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accounting information systems
Accounting Information Systems 14th Global Edition Marshall B. Romney, Paul John Steinbart - Solutions
At which stage of the production process can accountants contribute to significantly reducing the cost of goods sold?a. Product designb. Planning and schedulingc. Production operationsd. None of the above
MRP-II would most likely be used by a company that produces .a. different grades of milk (e.g., whole, 2%, and skim)b. toner cartridges for laser printersc. toys based on a new movied. all of the abovee. none of the above
In terms of quality control measures, the costs associated with issuing credit memos to customers who return defective products is part of .a. prevention costsb. inspection costsc. internal failure costsd. external failure costse. none of the above
Which control procedure would be most effective in reducing the risk of over- or under-production?a. Reviewing all changes to master datab. Activity-based costingc. Production planning systemsd. Computer-integrated manufacturinge. Reports that highlight the components of throughput
Describe the major business activities, key decisions, and information needs in the HRM/payroll cycle, the general threats to those activities, and the controls that can mitigate those threats.
Explain the payroll cycle activities, key decisions and information needs, the threats to those activities, and the controls that can mitigate those threats.
Discuss and evaluate the options for outsourcing HRM/payroll cycle activities.
Which skills are in short supply? Which skills are in oversupply?
How effective are current training programs in maintaining and improving employee skill levels?
Is overall performance improving or declining?
Are there problems with turnover, tardiness, or absenteeism?
Which of the following is not a task performed in the human resource management (HRM)/payroll cycle?a. recruiting and hiring new employeesb. trainingc. job assignmentd. access right management
Which of the following is not a general threat to the HRM/payroll cycle?a. inaccurate employee master datab. unauthorized disclosure of sensitive informationc. loss or destruction of master datad. poor product design
Use of a payroll service bureau or a PEO provides which of the following benefits?a. fewer staff needed to process payrollb. lower cost of processing payrollc. less need for developing and maintaining payroll tax expertised. all of the above
Many companies use a _________ to record daily arrival and departure times of the employees who are paid on an hourly basis.a. time cardb. time sheetc. punch cardd. entry card
Should CPA firms continue to use time sheets for their employees? Why, or why not?
An important step in the payroll cycle is to validate each employee’s time and attendance data. How an employee’s time and attendance data is collected differs depending on her pay status. Explain how IT can reduce the risk of intentional inaccuracies in time and attendance data. (For example,
Describe the benefits and threats of incentive and bonus programs. Explain the benefits, both to companies and employees, of using electronic direct deposit for payroll.
What internal control procedure(s) would be most effective in preventing the following errors or fraudulent acts?a. An inadvertent data entry error caused an employee’s wage rate to be overstated in the payroll master file.b. A fictitious employee payroll record was added to the payroll master
You have been hired to evaluate the payroll system for the Skip-Rope Manufacturing Company. The company processes its payroll in-house. Use Table 15-1 as a reference to prepare a list of questions to evaluate Skip-Rope’s internal control structure as it pertains to payroll processing for its
Although most medium and large companies have implemented sophisticated payroll and HRM systems like the one described in this chapter, many smaller companies still maintain separate payroll and HRM systems that employ many manual procedures.Typical of such small companies is the Kowal
Arlington Industries manufactures and sells engine parts for large industrial equipment.The company employs over 1,000 workers for three shifts, and most employees work overtime when necessary. Figure 15-10 depicts the procedures followed to process payroll. Additional information about payroll
Excel Problem*Objective: Learn how to find and correct errors in complex spreadsheets used for payroll.REQUIREDa. Read the article “Ferret Out Spreadsheet Errors” by Mark G. Simkin, in the Journal of Accountancy (February 2004). You can find a copy online by accessing www.aicpa.org.b. Download
Excel Problem*Objective: Learn how to use the VLOOKUP function for payroll calculations.REQUIREDa. Read the article “Make Excel a Little Smarter” by Lois S. Mahoney and Charles Kelliher in the Journal of Accountancy (July 2003). You can find a copy at www.aicpa.org.b. Read the section titled
The local community feels that secondary school education is a necessity and that lack of education leads to a number of social problems. As a result, the local school board has decided to take action to reverse the rising dropout rate. The board has voted to provide funds to encourage students to
What is the purpose of each of the following control procedures (i.e., what threats is it designed to mitigate)?a. Comparison of a listing of current and former employees to the payroll register.b. Reconciliation of labor costs (based on job-time ticket data) with payroll (based on time card
Excel Problem Objective: Learn how to use text and array formulas to locate potential payroll problems.REQUIREDa. Download the spreadsheet for this problem from the course Web site.b. In column I, under the label “Ghost Employee?” write a function that compares the employee# in the time cards
Read the articles “Be an HR Resource for Your Clients,” by Michael Hayes, and “Hired Help: Finding the Right Consultant,” by Joanne Sammer, both of which were published in the November 2006 issue of the Journal of Accountancy.
Contact a local CPA firm that provides payroll and HR services, and find out what types of services they perform and what types of clients they serve.
Create a spreadsheet to compare current monthly mortgage payments versus the new monthly payments if the loan were refinanced, as shown:REFINANCING CALCULATOR INSTRUCTIONS: ONLY ENTER DATA INTO BORDERLESS CELLS; DO NOT ENTER DATA INTO CELLS WITH BORDERS Current loan amount $500,000 Current term
Individuals’ increased presence on social networking sites and the use of the Internet has not only enabled them to communicate more effectively but has also increased the risk of a breach of privacy. Perform the following experiments, and write a report on the impression a person might develop
Practice encryption using both any encryption capabilities provided by your computer’s operating system and third-party encryption software.REQUIREDa. Use your computer operating system’s built-in encryption capability to encrypt a file. Create another user account on your computer, and log in
Explain why digital certificates are more important for enterprises than for individuals.What types of digital certificates are usually issued by commercial certificate authorities such as Thawte and Verisign? What is the process called?
Which of the following factors increase the strength of an encryption solution?a. Securely storing encryption keys somewhere other than in the browser.b. Keeping the encryption algorithm secret.c. Using a 24-bit encryption key.d. All three options increase the strength of an encryption solution.e.
Websites often provide a link to the organization’s privacy policy. Doing so most directly satisfies the requirements of the section of GAPP referred to as .a. managementb. noticec. qualityd. collection
Download a hash calculator from the course website (or use one provided by your instructor). Use it to create SHA-256 (or any other hash algorithm your instructor assigns) hashes for the following:a. A document that contains this text: “Congratulations! You earned an A+”b. A document that
Describe symmetric encryption and identify three limitations.
Explain the controls that organizations can use to protect the privacy of personal information they collect from customers, suppliers, and employees, and discuss how the Generally Accepted Privacy Principles (GAPP) framework provides guidance in developing a comprehensive approach to protecting
Discuss how different types of encryption systems work, and explain how digital signatures provide the means for creating legally-enforceable contracts.
Describe the controls that can be used to protect the confidentiality of an organization’s information.
A document that authorizes the purchase or production of items and is created when there is insufficient inventory to meet customer orders is referred to asa. a back order.b. a picking ticket.
Sensitive data should be encrypted in storage to prevent IT employees without access to the ERP system from using operating system utilities.a. Trueb. False
With reference to the Edward Snowden case, explain why some companies disallow their employees from freely using Yahoo mail or Gmail at work, or forbid employees from forwarding company e-mails to such accounts?
Comment on this statement made by some IT and marketing professionals: Data security and convenience move in opposite directions.
Describe some steps you can take to minimize the risk of identity theft.
What privacy concerns might arise from the use of biometric authentication techniques?What about the embedding of radio frequency identification (RFID) tags in products such as clothing? What other technologies might create privacy concerns?
Able wants to send an encrypted document to Baker as an email attachment. If Able wants to securely send Baker the key to decrypt the document, Able should:a. Encrypt the key using Able’s public asymmetric key.b. Encrypt the key using Able’s private asymmetric key.c. Encrypt the key using
Which type of VPN is more secure?a. SSL.b. IPSEC.c. SSL and IPSEC VPNs are both secure.d. Neither SSL nor IPSEC VPNs are secure.
GAPP stresses the importance of obtaining consent when collecting, using, and sharing information about customers. If a company’s policy is to ask customers for permission to collect sensitive personal information and then only asks questions about sensitive matters (such as political beliefs or
What does GAPP principle 3 say about the use of cookies?
What are some examples of practices that violate management criterion 4.2.2?
What does management criterion 5.2.2 state concerning retention of customers’ personal information? How can organizations satisfy this criterion?
What does management criterion 5.2.3 state concerning the disposal of personal information? How can organizations satisfy this criterion?
What does management criterion 6.2.2 state concerning access? What controls should organizations use to achieve this objective?
How can customer payments be processed to maximize cash flow?
Should credit be extended to customers? If so, what credit terms should be offered? How much credit should be extended to individual customers?
What are the optimal prices for each product or service?
Obtain a copy of your university’s privacy policy statement. Does it satisfy GAPP criterion 2.2.3?Why?
What does principle 1 state concerning the use of customers’ personal information when organizations test new applications?
What does principle 1 state concerning top management’s and the board of directors’ responsibility for privacy?
Which of the following statements is true?a. A file encrypted with X’s private key can only be decrypted by using X’s private key.b. A file encrypted with X’s private key can only be decrypted using X’s public key.c. A file encrypted with X’s private key can only be decrypted by using
To decrypt a digital signature .a. the recipient uses the sender’s private key.b. the recipient uses the sender’s public key.c. the recipient uses the recipient’s private key.d. the recipient uses the recipient’s public key.
Encryption is least effective in protecting the confidentiality of sensitive data when.a. it is at restb. it is being processedc. it is being transmitted over the Internetd. encryption is equally effective in protecting confidentiality at all stages of the data processing cycle
Nonrepudiation of a digital contract is achieved by creating and using a .a. digital signatureb. digital certificate
What is the difference between confidentiality and privacy?
How many categories of personal information exist? Why?
In terms of the principle of choice and consent, what does GAPP recommend concerning opt-in versus opt-out?
Can organizations outsource their responsibility for privacy?
How much inventory should be carried, and where should that inventory be located?
What metrics can an IT auditor use to assess how an organization is performing in terms of change controls and change management? Why are those metrics particularly useful?
Parktown Medical Center, Inc., is a small health care provider owned by a publicly held corporation. It employs 7 salaried physicians, 10 nurses, 3 support staff, and 3 clerical workers. The clerical workers perform such tasks as reception, correspondence, cash receipts, billing, and appointment
An organization uses batch processing to generate customer invoices. During the process, the computer sums the invoice number field for all invoices in the batch, and the billing clerk then compares that number to the same total that the clerk calculated prior to processing. That calculation (the
Explain how security and the other four principles in the Trust Services Framework affect systems reliability.
Explain two fundamental concepts: why information security is a management issue, and the time-based model of information security.
Discuss the steps criminals follow to execute a targeted attack against an organization’s information system.
Describe the preventive, detective, and corrective controls that can be used to protect an organization’s information.
Describe the controls that can be used to timely detect that an organization’s information system is under attack.
Discuss how organizations can timely respond to attacks against their information system.
Explain how virtualization, cloud computing, and the Internet of Things affect information security.
What controls does Northwest Industries employ to prevent unauthorized access to its accounting system?
A basic threat around sales order entry is that important data about the order will be either missing or inaccurate. Explain how this risk can be mitigated.
Some products, such as music and software, can be digitized. How does this affect each of the four main activities in the revenue cycle?
Failure to collect cash on credit sales is a threat in the revenue cycle. What controls can be used to neutralize this threat?
O’Brien Corporation is a midsized, privately owned industrial instrument manufacturer supplying precision equipment to manufacturers in the Midwest. The corporation is 10 years old and uses an integrated ERP system. The administrative offices are located in a downtown building, and the
Excel Project. Accountants should help managers understand trends in revenue cycle activities. One important issue concerns granting credit to customers. Trends in bad debt expense (BDE) to write-offs (WO) provide insights into the accuracy of credit granting policies. It is also important to
Excel Project.REQUIREDa. Create a 12-month cash flow budget in Excel using the following assumptions:Initial sales of $5 million, with forecasted monthly growth of 1%40% of each month’s sales for cash; 30% collected the following month; 20%collected 2 months later; 8% collected 3 months later;
You have been hired by a catalog company to computerize its sales order entry process. Approximately 70% of all orders are received over the telephone by a sales person. The other 30% of orders are received by a sales person through mail or fax. The catalog company wants the phone orders to be
What internal control procedure(s) would provide protection against the following threats?a. Workers on the shipping dock steal goods, claiming that the inventory shortages reflect errors in the inventory records.b. An employee posts the sales amount to the wrong customer account because he
Discuss the revenue cycle threat of stockouts, carrying costs, and markdowns.
Invoiceless pricing has been adopted by some large businesses for business-to-business transactions. What are the barriers, if any, to its use in sales to consumers?
What kind of threats are eliminated by replacing bar codes with radio-frequency identification tags?
How can successful and unsuccessful attempts to compromise the company’s accounting system be detected in a timely manner?
What procedures are in place to respond to security incidents?
Firewalls are most effective in reducing the ability of an attacker to .a. conduct initial reconnaissanceb. research vulnerabilities and exploitsc. scan and map the targetd. all of the above are prevented by firewallse. none of the above are prevented by firewalls
A company’s current password policy requires that passwords be alphanumeric, casesensitive, and 10 characters long. Which one of the following changes to a company’s password policy will increase password strength the most?a. Require passwords to also include special characters (such as $, &,
Which of the following set of authentication credentials provides the strongest access control?a. A password and a security question.b. A PIN and a smart card.c. Voice recognition and a fingerprint.d. All of the combinations of credentials are equally strong.
A firewall that uses would be most effective in detecting and stopping an attempt to deface the organization’s website by sending an HTML “PUT” command to its web server.a. static packet filteringb. stateful packet filteringc. deep packet inspection
In addition to encryption, organizations should to effectively secure wireless communications.a. place all wireless access points in the DMZb. configure all wireless clients to operate in ad hoc modec. do both of the aboved. do none of the above
A customer entered the wrong account number on the memo line of the check mailed to the company. Consequently, another customer’s account was credited for that payment.The most effective way to prevent such problems would be to use .a. turnaround documentsb. a validity check of customer account
Which of the following statements are true?a. IT developments such as virtualization, Cloud computing, and the Internet of Things weaken information security.b. A large number of emergency changes is a potential red flag of other problems.c. Information security is improved when the CISO reports to
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