Indicate whether each of the following statements is true or false. 1. When designing an accounting system, you need to think about the needs and knowledge of both the top managers and various other users. TrueFalse 2. When the environment changes as a result of technological advances, increased competition, or government regulation, an accounting system does not have to be sufficiently flexible to meet the changes in order to save money. TrueFalse 3. In developing an accounting system, cost is relevant. The benefits obtained from the information disseminated must outweigh the cost of providing it. TrueFalse

Indicate whether each of the following statements is true or false. 1. When designing an accounting system, you need to think about the needs and knowledge of both the top managers and various other users. TrueFalse 2. When the environment changes as a result of technological advances, increased competition, or government regulation, an accounting system does not have to be sufficiently flexible to meet the changes in order to save money. TrueFalse 3. In developing an accounting system, cost is relevant. The benefits obtained from the information disseminated must outweigh the cost of providing it. TrueFalse

Pkg Acc Infor Systems MS VISIO CD

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Chapter15: Integrated Production Processes (ipps)

Section: Chapter Questions

Problem 6P

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Assume you have been hired by Cabelas Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Cabelas organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.
An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.
Which of the following is not true? A. Organizations share a common purpose or mission. B. Organizations have inflows and outflows of resources. C. Organizations add value to society. D. Organizations need accounting information.
Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Hilton organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.
Companies are automating many accounting tasks. Is automation good or bad? Consider this question from the view of accounting students, accounting practitioners, other business professionals, and society as a whole. What should be done to achieve the good aspects of automating accounting tasks while minimizing the poor aspects?
Enter the letter of each system principle in the blank next to its best description. A. Control principle C. Compatibility principle E. Cost-benefit principle B. Relevance principle D. Flexibility principle 1. The accounting information system helps monitor activities. 2. The accounting information system conforms to the company’s business activities. 3. The accounting information system changes in response to technological advances and competitive pressures. 4. Affects all other accounting information system principles. 5. The accounting information system provides timely information for effective decision making.
Benji Borke has prepared the following list of statements about accounting information systems.Identify each statement as true or false. 1. The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records. select an option TrueFalse 2. The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information. select an option TrueFalse 3. Designers of accounting systems must consider the needs and knowledge of various users. select an option TrueFalse 4. If an accounting information system is cost-effective and provides useful output, it does not need to be flexible. select an option…
1. What are some of the limitations of cost accounting? 2. State whether the following questions is True (T) or False (F): a) Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. b) Financial accounting provides information for managers and other internal users. c) Financial accounting reports past results. d) Management accounting is future oriented. e) Management accounting is required to follow generally accepted accounting principles. f) Financial accounting examines monetary and non-monetary events. g) Cost accounting is used as a means of fixing a selling price. h) Cost accounting looks at the company as a whole and not at the various units, jobs or processes. i) Financial accounting is concerned with how and why profits arise. j) Cost accounting depends entirely on historical information.
Match each of the principles and phases in the development of an accounting system with the statement that best describes them. 1. Information must be understandable, relevant, reliable, timely, and accurate. FlexibilityCost effectivenessUseful output 2. Benefits of information must outweigh the cost of providing it. Cost effectivenessUseful outputFlexibility 3. The system should accommodate a variety of users and changing information needs. Cost effectivenessFlexibilityUseful output 4. The accounting system must consider the needs and knowledge of various users. FlexibilityCost effectivenessUseful output 5. The system should be capable of meeting the changes in the demands made upon it.…
Choose the best answer to fill in the blank: “A key difference between management accounting and financial accounting reports is that management accounting reports tend to______.” a. be more general purpose b. have longer reporting intervals c. rely more on objective, verifiable evidence d. be forward looking
The two primary qualities that make accounting information useful for decision making are: comparability and consistency. materiality and timeliness. relevance and reliability. reliability and comparability. Information is neutral if it: provides benefits which are at least equal to the costs of its preparation. can be compared with similar information about an enterprise at other points in time. would have no impact on a decision maker. d. is free from bias toward a predetermined result.
Accounting information helps key stakeholders of the business to make decisions.From the following options,which one is the decision that an internal stakeholder is unlikely to make? A.Make decisions about how toset product selling price,whether to advertise and how much to spend on advertising B.Decide which products to continue to sell and when to add new products or drop old ones C.Identify what resources and employees the business needs,and to set benchmarks against which they can later measure the business's progress towards its goals D.Analyse the business's financial reports to decide whether to purchase shares of the company

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1.	When designing an accounting system, you need to think about the needs and knowledge of both the top managers and various other users.	TrueFalse
2.	When the environment changes as a result of technological advances, increased competition, or government regulation, an accounting system does not have to be sufficiently flexible to meet the changes in order to save money.	TrueFalse
3.	In developing an accounting system, cost is relevant. The benefits obtained from the information disseminated must outweigh the cost of providing it.	TrueFalse