THE SECOND REVIEW

Select the best definition of revenue recognition from the list below

A set of determined conditions that must be met to justify a business recognizing the revenue as earned

Choose from the following selections the best definition of a production report.

A source document that summarizes the total manufacturing cost of a product, which is important in recording the cost of inventory and cost of goods sold in the accounting records

Review the diagram below:What business activity does E represent?

Accounts Payable

Which of the following features in an ERP system contribute to financial reporting?

All of these answer choices are correct.

What type of processing accumulates transactions into groups and processes them at regular intervals?

Batch

Which of the following roles in a company is responsible for financial reporting?

CFO

Which part of the AIS measures and helps managers control costs?

Cost accounting

Diagrammed below are the high-level Business-to-Consumer activities for Julia's Cookies.What is the activity labeled as D called?

Delivery

What is at the heart of a company's payroll business process?

Employees and their time worked

What is the record-keeping system that captures all journal entries and validates them using the trial balance?

General ledger

The Accounting Standards Codification 606 of the U.S. GAAP has five steps for revenue recognition. Choose step 2 from the list below.

Identify the performance obligations in the contract.

What type of accounting provides managers with accounting information that helps them make decisions within the organization?

Managerial

Some business activities in the purchasing and payments processes result in the exchange of economic resources and recording of accounting transactions. Other activities in the processes do not result in an accounting transaction. Choose from the list below the activity that does NOT result in an accounting transaction.

Selecting vendors

What is one of the key tables that store data needed in the manufacturing conversion process?

Vendor

Numerous departments are involved in the purchases and payments processes. Choose from the list below one of the departments that is involved in the purchases and payments processes.

accounts payable or warehouse

The accounting equation, Assets = Liabilities + Owner's Equity, represents the

balance sheet.

Numerous departments are involved in the fixed assets purchases and payments processes. Choose from the list below one of the departments that is involved in the fixed assets purchases and payments processes.

fixed asset accounting or purchasing

There are five modules in the ERP system cloud map that support the specific purchasing and payment business processes. Choose one of the modules from the list below

shipping/receiving OR accounts payable OR inventory

GAAP for financial reporting requires that a manufacturer's inventory on the balance sheet and cost of goods sold on the income statement consist of: the cost of direct materials, the cost of direct labor, and

the cost of manufacturing overhead.