Physical Prototype – Accounting & Finance Exam

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Physical Prototype – Accounting & Finance Exam

The key terms in these Finance chapters include Physical Prototype.


Which of the following controls can minimize the threat of theft of inventory?

The use of innovative performance metrics.

The use of periodic physical counts of inventory and reconciliation of those counts to recorded quantities.Correct

The use of encryption.

The use of production planning systems.


How can PLM software improve the efficiency and effectiveness of the product design process?

It can simulate how new products will be manufactured.

It can eliminate the costs associated with creating and destroying physical prototypes.Correct

It can store all the data associated with all products.

All of the above


What information is necessary to create the master production schedule?

special orders information and engineering department specifications

engineering department specifications and inventory levels

engineering department specifications and sales forecasts

sales forecasts, special orders information, and inventory levelsCorrect


Identify the piece of information below that is typically needed to hire and train employees.

market coverage

job descriptionsCorrect

capacity needs

vendor performance


Kuzman Jovan called a meeting of the top management at Jovan Capital Management. Number one on the agenda was computer system security. “The risk of security breach incidents has become unacceptable,” he said, and turned to the Chief Information Officer. “What do you intend to do?” Which of the following is the best answer?

Evaluate and modify the system using the Trust Services frameworkCorrect


Identify the piece of information below that is typically needed to hire and train employees.

market coverage

job descriptionsCorrect

capacity needs

vendor performance


Falk Noam is the internal auditor for Matan Incorporated. Before investigating the HRM / payroll cycle at Matan, Falk decided to read up on the proper segregation of duties regarding payroll disbursement processes. For strongest segregation of duties, the ________ should record payroll.

internal audit department

external auditor

cashier

accounts payable departmentCorrect


Form 941

is filed each quarter to reconcile monthly tax payments with total tax liability for the quarter.Correct


Why is a separate payroll account used to clear payroll checks?

To separate payroll and expense checks.

All of the above are correct.

To make bank reconciliation easier.

For internal control purposes, to help limit any exposure to loss by the company.Correct


Which of the following controls can minimize the threat of theft of inventory?

The use of innovative performance metrics.

The use of periodic physical counts of inventory and reconciliation of those counts to recorded quantities. – Correct

The use of encryption.

The use of production planning systems.


How can PLM software improve the efficiency and effectiveness of the product design process?

It can simulate how new products will be manufactured.

It can eliminate the costs associated with creating and destroying physical prototypes. – Correct

It can store all the data associated with all products.

All of the above


What information is necessary to create the master production schedule?

special orders information and engineering department specifications

engineering department specifications and inventory levels

engineering department specifications and sales forecasts

sales forecasts, special orders information, and inventory levels – Correct


Identify the piece of information below that is typically needed to hire and train employees.

market coverage

job descriptions – Correct

capacity needs

vendor performance


Kuzman Jovan called a meeting of the top management at Jovan Capital Management. Number one on the agenda was computer system security. “The risk of security breach incidents has become unacceptable,” he said, and turned to the Chief Information Officer. “What do you intend to do?” Which of the following is the best answer?

Evaluate and modify the system using COBOL.

Evaluate and modify the system using the Trust Services framework – Correct


Identify the piece of information below that is typically needed to hire and train employees.

market coverage

job descriptions – Correct

capacity needs

vendor performance


Falk Noam is the internal auditor for Matan Incorporated. Before investigating the HRM / payroll cycle at Matan, Falk decided to read up on the proper segregation of duties regarding payroll disbursement processes. For strongest segregation of duties, the ________ should record payroll.

internal audit department

external auditor

cashier

accounts payable department – Correct


Form 941

is filed each quarter to reconcile monthly tax payments with total tax liability for the quarter. – Correct

is used for employee information and annual payroll reports.


Why is a separate payroll account used to clear payroll checks?

To separate payroll and expense checks.

All of the above are correct.

To make bank reconciliation easier.

For internal control purposes, to help limit any exposure to loss by the company. – Correct


Which of the following controls can minimize the threat of theft of inventory?

The use of innovative performance metrics.

The use of periodic physical counts of inventory and reconciliation of those counts to recorded quantities.Correct

The use of encryption.

The use of production planning systems.


How can PLM software improve the efficiency and effectiveness of the product design process?

It can simulate how new products will be manufactured.

It can eliminate the costs associated with creating and destroying physical prototypes.Correct

It can store all the data associated with all products.

All of the above


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