FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 15: Using Management Information Systems and Accounting Information

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

Multiple Choice

Review LaterAdd Note

Review Later

The purpose of ____ is to distribute timely and useful information from both internal and external sources to the decision makers who need it.

A) a manager awareness program
B) a management information system
C) entrepreneurial information software
D) a computer information program
E) a desktop information system

F) A) and B)
G) C) and D)

Correct Answer

verified

Show Answer

Question 32

Multiple Choice

Review LaterAdd Note

Review Later

Regina owns and operates her own bakery and coffee shop. Regina has no accounting training and has only three employees. How does she most likely handle the necessary accounting for her business?

A) She does it herself because it takes little training or knowledge.
B) She hires a private accountant to work for her and take care of the accounting functions.
C) She has one of her part-time chefs do the accounting when he has time.
D) She pays a public accountant to do the accounting for her business.
E) She does nothing at all, because accounting is not necessary for businesses.

F) A) and E)
G) A) and B)

Correct Answer

verified

Show Answer

Question 33

Multiple Choice

Review LaterAdd Note

Jessica has worked for one week but her employer only pays its employees every two weeks. The amount of money her company owes her is classified as

Beginning inventory plus net purchases minus ending inventory equals

The debts of a business that will be paid in one year or less are called its

The most liquid asset is

In what ways does the Sarbanes-Oxley Act improve the validity of the information provided by a firm's accounting system?

As the accountant for Ideal Manufacturing Company, you determine the following totals in your balance sheet: total assets-$124,000; current liabilities-$41,000; long-term liabilities-$13,000. What is the total owners' equity for this company?

​The ___ is divided by the average inventory to obtain the inventory turnover. expenses

Marilyn provides piano lessons to students in her home four days a week. The money she earns from providing these services would be called ____ on an income statement.

Resources that a firm owns are called

The information provided by managerial accounting is of most benefit to a firm's

During the year Comer, Inc., had $200,000 in goods available for sale. At the end of the accounting period it had an ending inventory of $40,000. This reveals that it had sold all but ____ worth of the available goods.

Ridgley, Cooper, and Ross (RCR) Katie is the CEO of Ridgley, Cooper, and Ross (RCR) , a regional accounting firm. RCR offers services in most areas of accounting, including auditing and consulting services. The firm must follow the GAAP rules, just like any other accounting firm. If there are information gaps that are not addressed and resolved by the firm, RCR could be considered a violator of the Sarbanes-Oxley Act. Katie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations. Like any other industry, accounting is a competitive industry and employees of accounting firms must be productive, progressive, and well trained. -Refer to Ridgley, Cooper, and Ross. In order to be successful in the accounting industry, RCR employees must

Current assets are assets that can be converted quickly into cash or that will be used in two years or less.

Christine's First Job Christine has just earned her undergraduate degree in accounting and has successfully completed the CPA exam. She recently interviewed with a relatively small and new company and was offered a job. The offer sounded very promising; the job had opportunities to grow with the company and provided diverse challenges. Christine accepted the job. Once Christine started working, she realized that the owners and employees did not have a general understanding of accounting. She had to teach them the steps in an accounting cycle so they would be able to understand how she was going to create reports. When she talked about the statement of financial position, they had no idea what she was talking about. She was the qualified individual responsible for accounting. No one else working with her had much knowledg -Refer to Christine's First Job. To help the owners understand how effectively the firm is transforming sales into profits, Christine should address which of the following ratios?

The earnings statement is another term for the

Which of the following presents assets in the correct balance sheet order?

Ridgley, Cooper, and Ross (RCR) Katie is the CEO of Ridgley, Cooper, and Ross (RCR) , a regional accounting firm. RCR offers services in most areas of accounting, including auditing and consulting services. The firm must follow the GAAP rules, just like any other accounting firm. If there are information gaps that are not addressed and resolved by the firm, RCR could be considered a violator of the Sarbanes-Oxley Act. Katie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations. Like any other industry, accounting is a competitive industry and employees of accounting firms must be productive, progressive, and well trained. -Refer to Ridgley, Cooper, and Ross. Which of the following represents a key component of the Sarbanes-Oxley Act relating to consulting services?

Because information rules must be checked out before a decision can be made, they lengthen the time required to analyze choices.