1. Under Real Time Processing model, no time lag exists and operational delays are not an issue. Despite of these benefits, which of the following is considered an issue for small companies for real time processing

a. Processing takes place when the economic event occurs

b. More resources required

c. Fewer resources are required

d. Certain records are processed after the event

2. Which of the following accounting subsystems would be under MIS?

a. Cost Accounting System

b. Financial Management Systems

c. Sales Processing System

d. Cash Receipts System

3. When collecting data, companies must remember that data collected must be relevant and

a. Efficiently collected

b. None of the above

c. Redundant for emphasis

d. Important for decision making

4. A clerk in the sales department receives a hard-copy customer order by mail and manually prepares four hard copies of a sales order. This is a typical event in the

a. Revenue cycle

b. Costing cycle

c. Expenditure cycle

d. Conversion cycle