A backlog in recording transactions is an example of a warning sign from the accounting system.
a. True
b. False
Indicate whether the statement is true or false
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Q. 2) Identify each of the items below as a(n):
definitely determinable liability
estimated liability
a. amount of warranty obligations
b. amount owed on outstanding loans
c. amount owed to employees for work performed
d. amount owed to suppliers for inventory purchases
e. amount owed for employee payroll taxes
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Q. 3) Maxine, Inc. bought a machine on January 1, 2010 for 24,000. The machine is expected to last for 8 years, after which it will be worthless. How much accumulated depreciation will Maxine report at December 31, 2011?
A) 24,000
B) 16,000
C) 3,000
D) 6,000
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Q. 4) In an information systems organizational structure, the function of ____ is the central point from which to control data and is a central point of vulnerability.
a. data control
b. data entry
c. data librarian
d. database administration
(
Q. 5) Which of the following is an advantage of a perpetual inventory system over a periodic system?
A) Cost of goods sold will be less.
B) Sales will be greater.
C) Inventory shrinkage is separately identified.
D) Sales returns will be less.
(
Q. 6) The federal unemployment tax is levied on
a. employers and is not deducted from employees' earnings.
b. employees and is deducted from customer payments.
c. employers and is deducted from employees' earnings.
d. employees and employers.
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