1. Which of the following transactions would be appropriately processed in the s

Question

1. Which of the following transactions would be appropriately processed in the sales/collection process?

THT Corporation purchased merchandise on account from HRS Corporation.

HRS Corporation received cash from THT Corporation for a previous sale on account.

Both THT Corporation purchased merchandise on account from HRS Corporation and HRS Corporation received cash from THT Corporation for a previous sale on account.

Neither THT Corporation purchased merchandise on account from HRS Corporation nor HRS Corporation received cash from THT Corporation for a previous sale on account.

2.

Debra and Dexter are CPAs specializing in tax planning and preparation. At a recent professional event, Maria, a fellow CPA working for another firm, explained her belief that cheating on taxes is always wrong. Which school of ethical thought does Maria follow?

ethical egoism

utilitarianism

deontology

virtue ethics

3. The text discussed five terms related to the structure of XBRL. Which of the following pairs of items includes two examples of the same term?

XML, XBRL

Global Ledger, <documentType>invoice</documentType>

Global Ledger, XBRL

None of these

4.

According to COBIT 5, an organization's information technology governance and management should separate governance from management. In that context, examples of management include:

developing a comprehensive organizational budget.

deciding the dollar amount of an upcoming dividend.

Both developing a comprehensive organizational budget and deciding the dollar amount of an upcoming dividend.

Neither developing a comprehensive organizational budget nor deciding the dollar amount of an upcoming dividend.

5.

Most accounting information systems comprise five parts. Which of the following must be used as a processing tool in the AIS?

Spreadsheets

Relational databases

Both spreadsheets and relational databases

Neither spreadsheets nor relational databases

THT Corporation purchased merchandise on account from HRS Corporation.

HRS Corporation received cash from THT Corporation for a previous sale on account.

Both THT Corporation purchased merchandise on account from HRS Corporation and HRS Corporation received cash from THT Corporation for a previous sale on account.

Neither THT Corporation purchased merchandise on account from HRS Corporation nor HRS Corporation received cash from THT Corporation for a previous sale on account.

Explanation / Answer

1. HRS Corporation received cash from THT Corporation for a previous sale on account.

Reason: Collection of money from AR after sales is a part of the sales / collection process.

2. virtue ethics

Reason: It may, initially, be identified as the one that emphasizes the virtues, or moral character of a person.

3. Global Ledger, XBRL

Reason: XBRL is a freely available and global standard for exchanging business information. XBRL GL is the standard in the XBRL family that allows information to be retained and controlled.

4. Both developing a comprehensive organizational budget and deciding the dollar amount of an upcoming dividend.

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.