Database Technology – Accounting And Finance Quiz

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Database Technology – Accounting And Finance Quiz

The key terms in these Finance chapters include Database Technology.


Which is probably the most immediate and significant effect of database technology on accounting?

Replacement of the double entry-system.

Elimination of traditional records such as journals and ledgers.

Change in the nature of financial reporting.

Quicker access to and greater use of accounting information in decision-making.Correct


Emma Kolb is a system analyst at a manufacturing company located in the Midwest. She has been asked to analyze the company’s accounting information system and to recommend cost-effective improvements. After noting that the several key managers do not have access to the production and sales information, she recommends that they should be uploaded to the company’s internal network and be made available for search. Implementation of her recommendation would benefit the company by contributing to

data independence.

data integration.

increase data sharing.Correct

reduce data redundancy.


The technique of using queries to investigate hypothesized relationships among data is called

online analytical processing.Correct

data analysis.

data mining.

business intelligence.


The HRM department should immediately delete records of employees who quit to prevent other employees from assuming their identities.

True

FalseCorrect

Which of the following will limit a firm’s potential loss exposure from paycheck forgery?

Direct deposit of checks.

Prompt redeposit of unclaimed paychecks.

Segregation of check distribution from payroll duties.

A separate payroll bank account.Correct


Use the chart below to answer the following questions regarding flow chart symbols.


Which symbol would be used in a flowchart to represent a flow of data or documents

#13

#11

#15

#12Correct

In a data flow diagram that depicts a company’s internal controls, where is each internal control typically explained in detail?

on a table that accompanies the internal control data flow diagramCorrect

in an annotation on the same page as the internal control

inside the symbol used to represent the internal control

Internal controls are not typically explained in detail in an internal control data flow diagram.


In a data flow diagram of the customer payment process, “Customer payment” will appear above or in

a square.

a circle.

two horizontal lines.

an arrow.Correct


Which of the following is not a common control for ensuring inventory is secure and inventory counts are accurate?

making physical counts of inventory at least once per year

transfers of inventory with proper documentation

sending “blind” copies of purchase orders to inventory control for data entryCorrect

control of physical access to the inventory storage areas


Ngai Nhung is the sales manager at Hung Technologies. At lunch with the company CEO, Ngai complained that a recent shipment from a vendor had been unsatisfactory and was returned. As a result, Hung’s purchasing manager needed to send a ________ to the supplier.

debit memoCorrect

receiving report

purchase order

blanket purchase order


The management at Barks-a-Million is considering a new inventory control system. The current system is inadequate because it frequently causes stockouts that interrupt production and lead to excess stock of other materials — resulting in markdowns and high carrying costs. The new system will focus on reducing or completely eliminating carrying costs, most likely employing

a just-in-time inventory system.Correct

materials requirements planning.

a reorder point.

the economic order quantity.


Which is probably the most immediate and significant effect of database technology on accounting?

Replacement of the double entry-system.

Elimination of traditional records such as journals and ledgers.

Change in the nature of financial reporting.

Quicker access to and greater use of accounting information in decision-making. – Correct


Emma Kolb is a system analyst at a manufacturing company located in the Midwest. She has been asked to analyze the company’s accounting information system and to recommend cost-effective improvements. After noting that the several key managers do not have access to the production and sales information, she recommends that they should be uploaded to the company’s internal network and be made available for search. Implementation of her recommendation would benefit the company by contributing to

data independence.

data integration.

increase data sharing. – Correct

reduce data redundancy.


The technique of using queries to investigate hypothesized relationships among data is called

online analytical processing. – Correct

data analysis.

data mining.

business intelligence.


The HRM department should immediately delete records of employees who quit to prevent other employees from assuming their identities.

True

False – Correct


Which of the following will limit a firm’s potential loss exposure from paycheck forgery?

Direct deposit of checks.

Prompt redeposit of unclaimed paychecks.

Segregation of check distribution from payroll duties.

A separate payroll bank account. – Correct


Use the chart below to answer the following questions regarding flow chart symbols.

Database Technology - Accounting And Finance Quiz


Which symbol would be used in a flowchart to represent a flow of data or documents

#13

#11

#15

#12 – Correct

In a data flow diagram that depicts a company’s internal controls, where is each internal control typically explained in detail?

on a table that accompanies the internal control data flow diagram  – Correct

in an annotation on the same page as the internal control

inside the symbol used to represent the internal control

Internal controls are not typically explained in detail in an internal control data flow diagram.


In a data flow diagram of the customer payment process, “Customer payment” will appear above or in

a square.

a circle.

two horizontal lines.

an arrow. – Correct


Which of the following is not a common control for ensuring inventory is secure and inventory counts are accurate?

making physical counts of inventory at least once per year

transfers of inventory with proper documentation

sending “blind” copies of purchase orders to inventory control for data entry – Correct

control of physical access to the inventory storage areas


Ngai Nhung is the sales manager at Hung Technologies. At lunch with the company CEO, Ngai complained that a recent shipment from a vendor had been unsatisfactory and was returned. As a result, Hung’s purchasing manager needed to send a ________ to the supplier.

debit memo – Correct

receiving report

purchase order

blanket purchase order


The management at Barks-a-Million is considering a new inventory control system. The current system is inadequate because it frequently causes stockouts that interrupt production and lead to excess stock of other materials — resulting in markdowns and high carrying costs. The new system will focus on reducing or completely eliminating carrying costs, most likely employing

a just-in-time inventory system. – Correct

materials requirements planning.

a reorder point.

the economic order quantity.


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