maximize - pt-static.z-dn.net
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is easily traceable to a cost object? fined slcest vatiable indirect How are the three financial statements income statement, balance sheet, and cashflowstatement) inked? ‘The netincome goes to retained earrings, butthe cashflow remainsindependent. The netincome goest retained earrings and tothe cashflowstatement. (Only the assets are reflectedin the cashflow statement, andthe net income expenses cocelate with the ables. ‘The gross profit goes to retained earnings, and shareholder equity totalis added tothe cash flow statement. Internalcontrols may be preventive, detective, corecive, or directive, Which sa detective contol? employes background checks hysical locksoninventory warehouse physicainventory chase data backups ‘What type ofaudit evidence would be consideredthe weakesttype? documentary evidence ' confirmation oral evidence physicalexamination If Company A has anet profit margin of 69% and Company Bhasa net profit margin of 40% whatcan you conclude? Company Bis moreprofitable than Company A. Company Ais mare proftable than Company 8. Company A hashighersales compared to Company B. Company B has higher sales compared to Company A Which is an example of unstructured data? video phone numbers dates “The cost ofalternative X is $25,000 and the costof alternative Vis $20,000, What do you call the $5,000 cost difference? additional cost sunk cost differential cost essential cost Whichvalue chain element is associatedwith the costof staffing a customer support phone line? design production and purchases customerservice distribution At Mekay C Shine he limite. for McKay's products ‘maximize profits, the company should evaluate eachproduct's ‘ross profit per unit contribution margin per unit segment margin per unit ution margin per machine hour ‘Whattype of audit evidence would be used to indicate that accountsreceivable balances are correct? reperformance oral evidence physical examination confirmation Whodoes an audit committee report to? union or employee representatives board of directors external auditors senior management Whatis an example of qualitative data? temperature price personality height Which statement bout current labiltiesi true? Current lables should be included under long-term liabilities Currentlables are obligations owed over5 years. Current bitesare obligations owed ater 8 12-month period Current abilitiesare obligations duewithin a year What do you cal the benefit sacrificed when one option is chosen over another? indirectcost sunk cost opportunity cost differential cost \What happens when one person is responsible fr the actives ofordering, receiving. and payingfor inventory? Ie reduces overall costs and maximizes profitability. Ie increases the potentialfrfraud and eros. it decreases the potential for fraud and eros itis an appropriate examplefor properintemal controls Wihat doesthe discontinued operations section oftheincome statement referto? 2 plant shutdown or decommissioning ofafaclity disposal ofa major productine or majorgeographical area ofoperations netincome or loss for products completed and sold sale of unused or obsolete equipmentand discontinued inventory ‘What doesthe cost ofa unit af product under absorption costing method consist of? direct materials, direct and indirect laborand variable overhead direct material, indict labor, and variable and fixed overhead direct materss, direct and indirect aber, and fixed overhead direct materials, direct labor, and both variable and fixed overhead ‘What isthe term fora category or collection of business management software that an organization can use tocollect, store, manage, and interpret data frommany business activities? {customerrelationship management (CRM) | enterprise resourceplanning (ERP) | business intelligence (2) | general ledger(GL) ‘A human resources department within a national retaileris what type of responsibiltycenter? cost center investment center profit center revenue center Which is the appropriate term foranincurred costthat cannot be changed by any decision? ‘opportunity cost sunk cost variable cost previous cost ‘An employee who makes a sale shipsthe goods andbill the customer vilates which controlactivity? segregationof duties audit verification review and reconcliation assignment of responsiblity What type of audit evidence would most kel be usedto verity the existenceof fixed asses? ) documentary idence oral evidence confirmation physical examination Whatinformation doesanincome statement provide? cash flow from operatingactivities, investing activities, and financingactivities net income and the components of other comprehensive income profitability information rel to revenues, expenses, and net income information about thefinancial position reporting asses, liabilities, and equity ‘What does “independence” mean in auditing? i) celles meumane ewpoket rot sigati retirement ofthe accounts receivable manager followed by the hiring of a replacement charges filed against the company officers for paymentof a politicalbribe payment fora fake invoice fora fictitious company submitted by an accounts payable clerk discovery of a materialsale recorded inthe current year that belonged inthe subsequent year Wichitem would have the leat impact onthe content and extent ofaut documentation? the risk assocated with the audit and procedures the nature and extent of any problems identified the specific autt procedures employed the numberof partner hours budgeted forthe audit Wihich is nt an example ofaninternalcontrol activity? review of manufacturing plan segregation of duties bank reconciliations approval process ‘What typeofaudit evidence would most likely be used to verify the existence of fixed assets? documentary evidence physical examination confirmation oral evidence Which budgeting approach requiresjustification forall expenditures? | master budgeting bottom-up budgeting zero-basedbudgeting rolling budgets Which budgeting approach requiresjustification forall expenditures? master budgeting ' bottom-up budgeting ' zeto-based budgeting rolling budgets Direct labor variancescan bebroken down into which two categories? rate and price variances rate and usage variances efficiency and price variances efficiency and rate variances A human resources department within a nationalretaileris what typeof responsibility center? profit center revenuecenter cost center investmentcenter The cost of alternative X is $25,000 and the cost of alternative ¥ is $20,000, Whatdo youcall the $5,000 cost difference? additionalcost essential cost sunk cost differential cost Whattype of audit evidence would be considered the weakest type? physical examination documentary evidence confirmation coral evidence Which statement about current liabilitiesis true? Current liabilities are obligations due within a year. Current liabilities are obligations owed over5 years. Current liabilities are obligations owed after a 12-month period. Current liabilities should beincluded under long-term liabilities. Which value chain elementis associated withthe costofstaffing a customer support phoneline? customerservice distribution design production and purchases ‘What do youcall the benefit sacrificed when one optionis chosen over another? indirect cost ‘opportunity cost differential cost sunk cost At McKay Company, machine hours arelimited, There is more demandfor McKay's products thanit can produce due to limited machine hours. To maximize profits, the company should evaluate each product's _. gross profit per unit segment margin per unit contribution margin per unit contribution margin per machine hour Which is an example of unstructured data? video phone numbers dates names Whattype ofaudit evidence would be used to indicate that accounts receivable balances are correct? physical examination oral evidence confirmation reperformance What happens when one personis responsible forthe activities of ordering, receiving, and payingfor inventory? It reduces overall costs and maximizes profitability It increasesthe potentialfor fraud and errors. It decreasesthe potential forfraud and errors. Itis an appropriate example for proper internal controls. Whodoes an audit committee report to? board of directors external auditors union or employee representatives senior management If Company A has a net profit margin of 60% and Company B has a net profit margin of 40%, what can you conclude? Company B has highersales compared to CompanyA. Company B is more profitable than Company A. Company A has higher sales compared to Company 8. CompanyA is moreprofitable than CompanyB. Whatcost is easily traceable to a cost object? fixed indirect variable direct How arethe threefinancial statements (income statement, balance sheet, and cash flow statement) linked? The netincome goes to retained earnings and to the cash flow statement. Only the assets are reflected in the cashflowstatement, and the netincome expenses correlate with the liabilities. The gross profit goesto retained earnings, and the shareholder equity totalis added to the cashflow statement. The netincome goesto retained earnings, butthe cashflow remains independent. Internal controls may be preventive, detective, corrective, ordirective, Which is @ detective control? ‘employee background checks physical locks oninventory warehouse phy: inventory check data backups Whatis an exampleof qualitative data? V personality ) height ) temperature ) price Whatisthe term for a category or collection of business management software that an organization can use to collect, store, manage, andinterpretdata from many businessactivities? general ledger (GL) customerrelationship management (CRM) enterprise resource planning (ERP) businessintelligence (61) Which statementis not an advantage of robotic process automation (RPA)? Botsdo not need to taketime off. Bots improve efficiency. Bots can eliminate human errors. Bots are more creative than humans. ‘Anemployee who makesa sale,ships the goods, andbills the customerviolates which control acti audit ver segregation of duties review and reconciliation assignmentofresponsibility Whichis the appropriate term for an incurred cost that cannot be changedby any decision? \ previous cost } opportunity cost ' variable cost ' sunk cost What does “independence” mean in auditing? being an advocateforall clients not being dependent on a client's fee having only indirect financialinterests in the auditee taking an unbiased viewpoint ‘Which event would not be considered significant auditfindingthat should be included in audit documentation? paymentfor a fake invoice fora fictitious companysubmitted byan accounts payableclerk discovery of a material sale recorded in the currentyearthat belonged in the subsequent year retirement ofthe accounts receivable manager followed bythe hiring of a replacement chargesfiled against the companyofficers for paymentofa political bribe Whatinformation does an income statementprovide? netincome and the components of other comprehensive income cash flow from operating activities, investing activities, and financing activities information aboutthe financial position reporting assets,liabilities, and equity profitability information related to revenues, expenses, and netincome ‘What doesthe cost ofa unit of product under absorption costing method consist of? direct materials,direct and indirect labor, and variable overhead direct materials,direct and indirect labor, and fixed overhead direct materials,direct labor, and both variable and fixed overhead direct materials, indirect labor, and variable andfixed overhead Whatis the appropriate role ofintemal auditing in an organization? to assist the external auditor so that audit feesare reduced and consulting fees are minimized to serve asinvestigators and enforcers for the board of directors and the managementof the organization to assessthe organization's control mechanismsforoverallefficiency and reliability to perform an analysis of operations to maximize net profitsin all departments throughoutthe organization Which is not an example of an internal control activity? bank reconciliations segregation of duties approval process review of manufacturing plan Whateffect does a contra asset account have on a balance sheet? A contra assetis not an accounting term, A contra asset hasa credit balance and therefore a negative effect on total assets, A contra asset with a positive balancewill increase overall liabilities. A contra asset hasa debit balance andtherefore a positive effect ontotal assets.
Transcript of maximize - pt-static.z-dn.net
is easily traceable to a cost object?
fined
slcest
vatiable
indirect
How are the three financial statements income statement, balance sheet, and cashflowstatement) inked?
‘The netincome goes to retained earrings, butthe cashflow remainsindependent.
The netincome goest retained earrings and tothe cashflowstatement.
(Only the assets are reflectedin the cashflow statement, andthe net income expenses cocelate with the ables.
‘The gross profit goes to retained earnings, and shareholder equity totalis added tothe cash flow statement.
Internal controls may be preventive, detective, corecive, or directive, Which sa detective contol?
employes background checks
hysical locksoninventory warehouse
physicainventory chase
data backups
‘What type of audit evidence would be consideredthe weakesttype?
documentary evidence
' confirmation
oral evidence
physicalexamination
If Company A has anet profit margin of 69% and Company Bhasa net profit margin of 40% whatcan you conclude?
Company Bis moreprofitable than Company A.
Company Ais mare proftable than Company 8.
Company A hashighersales compared to Company B.
Company B has higher sales compared to Company A
Which is an example of unstructured data?
video
phone numbers
dates
“The cost ofalternative X is $25,000 and the costof alternative Vis $20,000, What do you call the $5,000 cost difference?
additional cost
sunk cost
differential cost
essential cost
Which value chain element is associatedwith the costof staffing a customer support phone line?
design
production and purchases
customerservice
distribution
At Mekay C Shine he limite.
for McKay's products‘maximize profits, the company should evaluate eachproduct's
‘ross profit per unit
contribution margin per unit
segment margin per unit
ution margin per machine hour
‘Whattype of audit evidence would be used to indicate that accountsreceivable balances are correct?
reperformance
oral evidence
physical examination
confirmation
Whodoes an audit committee report to?
union or employee representatives
board of directors
external auditors
senior management
What is an example of qualitative data?
temperature
price
personality
height
Which statement bout current labiltiesi true?
Current lables should be included under long-term liabilities
Currentlables are obligations owed over5 years.
Current bitesare obligations owed ater 8 12-month period
Current abilitiesare obligations duewithin a year
What do you cal the benefit sacrificed when one option is chosen over another?
indirectcost
sunk cost
opportunity cost
differential cost
\What happens when one person is responsible fr the actives ofordering, receiving. and payingfor inventory?
Ie reduces overall costs and maximizes profitability.
Ie increases the potentialfrfraud and eros.
it decreases the potential for fraud and eros
itis an appropriate examplefor properintemal controls
Wihat doesthe discontinued operations section oftheincome statement referto?
2 plant shutdown or decommissioning ofafaclity
disposal ofa major productine or majorgeographical area ofoperations
netincome or loss for products completed and sold
sale of unused or obsolete equipmentand discontinued inventory
‘What doesthe cost ofa unit af product under absorption costing method consist of?
direct materials, direct and indirect laborand variable overhead
direct material, indict labor, and variable and fixed overhead
direct materss, direct and indirect aber, and fixed overhead
direct materials, direct labor, and both variable and fixed overhead
‘What isthe term fora category or collection of business management software that an organization can use tocollect, store, manage, and interpret datafrommany business activities?
{customerrelationship management (CRM)
| enterprise resourceplanning (ERP)
| business intelligence (2)
| general ledger(GL)
‘A human resources department within a national retaileris what type of responsibiltycenter?
cost center
investment center
profit center
revenue center
Which is the appropriate term foranincurred costthat cannot be changed by any decision?
‘opportunity cost
sunk cost
variable cost
previous cost
‘An employee who makes a sale shipsthe goods andbill the customer vilates which controlactivity?
segregationof duties
audit verification
review and reconcliation
assignment of responsiblity
What type of audit evidence would most kel be usedto verity the existenceof fixed asses?
) documentary idence
oral evidence
confirmation
physical examination
Whatinformation doesanincome statement provide?
cash flow from operatingactivities, investing activities, and financingactivities
net income and the components of other comprehensive income
profitability information rel to revenues, expenses, and net income
information about thefinancial position reporting asses, liabilities, and equity
‘What does “independence” mean in auditing?
i) celles meumane ewpoket
rot sigati
retirement ofthe accounts receivable manager followed by the hiring of a replacement
charges filed against the company officers for paymentof a politicalbribe
payment fora fake invoice fora fictitious company submitted by an accounts payable clerk
discovery of a materialsale recorded inthe current year that belonged in the subsequent year
Wichitem would have the leat impact onthe content and extent ofaut documentation?
the risk assocated with the audit and procedures
the nature and extent of any problems identified
the specific autt procedures employed
the numberof partner hours budgeted forthe audit
Wihich is nt an example ofaninternalcontrol activity?
review of manufacturing plan
segregation of duties
bank reconciliations
approval process
‘What typeof audit evidence would most likely be used to verify the existence of fixed assets?
documentary evidence
physical examination
confirmation
oral evidence
Which budgeting approach requiresjustification forall expenditures?
| master budgeting
bottom-up budgeting
zero-basedbudgeting
rolling budgets
Which budgeting approach requiresjustification forall expenditures?
master budgeting
' bottom-up budgeting
' zeto-based budgeting
'rolling budgets
Direct labor variancescan bebroken down into which two categories?
rate and price variances
rate and usage variances
efficiency and price variances
efficiency and rate variances
A human resources department within a nationalretailer is what typeof responsibility center?
profit center
revenue center
cost center
investmentcenter
The cost of alternative X is $25,000 and the cost of alternative ¥ is $20,000, Whatdo youcall the $5,000 cost difference?
additionalcost
essential cost
sunk cost
differential cost
Whattype of audit evidence would be considered the weakest type?
physical examination
documentary evidence
confirmation
coral evidence
Which statement about current liabilitiesis true?
Current liabilities are obligations due within a year.
Current liabilities are obligations owed over5 years.
Current liabilities are obligations owed after a 12-month period.
Current liabilities should beincluded under long-term liabilities.
Which value chain elementis associated withthe costofstaffing a customer support phoneline?
customer service
distribution
design
production and purchases
‘What do youcall the benefit sacrificed when one optionis chosen over another?
indirect cost
‘opportunity cost
differential cost
sunk cost
At McKay Company, machine hours are limited, There is more demandfor McKay's products thanit can produce due to limitedmachine hours. To maximize profits, the company should evaluate each product's _.
gross profit per unit
segment margin per unit
contribution margin per unit
contribution margin per machine hour
Which is an example of unstructured data?
video
phone numbers
dates
names
Whattype ofaudit evidence would be used to indicate that accounts receivable balances are correct?
physical examination
oral evidence
confirmation
reperformance
What happens when one personis responsible forthe activities of ordering, receiving, and payingfor inventory?
It reduces overall costs and maximizes profitability
It increasesthe potentialfor fraud and errors.
It decreasesthe potential forfraud and errors.
Itis an appropriate example for proper internal controls.
Whodoes an audit committee report to?
board of directors
external auditors
union or employee representatives
senior management
If Company A has a net profit margin of 60% and Company B has a net profit margin of 40%, what can you conclude?
Company B has highersales compared to CompanyA.
Company B is more profitable than Company A.
Company A has higher sales compared to Company 8.
CompanyA is moreprofitable than CompanyB.
Whatcost is easily traceable to a cost object?
fixed
indirect
variable
direct
How arethe threefinancial statements (income statement, balance sheet, and cash flow statement) linked?
The netincome goes to retained earnings and to the cash flow statement.
Only the assets are reflected in the cashflowstatement, and the netincome expenses correlate with the liabilities.
The gross profit goesto retained earnings, and the shareholder equity total is added to the cashflow statement.
The netincome goesto retained earnings, butthe cashflow remains independent.
Internal controls may be preventive, detective, corrective, ordirective, Which is @ detective control?
‘employee background checks
physical locks oninventory warehouse
phy:
inventory check
data backups
Whatis an exampleof qualitative data?
V personality
) height
) temperature
) price
Whatis the term for a category or collection of business management software that an organization can use to collect, store,manage, andinterpretdata from many businessactivities?
general ledger (GL)
customerrelationship management (CRM)
enterprise resource planning (ERP)
businessintelligence (61)
Which statementis not an advantage of robotic process automation (RPA)?
Botsdo not need to taketime off.
Bots improve efficiency.
Bots can eliminate humanerrors.
Bots are more creative than humans.
‘Anemployee who makesa sale,ships the goods, and bills the customerviolates which control acti
audit ver
segregation of duties
review and reconciliation
assignmentofresponsibility
Whichis the appropriate term for an incurred cost that cannot be changedby any decision?
\ previous cost
} opportunity cost
' variable cost
' sunk cost
What does “independence” mean in auditing?
being an advocateforall clients
not being dependent on a client's fee
having only indirect financialinterests in the auditee
taking an unbiased viewpoint
‘Which event would not be considered significant audit finding that should be included in audit documentation?
paymentfor a fake invoice fora fictitious companysubmitted byan accounts payableclerk
discovery of a material sale recorded in the currentyearthat belonged in the subsequent year
retirement ofthe accounts receivable manager followed bythe hiring of a replacement
chargesfiled against the companyofficers for paymentofa political bribe
Whatinformation does an income statementprovide?
netincome and the components of other comprehensive income
cash flow from operating activities, investing activities, and financing activities
information aboutthefinancial position reporting assets,liabilities, and equity
profitability information related to revenues, expenses, and netincome
‘What doesthe cost ofa unit of product under absorption costing method consist of?
direct materials,direct and indirect labor, and variable overhead
direct materials,direct and indirect labor, and fixed overhead
direct materials,direct labor, and both variable and fixed overhead
direct materials, indirect labor, and variable andfixed overhead
Whatis the appropriate role ofintemal auditing in an organization?
to assist the external auditor so that audit feesare reduced and consulting fees are minimized
to serve asinvestigators and enforcers for the board of directors and the managementof the organization
to assessthe organization's control mechanismsforoverall efficiency and reliability
to perform an analysis of operations to maximize net profitsin all departments throughoutthe organization
Which is not an example of an internal control activity?
bank reconciliations
segregation of duties
approval process
review of manufacturing plan
Whateffect does a contra asset account have on a balance sheet?
A contra assetis not an accounting term,
A contra asset hasa credit balance and therefore a negative effect on total assets,
A contra asset with a positive balancewill increase overall liabilities.
A contra asset hasa debit balance andtherefore a positive effect on total assets.
