Which of the following is a systems software control?
A. Restricting server room access to specific individuals.
B. Housing servers with sensitive software away from environmental hazards.
C. Ensuring that all user requirements are documented.
D. Performing of intrusion testing on a regular basis.
An organization has an established bring-your-own-device policy. Due to this policy, which of the following privacy risks would be most relevant to the organization?
A. Employees who consider updates of software or operating systems degrading to the performance of their devices might choose not to install the updates.
B. Confidential intellectual property of the organization may be compromised if the smart device is physically lost.
C. Concern by employees that the organization could intrusively monitor them through their smart devices.
D. Malware may infect smart devices that contain the organization's confidential data if the device does not have adequate security restrictions.
Which of the following capital budgeting techniques considers the expected total net cash flows from investment?
A. Cash payback.
B. Annual rate of return.
C. Incremental analysis.
D. Net present value.
An internal auditor found the following information while reviewing the monthly financial statements for a wholesaler of safety glasses:
Opening inventory: 1,000 units at $2 per unit Purchased: 5,000 units at $3 per unit Sold: 3,000 units at $7 per unit
The cost of goods sold was reported at $8,500. Which of the following inventory methods was used to derive this value?
A. Average cost method.
B. First-in, first-out (FIFO) method.
C. Specific identification method.
D. Activity-based costing method.
A rapidly expanding retail organization continues to be tightly controlled by its original small management team. Which of the following is a potential risk in this vertically centralized organization?
A. Lack of coordination among different business units.
B. Operational decisions are inconsistent with organizational goals.
C. Suboptimal decision-making.
D. Duplication of business activities.
Which of the following is classified as a product cost using the variable costing method?
1.
Direct labor costs.
2.
Insurance on a factory.
3.
Manufacturing supplies.
4.
Packaging and shipping costs.
A. 1 and 2.
B. 1 and 3.
C. 2 and 4.
D. 3 and 4.
Which of the following statements is true regarding the capital budgeting procedure known as discounted payback period?
A. It calculates the overall value of a project.
B. It ignores the time value of money.
C. It calculates the time a project takes to break even.
D. It begins at time zero for the project.
An organization has 1,000 units of a defect item in stock. Per unit, market price is $10; production cost is $4; and the defect selling price is $5. What is the carrying amount (inventory value) of defects at year end?
A. $0
B. $4,000
C. $5,000
D. $10,000
Which of the following situations best applies to an organization that uses a project, rather than a process, to accomplish its business activities?
A. A clothing company designs, makes, and sells a new item.
B. A commercial construction company is hired to build a warehouse.
C. A city department sets up a new firefighter training program.
D. A manufacturing organization acquires component parts from a contracted vendor.
At an organization that uses a periodic inventory system, the accountant accidentally understated the organization's beginning inventory. How would the accountant's accident impact the income statement?
A. Cost of goods sold will be understated and net income will be overstated.
B. Cost of goods sold will be overstated and net income will be understated.
C. Cost of goods sold will be understated and there will be no impact on net income.
D. There will be no impact on cost of goods sold and net income will be overstated.
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