The system through which management is given financial...

This preview shows page 1 - 3 out of 15 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Managerial Accounting: The Cornerstone of Business Decision-Making
The document you are viewing contains questions related to this textbook.
Chapter 1 / Exercise 1-14
Managerial Accounting: The Cornerstone of Business Decision-Making
Hansen/Mowen
Expert Verified
Chapter 5—Accounting Systems MULTIPLE CHOICE 1. The system through which management is given financial information for use in conducting the affairs of the business and in reporting to owners and other interested parties is called the a. accounting system b. fiduciary system c. operations system d. auditing system ANS: A DIF: Easy OBJ: 05-01
2. The phase of accounting system installation in which the information needs of people in the organization are taken into account is DIF: Easy OBJ: 05-01
3. Which of the following is not one of the three phases which is needed when changing an accounting system, either in its entirety or in part? DIF: Easy OBJ: 05-01
4. Which of the following is not part of a three-step process that a growing business uses for the evolution of its accounting systems? DIF: Easy OBJ: 05-01
5. The three phases of setting up an accounting system are, in order a. design, implementation, analysis b. analysis, design, implementation c. design, analysis, implementation d. implementation, design, analysis ANS: B DIF: Easy OBJ: 05-01
6. The goal of systems analysis is to determine DIF: Easy OBJ: 05-01
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Managerial Accounting: The Cornerstone of Business Decision-Making
The document you are viewing contains questions related to this textbook.
Chapter 1 / Exercise 1-14
Managerial Accounting: The Cornerstone of Business Decision-Making
Hansen/Mowen
Expert Verified
7. Which of the following is not an element of Internal Controls? DIF: Moderate OBJ: 05-01
8. After an accounting system has been set up, what is the next step? DIF: Easy OBJ: 05-01
9. The means by which the accounting system collects, summarizes, and reports accounting information is called a. Reporting methods b. Accounting methods c. Control methods d. Processing methods ANS: D DIF: Moderate OBJ: 05-01
10. The primary ledger containing all the balance sheet and income statement accounts is the DIF: Easy OBJ: 05-02
11. The individual accounts with customers are included in a subsidiary ledger called the DIF: Easy OBJ: 05-02

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture