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NEW QUESTION # 203
Which of the following statements regarding organizational governance is not correct?
- A. Those performing governance activities are accountable to the customer.
- B. Governance principles and the need for an internal audit function are applicable to governmental and not-for-profit activities.
- C. An effective internal audit function is one of the four cornerstones of good governance.
- D. Accountability is one of the key elements of organizational governance.
Answer: A
NEW QUESTION # 204
Statistical quality control often involves the use of control charts whose basic purpose is to:
- A. Determine when accounting control procedures are not working.
- B. Detect performance trends away from normal operations.
- C. Monitor internal control applications of information technology.
- D. Control labor costs in production operations.
Answer: B
Explanation:
Statistical control charts are graphic aids for monitoring the status of any process subject to random variations. The chart consists of three horizontal lines plotted on a horizontal time scale. The vertical scale represents the appropriate quantitative measure. The center line represents the average range or overall mean for the process being controlled. The other two lines are the upper control limit and the lower control limit. The processes are measured periodically, and the values are plotted on the chart. If the value falls within the control limits, no action is taken. If the value falls outside the limits, the process is considered "out of control," and an investigation is made for possible corrective action. Another advantage of the chart is that it makes trends visible.
NEW QUESTION # 205
Correlation is a term frequently used in conjunction with regression analysis and is measured by the value of the coefficient of correlation, r. The best explanation of the value r is that it:
- A. Interprets variances in terms of the independent variable.
- B. Is always positive.
- C. Ranges in size from negative infinity to positive infinity.
- D. Is a measure of the relative relationship between two variables.
Answer: D
Explanation:
The coefficient of correlation (r) measures the strength of the linear relationship between the dependent and independent variables. The magnitude of r is independent of the scales of measurement of x and y. The coefficient has a range of-1 to +1. A value of zero indicates no linear relationship between the x and y variables. A value of+1 indicates a perfectly direct relationship, and a value of -1 indicates a perfectly inverse relationship.
NEW QUESTION # 206
The techniques used in analyzing the problem is best described as:
- A. Linear programming
- B. Integrated auto aggressive-moving average ARIMA) modeling.
- C. Differential calculus.
- D. Simultaneously theory.
Answer: D
Explanation:
Simulation is a technique for experimenting with logical/mathematical models using a computer. Despite the power of mathematics, many problems cannot be solved by known analytical methods because of the behavior of the variables and the complexity of their interactions. However, the performance of a quantitative model under uncertainty may be investigated by randomly selecting values for each of the variables in the model based on the probability distribution of each variable) and then calculating the value of the solution. If this process is performed a large number of times, the distribution of results from the model will be obtained. A bank has two drive-in lanes to serve customers: one attached to the bank itself and one on an island. One teller serves bath stations. The bank is interested in determining the average waiting times of customers and has developed a model based on random numbers. The two key factors are the time between successive car arrivals and the time customers wait in line. Assume that the analysis begins with cars just arriving at bath service windows. bath requiring 3 minutes of service time. Car 1 is the attached window attached to the bank unless that window has more cars waiting than the island window. The lone teller will always serve the car that arrived first. If two cars arrive simultaneously, the one at the attached window will be served before the one at the island.
NEW QUESTION # 207
Which of the following cybersecurity-related activities is most likely to be performed by the second line of defense?
- A. implement vulnerability management with internal and external scans.
- B. Monitor incidents, key risk indicators, and remediation
- C. Administer security procedures, training, and testing.
- D. Deploy intrusion detection systems and conduct penetration testing
Answer: A
NEW QUESTION # 208
For which of the following scenarios would the most recent backup of the human resources database be the best source of information to use?
- A. There was a data center failure that requires restoring the system at the backup site.
- B. An incorrect program fix was implemented just prior to the database backup.
- C. There is a need to access prior year-end training reports for all employees in the human resources database
- D. The organization is preparing to train all employees on the new self-service benefits system.
Answer: A
NEW QUESTION # 209
Based on a comparison of RST's times-interest-earned ratios in Year 5 and Year 6, what is a likely conclusion?
- A. RST's long-run solvency has improved.
- B. RST's liquidity has declined.
- C. RST's long-run solvency has declined.
- D. RST's liquidity has improved.
Answer: A
Explanation:
The times-interest-earned ratio increased from 14.67 times in Year 5 44,0On - 3,00n) to
23.33 times in Year 6 70,000 - 3.000). This increase signifies that RST has more profit
available to meet the interest payments on its debt, and that long-run solvency has
improved. Consequently, creditors will RST's obligations as less risky.
An entity had the following opening and closing inventory balances during the current year:
The following transactions and events occurred during the current year 300,000 of raw materials were purchased, of which 20,000 were returned because of defects.
600,000 of direct labor costs were incurred. 750,000 of production overhead costs were incurred.
NEW QUESTION # 210
On the year-end financial statements, the company will report cost of goods sold of:
- A. US $620,000
- B. US $440,000
- C. US $670.000
- D. US $900,000
Answer: B
Explanation:
Cost of goods sold equals begin rag inventory. plus purchases. m us ending inventory.
Hence cost of goods sold is US $440,000$ 140.000 + $530.000 - $230,000).
NEW QUESTION # 211
Which of the following hiring procedures provides the most control over the accuracy of information submitted on an employment application?
- A. Letters of recommendation that attest to the applicants character must be mailed directly to the hiring organization rather than being submitted by the applicant.
- B. Applicants are required to submit unofficial copies of their transcripts along with the application as verification of their educational credentials.
- C. Applicants are required to sign a statement that the information on the application is true and correct as a confirmation of its truth.
- D. The hiring organization calls the last place of employment for each finalist to verify the employment length and position held.
Answer: D
Explanation:
Calling the last place of employment for candidates to verify information represents an independent verification of employment. The hiring organization is performing the verification process.
NEW QUESTION # 212
All of the following are possible explanations for a significant unfavorable material efficiency
variance except:
- A. An inadequately trained and supervised labor force.
- B. A large number of rush orders.
- C. Cutbacks in preventive maintenance.
- D. Production of more units than planned for in the master budget.
Answer: D
NEW QUESTION # 213
The following transactions and events occurred during the year:
- $300,000 of raw materials were purchased, of which $20,000 were returned because of defects
- $600,000 of direct labor costs were incurred.
- S750.000 of manufacturing overhead costs were incurred.
What is the organization's cost of goods sold for the year?
- A. $1 500 000
- B. $1,610.000
- C. $1650 000
- D. $1.480.000
Answer: A
NEW QUESTION # 214
Which of the following inventory costing methods requires the organization to account for the actual cost paid for the unit being sold?
- A. Average cost.
- B. Last-in-first-Out (LIFO}.
- C. Specific identification
- D. First-in-first-out (FIFO).
Answer: D
NEW QUESTION # 215
Large organizations often have their own telecommunications networks for transmitting and receiving voice, data, and images. Very small organizations, however, are unlikely to be able to make the investment required for their own networks and are more likely to use:
- A. Standard electronic mail systems.
- B. A WAN.
- C. Fast-packet switches.
- D. Public switched lines.
Answer: D
Explanation:
Companies can use public switched lines phone lines) on a per-transmission basis. This
option is the most cost-effective way for low-volume users to conduct telecommunications.
NEW QUESTION # 216
Total inventory ordering costs per year equal:
- A. US $2,880
- B. US $1,250
- C. US $3,600
- D. US $2,400
Answer: A
Explanation:
Total annual demand is 48,000 units 4,000 per month x 12). Hence, total annual ordering costs equal US $2,880 [$150 cost per order 48,000 units - 2,500 EOQ)].
NEW QUESTION # 217
When a specified level of safety stock is carried for an item in inventory, the average inventory level for that item:
- A. Increases by one-half the amount of the safety stock.
- B. Decreases by the amount of the safety stock.
- C. Is one-half the level of the safety stock.
- D. Increases by the amount of the safety stock.
Answer: D
Explanation:
If there is no safety stock, the average level of inventory will be one-half of the economic order quantity. For example, if the EOQ is 500, the basic model predicts that the average inventory level will be 250. The company will have 500 units immediately after a purchase and zero immediately before the receipt of the next purchase replenishment is assumed to be instantaneous). However, safety stock increases the average inventory level by the amount of the safety stock. The modified EOQ model assumes that safety stock will never be used.
Thus, if a safety stock of 100 is carried by the company in the example, the average inventory level will increase to 350. Inventory will be 600 units immediately upon receipt of a purchase and 100 units immediately before the receipt of the next purchase.
NEW QUESTION # 218
The defined post employment benefit obligation of an entity includes benefit obligations to <List A> employees at <List B> salary levels. List A List B:
- A. Option D
- B. Option A
- C. Option B
- D. Option C
Answer: A
Explanation:
The measurement of a postemployment benefit obligation includes estimates of future salary increases, the benefits defined in the plan, the benefits arising from any constructive obligation beyond the terms of the plan, and estimates of future changes in state benefits that affect the level of plan benefits. The possibility that nonvested projected benefits will not vest is a factor in the measurement of the defined benefit obligation, but it does not aft I file existence of the obligation.
NEW QUESTION # 219
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