Quiz 12 - AIS

• Question 1

  0.2 out of 0.2 points

  	Identify the role below that accountants can play in the production cycle.
  	Selected Answer:   All of these Correct Answer:   All of these

• Question 2

  0.2 out of 0.2 points

  	Who does the payroll system issue checks to?
  	Selected Answer:   All of these are correct. Correct Answer:   All of these are correct.

• Question 3

  0.2 out of 0.2 points

  	How does an MRP inventory system reduces inventory levels?
  	Selected Answer:   by reducing the uncertainty regarding when materials are needed Correct Answer:   by reducing the uncertainty regarding when materials are needed

• Question 4

  0.2 out of 0.2 points

  	Identify one control that can be used to mitigate the threat of poor product design that results in excess costs.
  	Selected Answer:   analysis of warranty and repair costs Correct Answer:   analysis of warranty and repair costs

• Question 5

  0.2 out of 0.2 points

  	Which department should have the sole ability to provide information to the AIS about hiring, terminations, and pay rate changes?
  	Selected Answer:   HRM Correct Answer:   HRM

Quiz 11 - AIS

• Question 1

  0.2 out of 0.2 points

  	Accounting information systems have five generic elements. Which of the following pairs includes examples of two different elements within the context of the acquisition / payment process?
  	Selected Answer:   Purchase requisition and schedule of accounts payable Correct Answer:   Purchase requisition and schedule of accounts payable

• Question 2

  0.2 out of 0.2 points

  	The acquisition / payment process includes all of the following steps except:
  	Selected Answer:   Prepare adjusting journal entries Correct Answer:   Prepare adjusting journal entries

• Question 3

  0.2 out of 0.2 points

  	As a form of internal control within the acquisition / payment process, internal auditors are most likely to:
  	Selected Answer:   Prevent or detect a problem Correct Answer:   Prevent or detect a problem

• Question 4

  0.2 out of 0.2 points

  	The acquisition / payment process helps an organization create value for its stakeholders. Which of the following authors developed a model that assists in understanding value creation?
  	Selected Answer:   Porter Correct Answer:   Porter

• Question 5

  0.2 out of 0.2 points

  	BSP Corporation wrote a check to RSR Corporation, one of its vendors. On the remittance advice, BSP indicated which invoices it was paying. Which of the following statements is most true?
  	Selected Answer:   RSR Corporation uses the open invoice method Correct Answer:   RSR Corporation uses the open invoice method

Quiz 10 - AIS

• Question 1

  
  

  	Which of the following steps in the sales / collection process occurs last?
  	Correct Answer:   Bill the customer

• Question 2

  
  

  	Consider the following information items as you respond to the next question:     i.    Customer master file    ii.    Journal entry to record the receipt of cash   iii.    Pre-numbered documents   iv.    Schedule of accounts receivable         Accounting information systems have five generic elements, one of which can be directly applied to the other four. Which information item above best exemplifies that element?
  	Correct Answer:   Pre-numbered documents as an internal control in the AIS

• Question 3

  
  

  	Sally, a sales representative for WER Corporation, ensures that she does a thorough credit check for customers who want to purchase goods on account. The most important internal control WER should implement is:
  	Correct Answer:   Seperation of duties

• Question 4

  
  

  	As a form of internal control, a bank reconciliation is most closely related to which step in the sales / collection process?  (page 210)
  	Correct Answer:   Sixth

• Question 5

  
  

  	Consider the following short case as you respond to the next question: VLC Corporation sold merchandise with a cost of $200 on account for $300 to PRT Corporation; credit terms were 2 / 10, n / 30. VLC paid the outgoing freight charge of $10. PRT paid the invoice within the discount period. Inclusive of all the transactions that affect the income statement, VLC’s gross profit on the sale was:
  	Correct Answer:   $94