ACC 333/BUS 333
Semester Test 2

Name ___________________________

Directions:

The maximum points available on the test is 30 points. The assigned points are designated by each section.

This is a take home examination and is due at the beginning of class on Wednesday, March 2, 2011.

You are to work on this test alone. Any situations where the professor determines that students have worked on the test together will be considered in violation of the honesty code.

Choose the BEST answer on the multiple choice questions.

The discussion questions can be written by hand or typed.

ACC/BUS 333.01
Semester Test 1

Name:___________________________________

Multiple Choice Questions: Please circle the best response. (1.5 points each)

Which of the following is not an example of a source document?Receiving reportPurchase orderSales orderAging reportJob costing systems are most appropriate for:a)Home builders
b)Textbook publishers
c)Beverage companies
d)both a and b are appropriate industries for job costing systems

An important input to the sales process is: A customer sales order The cash forecast Aged accounts receivable information A receiving report It is generally true of not-for-profit organizations that they: Are profit-oriented despite their name
Are always evaluated using profit measuresAre not governed by accounting standardsEmphasize funds rather than income in their internal accounting systems
5. According to the text, all of the following are objectives of the human resource management process except:
a) Hiring, training, and employing workers
b)Counseling employees on retirement and medical benefits
c)Maintaining employee earnings records
d)Reporting on payroll deductions

6. Which of the following outputs (reports) are common to both the sales process and the purchasing process?
a) Sales analysis reports
b) Financial statement information
c) both (a) and (b)
d) none of the above

7. Which of the following is an objective of the purchasing process?
a) Collecting information for the financial statements
b) Making timely and accurate vendor payments
c) Forecasting cash requirements
d) Tracking bills of lading
8. Which of the following statements best describes a business process?
a) It is a collection of activities in an organization that creates value
b) The nature and type of processes might vary from industry to industry
c) It is an activity that increases and/or decreases dollar amounts on the financial statements
d) It is an economic event in the life of an organization
9.Which of the following is not an objective of the sales process?
a) Controlling inventory
b) Tracking sales of goods and/or services to customers
c) Billing for goods and services
d) Forecasting sales and cash receipts
10. Inputs to the financing process include:a) Remittance advices, deposit slips, checks, and stock market dataRemittance advices, deposit slips, checks, and receiving reportsDeposit slips, checks, receiving reports, and purchase requisitionsDeposit slips, checks, purchase requisitions, and financial institution profiles

Discussion questions-

Question 1 (9 points): In Chapter 8, we discussed specialized industries such as professional services organizations (law firms), not for profit organizations, and health care organizations that would require special accounting information systems.

Identify and list three additional specialized industries that would require specialized accounting information systems. Research vendors that would manufacture or sale a specialized accounting information system for the industries you have identified and provide the website links below.

Industry | Specific Needs | Temporary Staffing Agency | Maintains time Multiple pay rates Job decryptions Job locations Quick access to contact info for temps | Day Care Center | Personal Data Emergency Contacts, siblings in care Allergies, insurance/hospitalization info Record keeping Release forms Billing rates/ hours billed | Item #3 | |

Program Name | Additional Features | Akken Staffing | Searchable employee and customer database Data transfer from e-mail and resume documents | http://www.akken.com/solutions/akken-staffing-overview.php | EZ Care 2 | Easy interface Child photo | http://www.ezcare2.com/daycare_software/childcare_software_simple2.asp | Software #3 | | http:// |

Question 2 (6 points): What are the basic concepts of lean manufacturing? Find an example of a company or firm that uses the lean manufacturing concepts and describe how the company has implemented lean manufacturing concepts.