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Question
Identify the year the SEC will require American companies to switch from U.S.-based GAAP to IFRS as the basis for preparing financial statements.
A) 2016
B) 2018
C) 2020
D) At this point it is unclear when the SEC will require American companies to implement IFRS, though the SEC remains committed to requiring U.S. companies use IFRS at some point.
Answer
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Related questions
Q:
As part of the bidding process required for bidding on providing a new software system to Kinect Incorporated, Thorton Wilder prepared a functional program that simulated the new system's input and output interface. This program is an example of
A) CASE.
B) an operational prototype.
C) a RFP.
D) a nonoperational prototype.
Q:
Firms should consider preparing a software prototype if the software
A) will be used for a critical function like accounts receivable.
B) automates an unstructured or semi-structured task.
C) can be produced using expertise available in-house.
D) is available as a canned package.
Q:
The basic premise of ________ is that it is easier for people to express what they like or dislike about an existing system than to imagine what they would like in a system.
A) modified software
B) outsourcing agreements
C) prototyping
D) turnkey systems
Q:
Describe each of the four important principles underlying Business Process Management (BPM).
Q:
Business Process Management views business processes as
A) strategic organizational assets.
B) a series of small tasks to be closely managed.
C) related activities that, once perfected, should be managed on an exception basis.
D) subsets of organizational strategy that should not be owned by any specific person or department.
Q:
Describe the advantages and disadvantages of outsourcing.
Q:
Describe outsourcing and identify the two types of outsourcing agreements.
Q:
The risk of the potential high cost to reverse outsourcing is referred to as
A) focus reduction.
B) locked-in system.
C) reduced competitive advantage.
D) unfulfilled goals.
Q:
End-user computing can eliminate many of the analyst-programmer communication problems associated with the traditional program development.
Q:
Describe the purposes of a help desk.
Q:
________ refers to involving users in the development, control, and deployment of information systems.
A) Amateur user computing (AUC)
B) Competitive intra-organization systems development approach (CIOSDA)
C) End-user computing (EUC)
D) Novice information systems development (NISD)
Q:
Which approach systems acquisition is generally costly and labor-intensive?
A) Canned software.
B) Custom software.
C) Modified canned software.
D) Turnkey software.
Q:
Moneka Jones is the CIO for Noela Incorporated. Moneka wants to replace the firm's existing system. However, she wants to spend as little time as possible preparing and evaluating RFPs. When preparing an RFP, Moneka should probably
A) disclose exact hardware and software specifications.
B) disclose specific performance objectives and requirements.
C) disclose general software requirements.
D) disclose general performance objectives and requirements.
Q:
The task of improving the efficiency of Crawford Insurance's accounting information system was given to a project development team. During the ________ step in the systems development life cycle, the team initiated an end user training program to prepare employees to switch to the new system.
A) systems analysis
B) operations and maintenance
C) implementation and conversion
D) physical design
Q:
A prototype
A) is expensive to create and is therefore only created once user needs are well-defined.
B) is making an internal and external review of the system to be analyzed, noting that users may not use the existing AIS as intended.
C) is typically created during the physical design phase of systems development.
D) can be used to help users identify and communicate their system needs.
Q:
The system objective concerned that system should be able to accommodate reasonable requirement changes is known as
A) flexibility.
B) reliability.
C) timeliness.
D) usefulness.
Q:
The system objective concerned that information output should help management and users make decisions is known as
A) flexibility.
B) reliability.
C) timeliness.
D) usefulness.
Q:
Which is the best data-gathering approach to use when information must be obtained from many different people?
A) A questionnaire.
B) An interview.
C) Observation by the analyst.
D) System documentation.
Q:
Significant system changes were implemented two months ago. The changes were well-planned, well-designed, thoroughly tested before and after conversion, and several employee training sessions were conducted. Still, the changes haven't resulted in any productivity increases, cost savings, or process improvements. Management is puzzled and needs to find out why the system isn't successful. The best action for management to take is
A) conduct face-to-face interviews with managers, key personnel, and randomly selected employees from each functional area impacted by the system changes in an attempt to discover why the changes aren't effective.
B) make sure the system changes were well documented and review the documentation to see if perhaps some important feature or process was overlooked during the design phase.
C) e-mail a series of questions to all employees, asking for input about further changes that would bring about the desired results.
D) advise employees that consultants will be conducting observation sessions over the next two weeks to determine if employees have fully implemented changes and whether there is any evidence of resistance to the changes.
Q:
When seeking to describes how a system should work, the most useful approach is to
A) conduct interviews.
B) make observations.
C) distribute questionnaires.
D) read system documentation.
Q:
Supplier number is most likely to be a foreign key in
A) InventoryRequest_Inventory.
B) Receive Inventory.
C) Supplier.
D) Warehouse.
Q:
Supplier number is least likely to be a foreign key in
A) Order Inventory.
B) Disburse Cash.
C) Receive Inventory.
D) Warehouse.
Q:
Since the same inventory items may be stored in several different warehouses, the maximum cardinality from Inventory to Warehouse is most likely
A) 0.
B) N.
C) 1.
D) M.
Q:
In an REA model, rental transactions differ from sales transactions in that
A) each rental has a part number.
B) each rental has a unique serial number.
C) rental transactions require completely different REA models than sales transactions.
D) each rental has a renter number.
Q:
Sales order number is most likely to be a primary key in which entity of an expanded revenue cycle REA diagram?
A) Call on Customers.
B) Fill Customer Order.
C) Ship Order.
D) Take Customer Order.
Q:
Many companies sell software, music, or digital photographs over the Internet. They provide each customer with a digital copy of those resources, but not the actual resource itself. How will this company's REA model differ from those selling tangible inventory?
A) These companies do not need an Inventory table.
B) The structure of Inventory table is completely different from that of mass-produced merchandise.
C) The Inventory table is only different in that it doesn't need attributes such as quantity-on-hand, quantity-available, reorder point, and standard reorder quantity.
D) The Inventory table need not include information about the standard list price of each item and its description.
Q:
Explain where in the REA model you can find the information normally found in a ledger.
Q:
A query that extracts, for a given time period, all purchases for which there is no corresponding disburse cash event will yield
A) a cash account ledger.
B) a credit sales journal.
C) an accounts receivable ledger.
D) an accounts payable journal.
Q:
Information traditionally found in journals is stored where in an REA database?
A) Event entity.
B) Agent entity.
C) Relationship.
D) Resource entity.
Q:
Which of the following is/are true with regards to using REA diagrams to retrieve information from a database?
A) Although neither journals nor ledgers appear explicitly in an REA diagram, each can be created through appropriate queries.
B) The information normally found in a journal is contained in the tables used to record data about events.
C) Much of the information about an organization's assets that is traditionally recorded in ledgers is stored in resource tables in an REA-based relational database.
D) All of the above