Bus 101 Quiz 7

_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.

Financial Accounting; Managerial Accounting

To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as:

Generally Accepted Accounting Principles

A local area network (LAN) connects computers at one site and enables their users to exchange data and share hardware and software from a variety of computer manufacturers.

True

Accounting is the process of collecting, recording, classifying, summarizing, reporting, and analyzing the financial condition of an organization.

True

Independent accountants who serve organizations and individuals on a fee basis are called public accountants.

True

Like local area networks (LANs), intranets are private corporate networks.

True

The Internet is essentially a worldwide wide area network (WAN).

True

The Sarbanes-Oxley Act redefines the public corporation-auditor relationship and restricts the types of services auditors can provide to clients.

True

The five-step process that takes a transaction from being mere raw financial data to its being summarized in the financial statements is called the accounting cycle.

True

Virtual private networks can be used to connect two or more LANS.

True

An accounting system should generate both internal and external reports.

true

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.

true

Which of the following statements about the accounting profession is true?

Accountants are typically classified as private or public accountants.

ASPs, which are also called area server portals, provide computer users with access to e-commerce opportunities.

False

Administrative accounting is the term given to the internal workings of the company, such as budgets, sales reports, and analyses of how well marketing strategies are working.

False

An alphabetic listing of the names and GPAs of everyone in your class is an example of data.

False

Another term for net worth is working capital

False

Intranets, VPNS, and extranets are forms of LANs.

False

The balance sheet summarizes a firm's financial position over a period of time, for instance 3 months or a year.

False

When a bank collects deposits during the day, then deposits them all after banking hours, it is using a reserve processing system

False

Which of the following statements about computer networks is true?

A computer network is a group of two or more computers linked together by communications channels to share data and information.

Managerial accounting provides information that would probably be most beneficial to:

A middle manager of the company

Accounting provides a framework for looking at: past performance; current financial health; possible future performance; financial performances of different firms; All of the above.

All of the above

A(n) _____ is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future.

Annual Report

Cerner Corporation has created a(n) _____ containing the medical records of more than 400,000 people who received treatment at more than 200 different emergency rooms. It can be used to help emergency room physicians make decisions about what kind of treatment to give their patients.

Database

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. This _____ will be used for solving crimes

Database

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A(n) _____ will be used to store, maintain, and acquire data from these records.

Database Management System

Customer records containing names, addresses, phone numbers, and purchase histories would be most likely stored in:

Database Management Systems

International accounting standards:

Do not exist

_____ refers to all of the equipment and techniques needed to manage and process information

Information Technology

It is paramount for a dentist to provide the best patient care possible. The dental assistant, even though he or she may perform unskilled work such as fitting a patient with a bib, must also know the proper use of surgical and sterilization techniques to ensure patient safety. Formally educated dental assistants have the knowledge to understand the difference between sterilization and disinfection, and the relative importance of both. Since such are nearly always performed by dental assistants, a dental assistant can be correctly identified as a:

Knowledge Workers

_____ contribute to and benefit from information that use in performing, acquiring, searching, analyzing, organizing, storing, programming, producing, distributing, marketing, or selling functions.

Knowledge Workers

Managerial accounting provides all of the following financial information except:

NOT production reports or payroll summaries

A group of two or more computer systems linked together by communications channels to share data and information is called a computer:

Network

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A computer _____ would allow investigating officers from other states to access the New York profiles and to provide information about their state's criminals to New York's law officers.

Network

Accounting involves the _____ of the financial activities for firms.

Summarizing

An accounting journal is a chronological list of transactions, each assigned to a particular account.

True

An accounts clerk who is able to record a payment of 50 dollars into the company's main computer system as the payment is made is using an online processing system.

True

An enterprise portal is an internal Web site that provides proprietary corporate information to a defined user group.

True

The Financial Accounting Standards Board (FASB) is a:

private organization that is responsible for establishing financial accounting standards in the United States