the expenditure cycle, the majority of payments are made by check. What are some control issues related to the payment of vendors by check?
Which internal control procedure would be most cost-effective in dealing with the following expenditure cycle threats?a. A purchasing agent orders materials from a supplier that he partially owns.b. Receiving-dock personnel steal inventory and then claim the inventory was sent to the warehouse.c.
Use Table 13-2 to create a questionnaire checklist that can be used to evaluate controls for each of the basic activities in the expenditure cycle (ordering goods, receiving, approving supplier invoices, and cash disbursements).REQUIREDa. For each control issue, write a Yes/No question such that a
Excel Projecta. Expand the cash flow budget you created in Problem 12.4 to include a row for expected cash outflows equal to 77% of the current month’s sales.b. Also add a row to calculate the amount of cash that needs to be borrowed in order to maintain a minimum cash balance of $50,000 at the
For good internal control, which of the following duties can be performed by the same individual?. Approve purchase orders. Negotiate terms with suppliers. Reconcile the organization’s bank account. Approve supplier invoices for payment. Cancel supporting documents in the voucher package. Sign
Last year the Diamond Manufacturing Company purchased over $10 million worth of office equipment under its “special ordering” system, with individual orders ranging from$5,000 to $30,000. Special orders are for low-volume items that have been included in a department manager’s budget. The
The ABC Company performs its expenditure cycle activities using its integrated ERP system as follows:• Employees in any department can enter purchase requests for items they note as either out of stock or in small quantity.• The company maintains a perpetual inventory system.• Each day,
Figure 13-11 depicts the basic activities performed in Lexsteel’s expenditure cycle. The following additional information supplements that figure:• Because of cash flow problems, Lexsteel always pays suppliers on the last possible day before incurring a penalty for late payment. Supplier
The control procedure of comparing a voucher package to vendor invoices is designed to reduce the risk of .a. failure to take advantage of discounts for prompt paymentb. mistakes in posting to accounts payablec. paying for items not receivedd. theft of inventorye. making duplicate payments
Which of the following statements are true?a. Issuing employees procurement cards is an example of the control procedure referred to as “general authorization.”b. Organizations can reduce the risk of fraudulent disbursements by sending their bank a list of all checks issued, a process referred
The control procedure of prohibiting employees from accepting gifts is designed to reduce the risk of .a. theft of inventoryb. kickbacksc. fraudulent cash disbursementsd. stockoutse. none of the above
The control procedure of cancelling the documents in a voucher package is designed to reduce the risk of .a. making duplicate paymentsb. paying for items not receivedc. fraudulent cash disbursementsd. failure to take advantage of discounts for prompt paymente. theft of inventory
Which of the following control procedures is designed to reduce the risk of check alteration fraud?a. ACH blocks on accounts not used for paymentsb. Use of dedicated computer and browser for online bankingc. Establishing “Positive Pay” arrangements with banksd. Access controls for EFT
Which of the following control procedures is designed to reduce the risk of theft of inventory?a. Restriction of physical access to inventoryb. Periodic physical counts of inventory and reconciliation to recorded quantities on handc. Documentation of all transfers of inventory between employeesd.
Which of the following control procedures is designed to reduce the risk of ordering unneeded inventory?a. Tracking and monitoring product quality by supplierb. Purchasing only from approved suppliersc. Holding purchasing managers responsible for rework and scrap costsd. All of the abovee. None of
Which of the following documents is no longer needed if a company uses the evaluated receipts system (ERS) with its suppliers?a. Purchase orderb. Receiving reportc. Supplier invoiced. Debit memoe. None of the above
Kickbacks are a problem because they increase the risk of .a. purchasing inventory that is not neededb. purchasing inferior quality itemsc. purchasing at inflated pricesd. all of the abovee. none of the above
Which threat is most likely to result in the largest losses in a short period of time?a. Alteration of checks or EFT paymentsb. Theft of inventoryc. Duplicate payments to suppliersd. All of the abovee. None of the above
Describe the major business activities and key decisions that must be made in the production cycle, the threats to accomplishing production cycle objectives, and the controls that can mitigate those threats.
Explain the key decisions and information needs in product design, the threats to those activities, and the controls that can mitigate those threats.
Explain the key decisions and information needs in planning and scheduling production, the threats to those activities, and the controls that can mitigate those threats.
Explain the key decisions and information needs in production operations, the threats to those activities, and the controls that can mitigate those threats.
Explain the key decisions and information needs for accurate cost accounting, threats to those activities, and the controls that can mitigate those threats.
Which of the following is not a known threat to production cycle activities?a. loss or alteration of production datab. unauthorized disclosure of production informationc. risk of inaccurate or invalid master datad. risk of inappropriate allocation of overhead costs
The production cycle is a recurring set of business activities and related data processing operations associated with the manufacture of products. What is its second step?a. product designb. product operationsc. cost accountingd. planning and scheduling
Why are access control and appropriate user rights in integrated ERP potential threats, and how can they be mitigated?
List the similarities between MRP-II manufacturing and lean manufacturing. When is the use of MRP-II most suitable for a company?
What is activity-based costing (ABC)? How does it compare with traditional costing methods? What are the benefits of activity-based costing?
Use Table 14-1 to create a questionnaire checklist that can be used to evaluate controls for each of the basic activities in the production cycle (product design, planning and scheduling, production operations, and cost accounting).REQUIREDa. For each control issue, write a Yes/No question such
The Joseph Brant Manufacturing Company makes athletic footwear. Processing of production orders is as follows: At the end of each week, the production planning department prepares a master production schedule (MPS) that lists which shoe styles and quantities are to be produced during the next week.
The XYZ Company’s current production processes have a scrap rate of 15% and a return rate of 3%. Scrap costs (wasted materials) are $12 per unit; warranty/repair costs average $60 per unit returned. The company is considering the following alternatives to improve its production processes:•
Excel Problem REQUIREDa. Download the spreadsheet for problem 14.7 from the website for this textbook.b. Create formulas to calculate the following:• Accumulated depreciation (all assets use the straight-line method; all assets acquired any time during the year get a full year’s initial
Excel Problem*Task: Use Excel and the Solver add-in to explore the effect of various resource constraints on the optimal product mix.a. Read the article “Boost Profits With Excel,” by James A. Weisel, in the December 2003 issue of the Journal of Accountancy (available online at the AICPA’s
Excel Problem*REQUIRED Download the spreadsheet for problem 14.9 from the website for this textbook. Write formulas to calculate the total depreciation expense and to display the correct values in the following three columns: Age, Depreciation Rate, and Depreciation Expense.(Hint: You will need to
In terms of quality control measures, scrap and rework costs are part of .a. prevention costsb. inspection costsc. internal failure costsd. external failure costs
Which part of the throughput formula provides information about the impact of equipment downtime on overall productivity?a. Productive capacityb. Productive processing timec. Yieldd. None of the above
Which of the following is most likely the cost driver for accounts payable expenses associated with processing supplier invoices?a. Number of different parts purchasedb. Total price of purchasesc. Number of suppliers usedd. Number of purchases madee. All of the metrics listed above
Move tickets are a control procedure designed to reduce the risk of .a. loss or destruction of production datab. theft of inventoryc. disruption of operationsd. inappropriate allocation of overhead costs
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