quiz 2 enumeration Flashcards
(What are the steps in) financial reporting procedures?
- Capture the transaction
- Post to GL
- Prepare Unadjusted TB
- Make adjusting entries
- Journalize and post adj. entries
- Prepare adj. TB
- Prepare the FS
- Closing entries
- Post-closing TB.
(What are the components of) controlling the Financial Reporting System (FRS)?
- Transaction Authorization
- Segregation of Duties
- Access Controls
- Accounting Records
3 segregation of duties?
- Have record-keeping responsibility for special journals or subsidiary ledgers.
- Prepare journal vouchers.
- Have custody of physical assets.
(What) 6 factors influence the Management Reporting System (MRS)?
● Management principles
● Management function, level, and decision type
● Problem structure
● Types of management reports
● Responsibility accounting
● Behavioral considerations
(What are the) 4management principles?
- Formalization of tasks
- Responsibility and authority
- Span of control
- Management by exception
(What are the) 4 management functions, levels, and decision types?
● Top Management- Strategic Planning
● Middle Management- Tactical Planning
● Operations Management- Operational Control
● Operations
(What are the) 3 elements of problem structure?
● data
● procedures
● objectives
(What are the) 2 types of management reports?
- Programmed reports:
- Ad hoc reports
(What are the) 2 subclasses of programmed reports?
a. Scheduled
b. On demand
(What are the) 8 types of information systems inside the organization?
- Enterprise Resource Planning System
- Transaction Processing System
- Functional Area Information System
- Office Automation System
- Expert System
- Dashboards
(7. Electronic Commerce System
8. Supply Chain Management System)
(What are the ) 2types of information systems among the organization?
- Electronic Commerce System
- Supply Chain Management System
Porter’s Competitive Forces Model
- The threat of entry of new competitors.
- The bargaining power of suppliers.
- The bargaining power of customers.
- The threat of substitute products and services.
- The rivalry among existing firms in the industry.
What are the two categories of Porter’s Value Chain Model?
- Primary Activities
- Support Activities
What are the five primary activities in Porter’s Value Chain Model?
- Inbound logistics (inputs)
- Operations (manufacturing and testing)
- Outbound logistics (storage and distribution)
- Marketing and sales
- After-sales services
What are the 4 support activities in Porter’s Value Chain Model?
- Administration and management
- Human resource management
- Product and technology development
- Procurement
What are the 5 strategies for competitive advantage?
- Cost Leadership Strategy.
- Differentiation Strategy.
- Innovation strategy.
- Operational effectiveness strategy.
- Customer orientation strategy.
What are the 7 qualities of high-quality data?
- accurate
- complete
- timely
- consistent
- accessible
- relevant
- concise
Why is managing data important?
- Less waste of money
- Gaining competitive advantage
- Better functioning organization
What are the difficulties in managing data?
▪ The amount of data increases exponentially with time.
▪ Data are scattered throughout organization
▪ Data come from multiple sources
Internal sources
External sources
Personal sources
▪ Data security, quality and integrity are critical yet easily jeopardized
▪ New sources of data such as blogs, podcasts, video casts and RFID tags and otherwise sensors are constantly being developed.
What is the hierarchy of data in data management?
• Bit (a binary digit)
• Byte
• Field
• Record
• File
What are the departments and their accounts?
Personnel Department: 1. Employees
Account Department: 1. Checking Account
2. Savings Account
Loan Department: 1. Service Loans
2. Installment Loans
What are the advantages of the database approach?
- No data redundancy
- Single update
- Task data independence
- Improved data integrity
What are the disadvantages of the database approach?
- More expensive
- More difficult to recover from a failure
- Because it is so different from the file-oriented approach, the database approach requires training users
