Question 1

Identifying incompatible duties is divided into four phases,which of the following is not one of the four phases?

Accepted Answer

A) Scrutiny 
B) Approval 
C) Execution 
D) Custody 
A) Scrutiny 
B) Approval 
C) Execution 
D) Custody

Question 2

The Gross Margin Ratio measures which of the following?

Accepted Answer

A) The profitability of the firm's debt. 
B) The liquidity of the firm's profit. 
C) The percent of each dollar of sales that can cover the firm's operating expenses. 
D) The percent of the assets that generate profit for the firm and that covers operating and financing expenses. 
A) The profitability of the firm's debt. 
B) The liquidity of the firm's profit. 
C) The percent of each dollar of sales that can cover the firm's operating expenses. 
D) The percent of the assets that generate profit for the firm and that covers operating and financing expenses.

Question 3

The owners of a pizzeria invest $90,000 into the business for expansion purposes.This is an example of a(n):

Accepted Answer

A) operating activity 
B) investing activity 
C) planning activity 
D) financing activity 
A) operating activity 
B) investing activity 
C) planning activity 
D) financing activity

Question 4

For each of the items below,explain how it would be handled in preparing a bank statement reconciliation and why it would be handled in that way.
(a)deposits in transit
(b)outstanding checks
(c)a check for $300 was erroneously recorded in the accounts as $500

Accepted Answer

(a)deposits in transit are added to the

Question 5

A burger shop requires employees to ring up sales and place all cash receipts in the cash register.This is an application of which of the following internal controls:

Accepted Answer

A) requiring proper authorization 
B) separating incompatible duties 
C) physically controlling assets and documents 
D) maintaining adequate documents and records 
A) requiring proper authorization 
B) separating incompatible duties 
C) physically controlling assets and documents 
D) maintaining adequate documents and records

Identifying incompatible duties is divided into four phases,which of the following is not one of the four phases?

The Gross Margin Ratio measures which of the following?

The owners of a pizzeria invest $90,000 into the business for expansion purposes.This is an example of a(n):

For each of the items below,explain how it would be handled in preparing a bank statement reconciliation and why it would be handled in that way. (a)deposits in transit (b)outstanding checks (c)a check for $300 was erroneously recorded in the accounts as $500

A burger shop requires employees to ring up sales and place all cash receipts in the cash register.This is an application of which of the following internal controls:

Accounting and Business

Operating Processes: Planning and Control

Short-Term Decision Making

Strategic Planning Regarding Operating Processes

Planning, The Balanced Scorecard, and Budgeting

Accounting Information Systems

Purchasinghuman Resourcespayment Process: Recording and Evaluating Expenditure Process Activities

Recording and Evaluating Conversion Process Activities

Recording and Evaluating Revenue Process Activities

Time Value of Money

Planning Investments: Capital Budgeting

Planning Equity Financing

Planning Debt Financing

Recording and Evaluating Capital Resource Process Activities: Financing

Recording and Evaluating Capital Resource Process Activities: Investing

Company Performance: Profitability

Company Performance: Owners Equity and Financial Position

Company Performance: Cash Flows

Company Performance: Comprehensive Evaluation

Filters

Exam 2: Business Processes and Accounting Information

Identifying incompatible duties is divided into four phases,which of the following is not one of the four phases?

The Gross Margin Ratio measures which of the following?

The owners of a pizzeria invest $90,000 into the business for expansion purposes.This is an example of a(n):

For each of the items below,explain how it would be handled in preparing a bank statement reconciliation and why it would be handled in that way. (a)deposits in transit (b)outstanding checks (c)a check for $300 was erroneously recorded in the accounts as $500

A burger shop requires employees to ring up sales and place all cash receipts in the cash register.This is an application of which of the following internal controls:

Accounting and Business

Operating Processes: Planning and Control

Short-Term Decision Making

Strategic Planning Regarding Operating Processes

Planning, The Balanced Scorecard, and Budgeting

Accounting Information Systems

Purchasinghuman Resourcespayment Process: Recording and Evaluating Expenditure Process Activities

Recording and Evaluating Conversion Process Activities

Recording and Evaluating Revenue Process Activities

Time Value of Money

Planning Investments: Capital Budgeting

Planning Equity Financing

Planning Debt Financing

Recording and Evaluating Capital Resource Process Activities: Financing

Recording and Evaluating Capital Resource Process Activities: Investing

Company Performance: Profitability

Company Performance: Owners Equity and Financial Position

Company Performance: Cash Flows

Company Performance: Comprehensive Evaluation

Filters