Answered: Information from Management Reporting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Information from Management Reporting System are used by business owners in making strategic decisions. The reports created from this are called

Group of answer choices

b. Discretionary, because the company has no discretion to produce the report or not, the law requires them to generate such reports

c. Non discretionary, because the company has sole discretion to produce such reports for internal users.

on discretionary, because the company has no discretion to produce the report or not, the law requires them to generate such reports

d. Discretionary, because the company has sole discretion to produce such reports for internal users.

2. The entry to record the granting of credit to a customer for a sales return is posted to

Group of answer choices

a. accounts receivable subsidiary ledger only.

b. the general ledger only.

c. both the accounts receivable subsidiary ledger and the general ledger.

d. both the accounts payable subsidiary ledger and the general ledger.

3. Under Real Time Processing model, no time lag exists and operational delays are not an issue. Despite of these benefits, which of the following is considered an issue for small companies for real time processing

Group of answer choices

a. More resources required

c. Fewer resources are required

b. Processing takes place when the economic event occurs

d. Certain records are processed after the event

4. Which of the following is an incorrect statement

Group of answer choices

b. In creating segregation of duties, a company must consider the cost-benefit analysis

c. The goods that the shipping department will receive must have a packing slip attached to it

a. Ideally, recording and custody must fall under the responsibility of the same personnel

d. Internal Control is placed on processes to mitigate risks inherent on each processes

5. The characteristic that all entries recorded in a cash receipts journal have in common is

Group of answer choices

they originate from the sale of inventory.

a credit to the Cash account.

they all represent collections from customers.

a debit to the Cash account.

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