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ACC/340 Final Exam MCQs

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Question;ACC/340 Final Exam;1. Three objectives of a company's internal control system should be safeguarding assets, checking the accuracy and reliability of accounting data, and promoting operational efficiency. A fourth objective of a company's internal control system should be:a. Preventing embezzlement of assetsb. Encouraging adherence to prescribed managerial policiesc. Avoiding the payment of overtime to company employeesd. Revising standards for production costs on a weekly basis;2. Control activities and monitoring are one and the same. T or F;3. General controls within IT environments that affect personnel include:a. Use of computer accountsb. Separation of dutiesc. Informal knowledge of employeesd. all of the above affect personnel;4. Contingency planning includes the development of a formal disaster recovery plan T or F;5. What has been the effect on accountants in those organizations which have computerized their data processing functions? a. The need for accountants has disappearedb. The accountants have become "pure" bookkeepersc. The accountants have become involved in more decision making activitiesd. The accountants' decision making activities have drastically declined;6. Since accountants are not normally computer programmers working within the information processing subsystem, it is unnecessary for them to understand the capabilities and limitations of computers T or F;7. An advantage of an extranet is that:a. It can disseminate information corporate wideb. It can be accessed by selected trading partnersc. Users can employ common web browsers to access information in themd. all of the above;8. Intranets do not use the same software as the Internet. T or F;9. Data flow diagrams:a. Accomplish the same purpose as system flowchartsb. Are different from system flowcharts since they focus on a logical view of the information systemc. Are useless for planning a new systemd. Are never used in analyzing an existing system;10. Three major objectives of a data collection process are accuracy, timeliness, and cost-effectiveness T or F;11. Business process reengineering:a. Is an incremental approach to redesigning business processesb. Involves redesigning business processes from scratchc. Is rarely successful in cutting an organization?s costsd. Is always welcomed by an organization?s employees;12. An e-business portal is a gateway to outside web sites and services T or F;13. Enterprise-wide AISs:a. Almost never pay for themselvesb. Do not include many more features than middle-range accounting software packagesc. Are seldom used by multinational organizationsd. Integrate an organization?s financial functions with its other functional areas;14. The ?concurrency? concern in database operations refers to the need to convert foreign currency amounts into dollar terms before reporting them to subschema viewers. T or F;15. In the REA framework, which of these would be recorded as an ?event?? a. Hiring a new president of the companyb. Taking an initial sales order from a customerc. Buying a piece of equipment for cashd. all of these would be recorded as events;16. Three of the largest concerns when creating databases are ?data integrity,? ?processing accuracy,? and ?data security.? T or F;17. The purpose of the entity relationship (E-R) model is to help database designers:a. Identify data redundanciesb. Create databases in third normal formc. Design databases and depict data relationshipsd. Answer structured queries about the data in accounting databases;18. Database management systems are important to accountants because:a. They automate file storage tasks and enable managers to generate worthwhile financial reportsb. They eliminate data redundancyc. They are unique data structures which accountants have never used befored. They are easy to develop and therefore save moneye. They are energy efficient;19. One purpose of generalized auditing packages is to enable an auditor to examine the contents of computer files of interest without having to write a computer program himself/herself. T or F;20. Which of these is not generally a reason to outsource:a. Retain control over datab. Attractive business solutionc. Lower data processing costsd. Avoid seasonal fluctuations

 

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