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ACC 321 Final

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Quiz on ACC 321 Final, created by Cindy Nguyen on 08/05/2020.
Cindy Nguyen
Quiz by Cindy Nguyen, updated more than 1 year ago
Cindy Nguyen
Created by Cindy Nguyen about 4 years ago
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Resource summary

Question 1

Question
An accounting information system is: - a set of interrelated activities, [blank_start]documents[blank_end], and technologies - designed to [blank_start]collect[blank_end] data, process it, and report information - to a diverse group of internal and external [blank_start]decision[blank_end] makers in organizations
Answer
  • documents
  • collect
  • decision

Question 2

Question
Activities: - business processes: sales collection, acquisition/payment, conversion, financing, human resource - [blank_start]accounting[blank_end] cycle steps Documents: - purchase orders - remittance advices - shipping documents Technologies: - general ledger software - erp systems
Answer
  • accounting

Question 3

Question
Difference between data and information: information is processed data.
Answer
  • True
  • False

Question 4

Question
What are the five generic elements of AIS structure?
Answer
  • Input
  • Process
  • Output
  • Storage
  • Internal Control
  • Data
  • Conceptual Framework
  • Information
  • ERM
  • Machine Learning

Question 5

Question
Input: source [blank_start]documents[blank_end] Process: steps in [blank_start]accounting[blank_end] cycle - tools - manual, computer-based, both - software, hardware Output: fs or internal reports like variance analyses Storage: paper form or [blank_start]electronically[blank_end] Internal controls: controls necessary for information integrity - separation of duties - daily backup of data
Answer
  • documents
  • accounting
  • electronically

Question 6

Question
Master file: - people, places, things - e.g. customer file, product file, store file - compare to [blank_start]nouns[blank_end] - relatively [blank_start]permanent[blank_end] records Transaction file: - actions/events - e.g. contained data like the price, the discount, payment method - compare to [blank_start]verbs[blank_end] - records are highly [blank_start]volatile[blank_end]
Answer
  • nouns
  • permanent
  • verbs
  • volatile

Question 7

Question
Information literacy (information competence) - the ability to find, evaluate, use, and communicate [blank_start]information[blank_end] in all of its various formats
Answer
  • information

Question 8

Question
UMUC criteria for evaluating information: - authority: who [blank_start]created[blank_end] it? why? - accuracy: [blank_start]source[blank_end] identified? is the information accurate? is it based solely on the author's [blank_start]opinion[blank_end]? - objectivity: does it include [blank_start]advertising[blank_end]? is it available freely? - currency: how [blank_start]old[blank_end] is the information? when updated? - coverage: is the source still under construction? does it cover the subject with sufficient [blank_start]depth[blank_end]?
Answer
  • created
  • source
  • opinion
  • advertising
  • old
  • depth

Question 9

Question
Coding systems - methods for identifying source [blank_start]documents[blank_end] for easier reference later
Answer
  • documents

Question 10

Question
What are the four broad types of coding systems?
Answer
  • sequential
  • block
  • hierarchical
  • mnemonic
  • alphabetical
  • numerical
  • universal

Question 11

Question
Sequential: documents are numbered in sequence; checks in your checkbook Block: numbers are assigned in blocks -each block is [blank_start]reserved[blank_end] for a particular kind of account -first digit specifies a group -chat of accounts Hierarchical: groups of digits have meaning Mnemonic: code is a reminder of its meaning; accounting [blank_start]certifcations[blank_end]
Answer
  • reserved
  • certifcations

Question 12

Question
Internal control - a process effected to provide reasonable [blank_start]assurance[blank_end] regarding the achievement of objectives relating to operations, reporting, and compliance. Process - internal control is not a list of rules or boxes to check off - subject to process [blank_start]improvement[blank_end] - judgement and experience - periodically review controls
Answer
  • assurance
  • improvement

Question 13

Question
Effected by various groups: - internal control is the responsibility of the whole [blank_start]organization[blank_end], not the sole responsibility of accounting professionals - requires discussion during the design, implementation, and evaluation - subject to cost/benefit constraint Reasonable assurance: - no internal control ever provides [blank_start]absolute[blank_end] assurance - the benefits of a control must outweigh its costs - rely on the common sense and professional judgement
Answer
  • organization
  • absolute

Question 14

Question
Business objectives relating to: - operations: business [blank_start]processes[blank_end], such as the sales/collection process - reporting: financial, tax, internal - compliance: applicable laws & regs, such as SOX, FCPA
Answer
  • processes

Question 15

Question
Internal Control Purposes: - safeguard [blank_start]assets[blank_end], such as depositing cash daily in the bank - ensure reliable financial [blank_start]reporting[blank_end], such as through financial statement audits - promote operating [blank_start]efficiency[blank_end], such as with a procedures manual - encourage compliance with [blank_start]management[blank_end] directives, such as by appropriate training & performance reviews
Answer
  • assets
  • reporting
  • efficiency
  • management

Question 16

Question
What are the four major categories of risk?
Answer
  • financial
  • operational
  • strategic
  • hazard
  • numeric
  • theft
  • bankruptcy
  • death

Question 17

Question
Financial risk: monetary activities Market risk: changes in a company's [blank_start]stock[blank_end] prices, investment values, and interest rates Credit risk: associated with customers' [blank_start]unwillingness[blank_end] or inability to pay amounts owed to the organization Liquidity: the possibility that a company will not have sufficient cash and near-cash assets available to meet its [blank_start]short[blank_end]-term obligations
Answer
  • stock
  • unwillingness
  • short

Question 18

Question
Operational risk: people, assets, and tech System risk: relates directly to IT Human error risk: the possibility that [blank_start]people[blank_end] in the organization will make mistakes
Answer
  • people

Question 19

Question
Strategic risk: decision-making processes at the senior management and BOD level Legal and regulatory risk: the chance that [blank_start]senior[blank_end] management in the organization may break laws that result in financial, legal, or operational sanctions Business strategic risk: poor [blank_start]decision[blank_end] making related to a company's basis for competing in its markets
Answer
  • senior
  • decision

Question 20

Question
Hazard risk: director' and officers' liability risk Directors and officers (personal) are accused of [blank_start]mismanagement[blank_end] by shareholders, government agencies, employees, and other stakeholders. A legal action brought fo alleged wrongful acts.
Answer
  • mismanagement

Question 21

Question
What are the five components of the COSO framework?
Answer
  • control environment
  • risk assessment
  • control activities
  • information and communication
  • monitoring
  • technology
  • markets
  • consumers
  • legal regulations

Question 22

Question
Control environment: - gov't overall [blank_start]attitude[blank_end] about internal control - must be established at the [blank_start]top[blank_end] of the organization - often called the tone at the top
Answer
  • attitude
  • top

Question 23

Question
Risk assessment: - organization's risk exposure - tools like brown framework can help ensure all bases are covered - likelihood & [blank_start]impact[blank_end] Control activities - specific [blank_start]internal[blank_end] controls to address risks - preventive/[blank_start]detective[blank_end]/corrective - a control may address multiple risks; a single risk may involve multiple controls
Answer
  • impact
  • internal
  • detective

Question 24

Question
Information and communication: - how the entire internal control plan is [blank_start]disseminated[blank_end] throughout the organization - link all components - relates to the plan in its [blank_start]totality[blank_end] Monitoring: - ensuring the plan's ongoing [blank_start]effectiveness[blank_end] - may be entrusted to the internal audit department
Answer
  • disseminated
  • totality
  • effectiveness

Question 25

Question
ERM - a process effected in a [blank_start]strategy[blank_end] setting designed to identify potential events and manage risk to be within its risk [blank_start]appetite[blank_end] to provide reasonable [blank_start]assurance[blank_end] regarding the achievement of entity objectives.
Answer
  • strategy
  • appetite
  • assurance

Question 26

Question
IC vs ERM - IC is an important part of ERM - complements ERM - ERM is applied from strategy through [blank_start]execution[blank_end], while relying on internal control at [blank_start]critical[blank_end] junctures. - each raises the value of the other, when used together they're powerful [blank_start]complements[blank_end] in supporting management - helps in developing the objective used as a basis for developing controls while IC makes ERM more effective when control activities are in place over risk responses and other ERM processes
Answer
  • execution
  • critical
  • complements

Question 27

Question
Internal control: - puts controls to support efforts needed to execute that strategy - call for IC for [blank_start]identification[blank_end] and response to the most critical risks associated with the strategy
Answer
  • identification

Question 28

Question
Governance and Culture: - sets the organization's [blank_start]tone[blank_end], reinforcing the importance of, and establishing responsibilities Strategy and Objective-Setting: - risk [blank_start]appetite[blank_end] is established and aligned with strategy - business objectives put strategy into practice while serving as a basis for identifying, assessing, and responding to risk
Answer
  • tone
  • appetite

Question 29

Question
Performance: - risks that may impact achievement of strategy and business objectives need to be [blank_start]identified[blank_end] and assessed - risks are prioritized by [blank_start]severity[blank_end] in severity in the context of risk appetite - selects risk and takes a [blank_start]portfolio[blank_end] view of the amount of risk it has assumed - results are reported to key risk stakeholders
Answer
  • identified
  • severity
  • portfolio

Question 30

Question
Review and Revision: -by reviewing entity performance, an organization can consider how well the enterprise risk management components are functioning over time and in light of substantial changes, and what [blank_start]revisions[blank_end] are needed
Answer
  • revisions

Question 31

Question
Information, communication, reporting: ERM requires a [blank_start]continual[blank_end] process of obtaining and sharing necessary information, from both internal and external sources, which flows up, down, and across the organization
Answer
  • continual

Question 32

Question
Business process management: - a systematic approach to analyzing, redesigning, improving, and managing a specific [blank_start]process[blank_end]
Answer
  • process

Question 33

Question
1. Select the process and define its [blank_start]boundaries[blank_end] - established in two ways: naming the exact process itself and by limiting it to a specific geographic region 2. Observe, document, and map the process [blank_start]steps[blank_end] and flow 3. [blank_start]Collect[blank_end] process related data 4. [blank_start]Analyze[blank_end] the collected data 5. Identify and prioritize potential process [blank_start]improvements[blank_end] 6. [blank_start]Optimize[blank_end] the process -redis the new process based on suggested improvements from the prioritized list 7. Implement and monitor process [blank_start]improvements[blank_end]
Answer
  • boundaries
  • steps
  • Collect
  • Analyze
  • improvements
  • Optimize
  • improvements

Question 34

Question
Expectancy theory: three elements, motivation is the product of the three Expectancy: effort will lead to [blank_start]accomplishment[blank_end] Instrumentality: accomplishment leads to [blank_start]reward[blank_end] Valence: the importance that the individual places upon the [blank_start]reward[blank_end] Motivation=expectancy x instrumentality x valence
Answer
  • accomplishment
  • reward
  • reward

Question 35

Question
SDLC - a structured methodology for developing information systems Advantages: - well structured - user input - strong [blank_start]control[blank_end] Disadvantages: - rigid - time [blank_start]consuming[blank_end] - costly - inflexible
Answer
  • control
  • consuming

Question 36

Question
SDLC steps: 1. Initiation/planning - a need for a new/revised system is [blank_start]identified[blank_end]. 2. Requirements analysis - Analysts determine what [blank_start]needs[blank_end] the system should meet 3. Design - designers develop the first concept sketches of the system 4. Build - based on the design specifications, systems professionals build the system 5. Test - Users test the system and provide [blank_start]feedback[blank_end] on what works and what doesn't work 6. Implementation - system goes live 7. Operations & maintenance - the system is operated and maintained which includes needed [blank_start]modifications[blank_end]
Answer
  • identified
  • needs
  • feedback
  • modifications

Question 37

Question
CMM - aim is to [blank_start]improve[blank_end] existing software development processes - developed by Watts Humphreys - five levels - initially used to evaluate the sophistication of business processes in government contractors
Answer
  • improve

Question 38

Question
Level 1: Chaotic - business processes are not [blank_start]standardized[blank_end] (disorganized) - individuals develop their own processes, but they do not [blank_start]share[blank_end] them with others - success is not replicable Level 2: Repeatable - basic project management techniques are established - involve major [blank_start]milestones[blank_end] and specific deliverables - may yield consistent results over time
Answer
  • standardized
  • share
  • milestones

Question 39

Question
Level 3: Defined - business processes are developed based on broader [blank_start]organizational[blank_end] standards - described in more detail Level 4: Managed - processes are measured, use of metrics to evaluate [blank_start]performance[blank_end]
Answer
  • performance
  • organizational

Question 40

Question
Level 5: Optimized - processes and metrics are collected - big picture of [blank_start]improvement[blank_end] - continuous improvement through monitoring [blank_start]feedback[blank_end] from current processes and introducing innovative processes - address common causes of process delay and variations
Answer
  • improvement
  • feedback

Question 41

Question
Systems flowchart: - provide a big [blank_start]picture[blank_end] overview of a system - often used in AIS to understand business processes - combine all resources with related processes - as part of an [blank_start]audit[blank_end] Document flowcharts: - track the flow of [blank_start]documents[blank_end] through an information system - sometimes used in AIS to check & improve document processing
Answer
  • picture
  • audit
  • documents

Question 42

Question
Hardware flowcharts: - show the relationships between [blank_start]hardware[blank_end] elements - occasionally used in AIS to understand network components - form of internal control - basis for changing network configuration Program flowcharts: - show the logic/rules associated with a [blank_start]computer[blank_end] program - almost never used in AIS
Answer
  • hardware
  • computer

Question 43

Question
Symbols Data: symbols for databases and [blank_start]documents[blank_end] Process: symbols for [blank_start]actions[blank_end] Line: symbol for following the flow Special: various symbols, such as terminators and page connectors
Answer
  • documents
  • actions

Question 44

Question
Label the flowchart symbols.
Image:
Screen+Shot+2020 05 12+At+5.56.38+Pm (binary/octet-stream)
Answer
  • Annotation
  • file
  • on page connector
  • off page connector
  • decision
  • generic proces
  • predesigned process
  • document
  • manual process
  • terminator
  • database
  • visual display
  • line

Question 45

Question
Annotation: add descriptive [blank_start]comments[blank_end] or explanations to a flowchart File: indicates how the documents are filed/combined On page connector: to avoid cross lines on a [blank_start]page[blank_end] Off page connector: to avoid over-crowding and move the action of a flowchart between pages Decision: used for decisions that have a binary outcome Predefined process: encapsulate a named process with multiple predefined steps Terminator: to be used at the beginning and [blank_start]end[blank_end] of a flowchart Visual display: information is displayed on a computer screen
Answer
  • comments
  • page
  • end

Question 46

Question
Design conventions: - flowcharting is at least as much [blank_start]art[blank_end] as science - independently drawn flowcharts of the same process will almost never be [blank_start]identical[blank_end] - the goal is to produce a flowchart that is [blank_start]concise[blank_end] and understandable, not to reproduce someone else's work
Answer
  • art
  • identical
  • concise

Question 47

Question
-Title: based on what is represents -Columns based on areas of [blank_start]responsibility[blank_end] -Rough draft of flowchart must be discussed by people involved - reality check - easily understood - plenty of [blank_start]white[blank_end] space - top to bottom, left to right - clear origin and [blank_start]termination[blank_end] for all documents - origin: enter the system or created by processes in the system - termination: filed or cross out of the system boundary
Answer
  • responsibility
  • white
  • termination

Question 48

Question
Design steps: 1. establish the system [blank_start]boundary[blank_end] 2. determine column headings 3. list actions performed within each column 4. select appropriate [blank_start]symbols[blank_end] 5. prepare a first [blank_start]draft[blank_end] 6. discuss the draft with others 7. revise as needed
Answer
  • boundary
  • symbols
  • draft

Question 49

Question
Nature and purpose of DFDs: - not as widely used as flowcharts in accounting practice - helps understanding a business [blank_start]process[blank_end] - helps understanding the relational database that underlies the AIS - less detailed than [blank_start]flowcharts[blank_end] - focus on [blank_start]data[blank_end]
Answer
  • process
  • flowcharts
  • data

Question 50

Question
Label the symbols.
Image:
Screen+Shot+2020 05 12+At+7.52.22+Pm (binary/octet-stream)
Answer
  • data flow
  • process
  • data store
  • external entity

Question 51

Question
Process: transform incoming data flow to [blank_start]outgoing[blank_end] data flow - any set of procedures an organization uses to gather data, change data into info, or report the info to system users - a number and a name ([blank_start]verb[blank_end] phrases)
Answer
  • outgoing
  • verb

Question 52

Question
External entity: any person or organization [blank_start]outside[blank_end] the boundary of an information system - depends on your definition of the system, not your definition of the organization - sources and destinations of the system's inputs and outputs
Answer
  • outside

Question 53

Question
Data store: repositories of data in the system, a place for collecting data - think of it as a [blank_start]file[blank_end] - labeled with [blank_start]noun[blank_end] phrases - linked to processes/external entities - cannot be linked to one another
Answer
  • file
  • noun

Question 54

Question
Data flow: pipelines through which packets of information [blank_start]flow[blank_end] - represented by a directional line - only one arrow on one end - labeled with [blank_start]noun[blank_end] phrases
Answer
  • flow
  • noun

Question 55

Question
DFDs vs Flowcharts DFD - [blank_start]four[blank_end] symbols - leveled sets, each depicting more detail than the last - processes are [blank_start]numbered[blank_end] - focus on data and how they [blank_start]move[blank_end] between business processes, external entities, and data stores - lines represent data; labeled with [blank_start]noun[blank_end] phrases Flowcharts - many symbols - columns representing areas of responsibilities - numbers are used for on-page and off-page [blank_start]connectors[blank_end] - concerns with data, documents, and processing tools - lines represent movement between processes, areas of responsibilities; not [blank_start]labeled[blank_end]
Answer
  • four
  • numbered
  • move
  • noun
  • connectors
  • labeled

Question 56

Question
Why it is necessary to learn both - design an AIS from [blank_start]scratch[blank_end], first use DFD to focus on the [blank_start]data[blank_end] and how they are manipulated - later, use flowcharts to iron out the details
Answer
  • scratch
  • data

Question 57

Question
Leveling and balancing: - DFD are prepared in leveled sets - leveled set: a collection of DFDs that models related business processes. The various levels provide increasing [blank_start]detail[blank_end] about the process in the system. - Each level reveals more [blank_start]detail[blank_end] than the one before it. - Levels must be [blank_start]balanced[blank_end], which means that external entities and data flows at the boundary cannot “disappear” between levels.
Answer
  • detail
  • detail
  • balanced

Question 58

Question
Context diagram: - Highest level view of the system - The least amount of [blank_start]detail[blank_end] - Exactly one in a “leveled set”- taking orders - Exactly one process - One or more external entities - No data stores
Answer
  • detail

Question 59

Question
Level Zero: - Exactly one in a leveled set - More detail than the context diagram - Preserve data flows at the [blank_start]boundary[blank_end] - Must be balanced: one data inflow to the customer, one data [blank_start]outflow[blank_end] from the customer
Answer
  • boundary
  • outflow

Question 60

Question
Level One: - May be more than one in a leveled set - More [blank_start]detail[blank_end] than the Level Zero diagram - Each Level One focused on a single “bubble” from Level Zero - Preserve data flows at the [blank_start]boundary[blank_end]
Answer
  • boundary
  • detail

Question 61

Question
-How many process should a single DFD have? Usually no more than [blank_start]7[blank_end] -Processes may be decomposed to different levels. How many levels should be in a leveled set of DFDs? Usually no more than [blank_start]three[blank_end] -When do you stop breaking down a process? Processes are decomposed (“exploded”) until they are [blank_start]primitive[blank_end] (when the process label is fairly self-explanatory).
Answer
  • 7
  • three
  • primitive

Question 62

Question
Rules/Conventions of good DFD: - All processes should have [blank_start]unique[blank_end] names - The inputs to a process should differ from the [blank_start]outputs[blank_end] to a process - Any single DFD should not have more than 7 processes - No process can have only [blank_start]outputs[blank_end]
Answer
  • unique
  • outputs
  • outputs

Question 63

Question
Database Design: -The data stores in a leveled set of data flow diagrams represent relational databases. -A relational database: a collection of components (objects) that allows us to store, retrieve, report, and ask questions about the [blank_start]data[blank_end] it contains
Answer
  • data

Question 64

Question
Objects: Tables -Every relational database must include at least [blank_start]one[blank_end] table. -Most will include multiple [blank_start]tables[blank_end] -Organization: ~Fields (columns) ~Records (rows)
Answer
  • one
  • tables

Question 65

Question
Objects: Queries -Sets of instructions that examine [blank_start]current[blank_end] data in tables and / or other queries -Output data according to the [blank_start]instructions[blank_end] -Can include simple computations (e.g., total, average)
Answer
  • current
  • instructions

Question 66

Question
Objects: Reports -Well formatted output of a relational database -Can be based on tables and/or [blank_start]queries[blank_end] -Can incorporate simple [blank_start]calculations[blank_end]
Answer
  • queries
  • calculations

Question 67

Question
Object: Forms -Allow a user to [blank_start]interact[blank_end] with a database even if they know nothing about design and structure -Two uses: data input, data lookup
Answer
  • interact

Question 68

Question
Primary key: a field in a table that [blank_start]uniquely[blank_end] identifies every record in that table Foreign key: a primary key in one table that is included in another table for [blank_start]linking[blank_end] purposes Compound primary key: two or more fields in a table that together comprise its [blank_start]primary[blank_end] key
Answer
  • uniquely
  • linking
  • primary

Question 69

Question
Junction table: -A table that joins together two [blank_start]separate[blank_end] tables. -Required when the two separate tables have a “many-to-many” relationship -Named by joining the separate table names
Answer
  • separate

Question 70

Question
Normalization: -Database tables must be organized as efficiently and effectively as possible -The process of making a database table [blank_start]efficient[blank_end] and effective is referred to as normalization: Minimize space allocations Facilitate searches Establish [blank_start]relationships[blank_end] between tables
Answer
  • efficient
  • relationships

Question 71

Question
-Step one: First normal form (1NF) Eliminates repeating [blank_start]groups[blank_end] -Step two: Second normal form (2NF) Eliminates repeating groups Eliminates [blank_start]redundant[blank_end] data -Step three: Third normal form (3NF) Eliminates repeating groups Eliminates redundant data Eliminates columns not dependent on the [blank_start]primary[blank_end] key
Answer
  • groups
  • primary
  • redundant

Question 72

Question
Flat file: Acceptable if the data is fairly simple and straightforward; how to answer [blank_start]simple[blank_end] questions
Answer
  • simple

Question 73

Question
- XBRL is the open international standard for digital business [blank_start]reporting[blank_end] -Purpose: to facilitate information [blank_start]exchange[blank_end] between all different kinds of organizations, regardless of the hardware and software platforms they use differently -Tagging: XBRL enables preparers to utilize software to [blank_start]tag[blank_end] all financial items in their business reports to the elements within a taxonomy. -XBRL documents are created to replace older, paper-based reports with more useful, more effective and more accurate digital versions. -So all financial items can be used programmatically by an XBRL-compatible program.
Answer
  • reporting
  • tag
  • exchange

Question 74

Question
-XBRL is a subset of a much [blank_start]broader[blank_end] language, XML -Stand for eXtensible Markup Language. -Simple text-based format for representing structured information: documents, data, transactions, etc. -Designed to describe data. -XBRL is to financial information what [blank_start]HTML[blank_end] is to web page development
Answer
  • broader
  • HTML

Question 75

Question
Extensible: Users can add [blank_start]tags[blank_end] as needed. Specification: XBRL is an example of a broader group of languages called [blank_start]XML[blank_end] Taxonomy: An organizational structure for XBRL tags - A dictionary to [blank_start]define[blank_end] the tags - Different taxonomy is required for different financial reporting purpose - Many different organizations, including regulators, specific industries or even companies, may require taxonomies to cover their own business reporting needs Namespace: the internet [blank_start]location[blank_end] of an XBRL taxonomy Instance document: A document that includes data properly tagged with XBRL
Answer
  • tags
  • XML
  • define
  • location

Question 76

Question
Important characteristics: -Open source -Extensible -Required for [blank_start]SEC[blank_end] reporting -Can also be used for [blank_start]internal[blank_end] information, such as journal entries -Language—not a new set of GAAP -Overseen by XBRL International
Answer
  • SEC
  • internal

Question 77

Question
-A typical enterprise has many departments and business units (BU) -These departments/BU continuously communicate and exchange [blank_start]data[blank_end] with each other -The success of any organizations lies in effective communication and data exchange within the departments/BU as well as associated third party (e.g., vendors, customers)
Answer
  • data

Question 78

Question
Decentralized system: - Data is maintained [blank_start]locally[blank_end] at the individual departments - Departments do not have access to data of other departments/BU
Answer
  • locally

Question 79

Question
Centralized systems -Data is maintained at a [blank_start]central[blank_end] location and is shared with various departments (centralized database) -Departments have access to the information/data of other departments/BU
Answer
  • central

Question 80

Question
Benefits of ERP: - Eliminates the duplication, discontinuity and redundancy in data - Provides information across [blank_start]departments[blank_end] in real time - Provides [blank_start]control[blank_end] over various business processes - Increases productivity, better inventory managements, promotes quality, reduced material cost, effective HR management, reduced overheads boosts profits - Better customer interaction, improved [blank_start]customer[blank_end] services
Answer
  • departments
  • control
  • customer

Question 81

Question
Purpose: Providing comprehensive information for [blank_start]decision[blank_end] making Nature: Fundamentally, relational databases Modular organization
Answer
  • decision

Question 82

Question
business process: a set of procedures and policies designed to create [blank_start]value[blank_end] for some organizational stakeholder porter's value chain: a classic, well recognized model for describing generic value creating activities Primary activities create value [blank_start]directly[blank_end]. Support activities create value [blank_start]indirectly[blank_end].
Answer
  • value
  • directly
  • indirectly

Question 83

Question
Sales/Collection Process Steps: 1.Take the customer’s order. 2.Approve the customer’s [blank_start]credit[blank_end]. 3.Fill the order based on approved credit. 4.Ship the product. 5.Bill the customer. 6.Collect payment. 7.Process uncollectible receivables as needed.
Answer
  • credit

Question 84

Question
Picking list - Telling the warehouse staff what products to take off the shelves to fill the [blank_start]order[blank_end] Packing list - A final check of what is actually loaded into the box before the goods are shipped Bill of lading - -Tells the common carrier: -where to deliver the goods -explains the freight terms -who is responsible for the goods while they are in [blank_start]transit[blank_end] -who bears the freight cost Remittance advice - the source document for journal entries related to cash receipts. It goes to the accounting department for recordkeeping. Deposit slips - A deposit slip typically lists each item to be deposited with some identifying information, account number, etc.
Answer
  • order
  • transit
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