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 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 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
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