Acc 340 Week 5 Team Assignment

Multiple-Choice Questions

 

1. The process by which a financial transaction is recorded so that its flow through the system can be followed is called:

a) Financial shadowing

b) Managerial trace technique

c) Concatenation

d) Audit trail

 

2. Justifying expenditures for new technologies is especially difficult because:

a) You do not know how many jobs will be affected

b) Expenses are often recurring and are difficult to estimate

c) Many benefits are intangible and are not easily known or measured

d) Justifying a new technology is no different from any other capital budgeting problem

 

3. The essential steps in performing a systems study are (in order of occurrence):

a) Analysis, design, implementation and initial operation, follow up

b) Design, planning, follow up, analysis, and implementation

c) Planning, system specification, analysis, production, implementation

d) Planning, analysis, design, implementation, and follow up

 

4. What is the first step to be performed by most organizations in their accounting cycles?

a) Recording business transactions in a journal

b) Preparing a trial balance

c) Recording closing entries in a journal

d) Preparing transaction source documents

e) none of the above

 

5. Which systems study step is normally performed first?

a) Design

b) Initial operation

c) Follow up

d) Analysis

e) none of the above

 

6. The purpose of a company firewall is to:

a) Guard against spoofing

b) Assist the IETF

c) Deny computer hackers access to sensitive data

d) all of the above

 

7. The term data encryption refers to:

a) Storing data in safe places called “crypts”

b) Transforming data into secret codes

c) Scrambling data in random ways that cannot be unscrambled

d) none of these

 

8. An advantage of an extranet is that:

a) It can disseminate information corporate wide

b) It can be accessed by selected trading partners

c) Users can employ common web browsers to access information in them

d) all of the above

 

9. Another name for an Internet domain address is its:

a) URL

b) ISP

c) email address

d) IETF

 

            10.  Business process reengineering efforts sometimes fail because:

            a)   Management gets too involved in the process

            b)  Management is too optimistic regarding its expectations from its implementation

            c)   Management support can never overcome employee resistance

            d)   Employees will never accept change

 

11. The sales process begins with:

a) Placing an order with a vendor

b) A customer order for goods or services

c) Production of goods or services

d) Delivery of goods or services

 

12. The primary objective in processing revenues is to:

a) Sell as many goods as possible

b) Achieve timely and efficient cash collection

c) Maximize an organization’s sales orders

d) Only sell goods to customers who can pay their bills

 

13. An important input to the sales process is:

a) A customer sales order

b) The cash forecast

c) Aged accounts receivable information

d) A receiving report

 

14. Which of the following is not an example of a source document?

a) Receiving report

b) Purchase order

c) Sales order

d) Aging report

 

15. Inputs to transaction processing systems:

a) Are always in hard copy

b) Are best when input in a graphical format

c) May be in an electronic format when an EDI system is used

d) May never be audio

 

16.Integrated accounting software programs generally include all of the following, except:

a) Graphic reporting capabilities

b) Internet connectivity

c) One standardized chart of accounts

d) The ability to handle multiple companies

 

17. Enterprise-wide AISs:

a) Almost never pay for themselves

b) Do not include many more features than middle-range accounting software packages

c) Are seldom used by multinational organizations

d) Integrate an organization’s financial functions with its other functional areas

 

18. Training and change management activities:

a) Take place just before the go live stage of implementation

b) Are most effective when conducted throughout design, go live, and post-implementation follow-up

c) Include technical training only

d) Do not include the design of user interfaces

 

19. Which of the following software packages is not an example of a middle-range AIS?

a) Great Plains Dynamics

b) MAS 90

c) SAP R/3

d) Solomon

 

20. Many organizations purchased new AISs during the 1990’s:

a) Because of the need for Year 2000 compliance

b) Because they wanted Internet connectivity

c) In order to take advantage of opportunities for reengineering

d) all of the above 

 

HARDWARE AND SOFTWARE SELECTION 2 Hardware and Software Selection The accounting cycle boils down to a set of rules used to ensure the accuracy of financial statements filed or submitted by those in an organization responsible for filing said statements. Mathematical errors have been significantly reduced thanks to the use of computers and related software applications. Both hardware and software are essential for integrating the accounts receivable process into the automated system. From sophisticated computers with large hard disk drives (HDD) to memory to high definition computer monitors for displaying many colors within graphs, presentations, and training modules. In this forum, we will examine what information that may need to be shared between the different cycles. Information such as who will need access to the information, what controls will need to be in place for the integration to be successful and transparent to customers, what types of reports will need to be generated once the integration is complete and what information should be available through the corporate intranet and Internet. Many people and groups need access to information contained in the accounts receivable ledger. Some of these include customers, account managers, executives, investors, and auditors. Customers demand anytime access to their account information online, including amounts owed, available credit, and recent account activity. Account managers need access to accounts receivable data to make decisions on credit extensions and debt collections. Executives make short-term business and strategic decisions based on the accounts receivables input to the general ledger. Riordan’s Accounts Receivable ledger contains detailed information about credit sales transactions occurring in the revenue accounting cycle. The accounts receivable ledger

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