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BEC > Misc > Flashcards

Misc Flashcards

1
Q

Items Included in Disaster Recovery Plans

A

(1) Recovery priorities
(2) Insurance
(3) Specific assignments
(4) Back up computer and telecommunication facilities
(5) Periodic testing and revision
(6) Complete documentation of all aspects of the system

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2
Q

DR Plan Recovery Priorities Include

A

(1) Hardware, software, applications, and data necessary to sustain the most critical applications
(2) Sequence and timing of all recovery activities

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3
Q

Disaster Recovery Insurance Needs

A

(1) Replace equipment lost in disaster

(2) Compensation for lost business operations

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4
Q

Responsibilities of DR Plan Coordinator

A

(1) Implement disaster recovery plan

(2) Assign individuals and teams specific recovery responsibilities

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5
Q

DR Back Up Computer and Telecommunications Facilities Options

A

(1) Establish reciprocal agreement with company with compatible facilities so each company can use the others computers if emergency occurs
(2) Sign a contract for a contingent site

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6
Q

Hot Site

A

Configured to meet user requirements

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7
Q

Cold Site

A

Has everything needed to quickly install a computer - users rely on their computer vendors for prompt delivery if emergency occurs

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8
Q

Higher Than Expected Average Collection Period Could Indicate the Firm

A

(1) Has poor collection procedures
(2) Has difficulty obtaining prompt payment from customers even though they’ve made diligent collection effors
(3) Has customers that are experiencing financial difficulty

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9
Q

Example of Internal IT Checks

A

(1) Limit Check
(2) Identification/ Validity
(3) Sequence Check
(4) Error Log
(5) Transaction Log
(6) Arithmetic Proof
(7) Check Digit

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10
Q

Limit Check

A

Identifies if data have a value higher or lower than predetermined amount

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11
Q

Identification Check

A

Determines if data is valid

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12
Q

Error Log

A

Up-to-date log of all identified errors

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13
Q

Transaction Log

A

Provides basic audit trail

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14
Q

Arithmetic Proof

A

Computes calculation in order to validate the result

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15
Q

SWOT Strengths

A

Internal factors, focus on areas where the company has a comparative advantage because of internally created resources

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16
Q

SWOT Weakness

A

Represent areas where company is weak or it’s competitors have comparative advantage over the company’s internally created resources

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17
Q

SWOT Opportunities

A

External factors that involve matching the environment to the organization - can and should be prioritized

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18
Q

SWOT Threats

A

External in nature, these factors can arise from a competitor or from changes in market demographics; may also be the consequence of an adverse change in one of the company’s necessary inputs

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19
Q

For Differentiation Strategy to be Successful

A

It must be tied to something that can’t be easily copied

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20
Q

Database

A

Collection of interrelated information that can be used for a variety of purposes

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21
Q

Database Managed By

A

Computer program called a database management system (DBMS)

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22
Q

Database Management System (DBMS)

A

Consists of computer programs for organizing, accessing, and modifying a database

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23
Q

Functional Item

A

One that performs the tasks or actions it was created for

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24
Q

Systems Administrators Responsibilities

A

Make sure the information system operates efficiently and effectively

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25
Q

Database Administrators Responsibilities

A

(1) Planning the database
(2) Defining schemas and subschemas
(3) Selecting appropriate DBMS software
(4) Creating database structure
(5) Establishing policies and procedures for database usage
(6) Teaching users how to work with DBMS
(7) Controlling database activities (design, operation, security)

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26
Q

Input Validation Routines

A

Test input data as it’s entered into a system to make sure it’s accurate valid

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27
Q

Edit Checks Used in Input Validation

A

(1) Capacity checks
(2) Field checks
(3 Limit checks
(4) Range checks
(5) Reasonableness tests
(6) Redundant data checks
(7) Sequence checks
(8) Sign checks
(9) Validity checks
(10) Hash total

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28
Q

Capacity Checks

A

Determine whether data will fit in a field

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29
Q

Field Checks

A

Tests whether characters are proper types

30
Q

Limit Checks

A

Make sure numerical amount doesn’t exceed upper or lower limit

31
Q

Range Checks

A

Test for upper and lower limit

32
Q

Reasonableness Test

A

Make sure data makes sense when compared to other data

33
Q

Redundant Data Check

A

To determine whether two identifiers in a transaction record match

34
Q

Sequence Check

A

Test whether input data is in proper numerical or alphabetical sequence

35
Q

Sign Checks

A

Test data for appropriate arithmetic sign

36
Q

Validity Checks

A

Compare ID numbers or transaction codes to those stored in the system

37
Q

Hash Total

A

Set of non-financial numbers not normally totaled are totaled by the system after input and are compared to the total generated by documents themselves

38
Q

IRS Revenue Ruling 68-608

A

“The past earnings to which the formula is applied should fairly reflect the probable future earnings”

39
Q

Integrated Planning

A

Ensures communication between all stakeholders and affected departments participating in the project

40
Q

Recessionary Gap

A

When current level of output is below trend output

41
Q

Inflationary Gap

A

When current level of output is above trend output

42
Q

Guiding Principles of Managerial Accounting

A

(1) Identifying decisions to be made
(2) Identifying information relevant to decision making process
(3) Organizing information into useful format

43
Q

Objectives of a Disaster Recovery Plan

A

(1) Minimize the disruption, damage, and loss from the disaster
(2) Establish a short-term data processing alternative so the company can quickly resume normal operations
(3) Train and familiarize personnel with emergency procedures

44
Q

Profitability Index Formula

A

Present value of cash flows not including initial investment/ initial investment

45
Q

Accounts Receivable are at the Optimum Level When

A

Carrying cost = opportunity costs

46
Q

Business Process Re-engineering

A

Systematic approach or methodology for analyzing business activities or processes with a view to improving the organizations alignment with strategic goals and/or it’s effectiveness, efficiency, competitiveness etc

47
Q

3 Questions to Answer to See if Organization is Implementing BPR

A

(1) Is the effort focuses on critical business processes that, if they changed, can have a major impact on performance
(2) How ambitious is the desired improvement
(3) How receptive is senior management to change

48
Q

Learning Curve

A

(1) Graphical description of the process that shows the impact of learning over a number of practice opportunities on work behavior
(2) Usually shows increase in work performance as an employee integrates learning experiences into work practices
(3) May also show learning plateaus

49
Q

Learning Curve Analysis

A

Method involves applying a mathematical formula to estimate future time to product units

50
Q

Cost Approach

A

Valuation method based upon what it would cost to replace the subject item with an asset of like function and capacity

51
Q

Income Approach

A

Method of measuring the market value of all output by adding up the factor payments and claims on the value of all final output

52
Q

Market Approach

A

Valuation approach that uses market comparisons of identical of comparable assets or liabilities

53
Q

Key Objectives of Supply Chain Management

A

(1) To improve communications at all levels of the supply chain to create an uninterrupted flow of materials and products
(2) To reduce inventory levels while improving customer service levels
(3) To reduce the supplier base while developing supplier relationships
(4) To coordinate logistical activities to ensure that trade offs between the various activities are understood to allow for the lowest possible logistical cost
(5) To arrange credit terms and methodologies of exchanging funds across entities and within supply chains

54
Q

Drum-Buffer-Rope System

A

Tool for managing product flow inspired by the theory of constraints

55
Q

“Drum” in DBR System

A

The constraint in the system that sets pace for production; production can’t exceed slowest path in system

56
Q

“Buffer” in DBR System

A

Protective inventory built into system to provide slack around the constraint

57
Q

“Rope” in DBR System

A

A pull system to trigger product flow

58
Q

Process Management

A

The planning and monitoring of the operations of an actual business process

59
Q

Cost Allocation

A

Assigning one or more costs to one of more subunits of an organization according to some logical measure of use

60
Q

Direct Allocation

A

Allocation of the costs of each service department directly to production departments

61
Q

Step Allocation

A

The allocation of the costs of each service departments that receive the service whether other service departments of production departments

62
Q

Transaction Processing System

A

System for performing routine functions

63
Q

Worth

A

Advantages of ownership based on the perceived benefits at a particular point in time and for a particular use

64
Q

Value

A

The determination of what would be received in an exchange between two willing parties in an arms-length transaction in the marketplace when both parties had acted with knowledge, with prudence, and without compulsion

65
Q

Cost

A

What was paid for an asset

66
Q

Flexible Budget

A

Budget prepared for several possible levels of production or adjusted for the level of production actually achieved

67
Q

Four Perspectives of Balanced Scorecard Concept

A

(1) Customer
(2) Learning and growth
(3) Internal business process
(4) Financial

68
Q

Commercial Paper

A

Written promise to pay a specified amount of money - medium of exchange which is readily transferrable but which doesn’t require immediate payment

69
Q

Instruments Included in Commercial Paper

A

(1) Checks
(2) Drafts
(3) Certificates of deposits
(4) Notes

70
Q

Static Budget

A

Prepared for a single target level of activity, doesn’t change although actual or possible levels of activity may vary

71
Q

Expected Value

A

Mean or average value of a random variable over an infinite number of outcomes

72
Q

Expected Value Calculated By

A

Weighing the value of each possible outcome by it’s probability and summing over all values

BEC (14 decks)

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