Inventory Record – Accounting & Finance Exam

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Inventory Record – Accounting & Finance Exam

The key terms in these Finance chapters include Inventory Record.


The best solution for maintaining accurate automated perpetual inventory system is to use

periodic physical counts to reconcile with perpetual inventory records.

RFID tags.Correct

point of sale devices integrated with inventory records.

closed-loop verification when inventory is received from vendors and recorded.


Two documents usually accompany goods shipped to a customer. What are the two documents?

an invoice and a sales order

an invoice and a packing slip

a packing slip and a bill of ladingCorrect

a bill of lading and an invoice


Identify one control that can be used to mitigate the threat of poor product design that results in excess costs.

insurance

production planning systems

analysis of warranty and repair costsCorrect

encryption


The steps that criminals take to study their target’s physical layout to learn about the controls it has in place is called

scanning and mapping the target.

research.

reconnaissance.Correct

social engineering.


The value chain concept is composed of two types of activities known as

primary and support.Correct

support and value.

primary and secondary.

technology and support.


An AIS provides value by

improving products or services through information that increases quality and reduces costs.

providing timely and reliable information to decision makers.

creating new products.

both A and BCorrect


The Bear Corporation uses a tool that embeds a code into all of its digital documents. It then scours the internet, searching for codes that it has embedded into its files. When Bear finds an embedded code on the internet, it knows that confidential information has been leaked. Bear then begins identifying how the information was leaked and who was involved with the leak. Bear is using

a data loss prevention software.

an information rights management software.

a digital watermark.Correct

a stop leak software.


Identify the item below which is not a piece of legislation passed to protect individuals against identity theft or to secure individuals’ privacy.

The Gramm––Leach––Bliley Act.

The Health Insurance Portability and Accountability Act (HIPAA).

The Dodd-Frank Act.Correct

The Health Information Technology for Economic and Clinical Health Act (HITECH).


A client approached Paxton Uffe and said, “Paxton, I need for my customers to make payments online using credit cards, but I want to make sure that the credit card data isn’t intercepted. What do you suggest?” Paxton responded, “The most effective solution is to implement

a data masking program.”

a virtual private network.”

a private cloud environment.”

an encryption system with digital signatures.”Correct


The best solution for maintaining accurate automated perpetual inventory system is to use

periodic physical counts to reconcile with perpetual inventory records.

RFID tags. – Correct

point of sale devices integrated with inventory records.

closed-loop verification when inventory is received from vendors and recorded.


Two documents usually accompany goods shipped to a customer. What are the two documents?

an invoice and a sales order

an invoice and a packing slip

a packing slip and a bill of lading – Correct

a bill of lading and an invoice


Identify one control that can be used to mitigate the threat of poor product design that results in excess costs.

insurance

production planning systems

analysis of warranty and repair costs – Correct

encryption


The steps that criminals take to study their target’s physical layout to learn about the controls it has in place is called

scanning and mapping the target.

research.

reconnaissance. – Correct

social engineering.


The value chain concept is composed of two types of activities known as

primary and support. – Correct

support and value.

primary and secondary.

technology and support.


An AIS provides value by

improving products or services through information that increases quality and reduces costs.

providing timely and reliable information to decision makers.

creating new products.

both A and B – Correct

The Bear Corporation uses a tool that embeds a code into all of its digital documents. It then scours the internet, searching for codes that it has embedded into its files. When Bear finds an embedded code on the internet, it knows that confidential information has been leaked. Bear then begins identifying how the information was leaked and who was involved with the leak. Bear is using

a data loss prevention software.

an information rights management software.

a digital watermark. – Correct

a stop leak software.


Identify the item below which is not a piece of legislation passed to protect individuals against identity theft or to secure individuals’ privacy.

The Gramm––Leach––Bliley Act.

The Health Insurance Portability and Accountability Act (HIPAA).

The Dodd-Frank Act. – Correct

The Health Information Technology for Economic and Clinical Health Act (HITECH).


A client approached Paxton Uffe and said, “Paxton, I need for my customers to make payments online using credit cards, but I want to make sure that the credit card data isn’t intercepted. What do you suggest?” Paxton responded, “The most effective solution is to implement

a data masking program.”

a virtual private network.”

a private cloud environment.”

an encryption system with digital signatures.” – Correct


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