Exam_II_Sp_2006

Exam_II_Sp_2006 - ACCOUNTANCY 321 Spring, 2006 EXAM II...

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ACCOUNTANCY 321 Spring, 2006 EXAM II circle one: 1:00 p.m. class 7:00 p.m. class Name ________________________________ Internal Group # ___________ Professors Bob Capettini and Will Snyder 1. There are 17 pages and 6 questions (each with several subparts) on the exam. Question I 12 points Question II 16 points Question III 26 points Question IV 15 points Question V 19 points Question VI 12 points 2. For the essay questions, make your answers clear and specific. BE SURE TO ANSWER THE QUESTION WHICH IS ASKED (not some other question on the same topic). 3. Questions will be graded for PARTIAL CREDIT. You may receive partial credit ONLY FOR WRITTEN WORK we can follow. 4. DO NOT remove any pages from your test. 5. DO all of your work on this exam. DO NOT use any other sheets for scrap paper (other than your notes, WHICH MUST BE TURNED IN WITH YOUR EXAM). 6. You are expected to do your own work. 7. You will have two hours to take the exam. 1
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I. What control policies and procedures in a production information system would provide the best protection against the following errors? Protection is used broadly here to include prevent, detect, and correct. List ONE (and only one) item for each item, A-F; each part is worth 2 points. You MUST relate the controls to the specific scenario in each part (that is, generic answers such as “separation of duties” are NOT correct). A. A stock clerk stole items from the raw materials stock room. Two clerks are employed but since the company runs two shifts, only one clerk is on duty at any one time. _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ B. A production employee stole partially completed items from the work-in-process inventory. The items were sitting on a cart in the isle after the polishing process was completed. _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ 2
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C. Production workers continued to produce the product even though its quality was below standard. The company uses a process cost system. _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ D. Containers with lids in which finished product are stored are always used in pairs. Also containers and lids are always purchased in pairs. However, the inventory records
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Exam_II_Sp_2006 - ACCOUNTANCY 321 Spring, 2006 EXAM II...

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