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RLGA02H3 Final: Key terms for final exam

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whiteduck976
26 Apr 2011
School
UTSC
Department
Religion
Course
RLGA02H3
Professor
David Perley

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Document Summary

Bar mitzvah: initiation of a thirteen year old boy into adult ritual responsibilities in the synagogue service. Some branches of judaism parallel it with a bat mitzvah for girls. It occurs as part of a congregation"s weekly worship. Bar mitzvah (son of the commandments), the teenager reads a selection from one of the five books of moses and from the prophets. Making the onset of adulthood at 13 is based on an ancient concept of legal majority. It publicly marks that the child has arrived at ritual and moral responsibility. Pentateuch: the first five books of the bible, attributed to moses which have to come to be known as the torah. Today, the pentateuch has served as the people"s identity since the temple doesn"t exist anymore. Torah are genesis, exodus, leviticus, numbers and deuteronomy. The term is used for the ritual passover supper celebrated in the home, whose liturgy is called the.

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Related Questions

Answers to the 30multiple choice questions 2 points each, 30questions, for 60 point total
60 points
< please record 1) From an internal control standpoint, the asset mostsusceptible to improper diversion and use is
answer here a. prepaid insurance.
b. cash.
c. Equipment
d. Investments
2) Jolene is warehouse custodian and alsomaintains the accounting record of the inventory held at thewarehouse. An assessment of this situation indicates
a. documentation procedures are violated.
b. independent internal verification is violated.
c. segregation of duties is violated.
< please record d. establishment of responsibility is violated.
answer here
3) Internal control is defined, in part, as a planthat safeguards
a. all balance sheet accounts.
b. assets.
c. liabilities.
d. capital stock.
4) The control principle related to nothaving the same person authorize and pay for goods is known as
a. establishment of responsibility.
b. independent internal verification.
< please record c. segregation of duties.
answer here d. rotation of duties.
5) Two individuals at a retail store work thesame cash register. You evaluate this situation as
a. a violation of establishment of responsibility.
b. a violation of segregation of duties.
c. supporting the establishment of responsibility.
< please record d. supporting internal independent verification.
answer here
6) Having different individuals receive cash,record cash receipts, and hold the cash is an example of
a. establishment of responsibility.
b. segregation of duties.
c. documentation procedures.
d. independent internal verification.
7) An adjusting entry is not required for
a. outstanding checks.
b. collection of a note by the bank.
c. NSF checks.
d. bank service charges.
8) If a check correctly written and paid bythe bank for $591 is incorrectly recorded on the company's booksfor $519,
the appropriate treatment on the bankreconciliation would be to
a. deduct $72 from the book's balance.
b. add $72 to the book's balance.
c. deduct $72 from the bank's balance.
d. deduct $591 from the book's balance.
9) During 2013, Parker Enterprises generatedrevenues of $60,000. The company's expenses were as follows:
cost of goods sold of $30,000, operatingexpenses of $12,000 and a loss on the sale of equipment of$2,000.
Parker's gross profit is:
a. $16,000.00
b. $18,000.00
c. $30,000.00
d. $60,000.00
10) A primary difference between a periodicand perpetual inventory system is that a periodic system:
a. determines the inventory on hand only at the end ofthe accounting period.
b. provides better control over inventories.
c. records the cost of goods sold after each saletransaction.
d. keeps a record showing the merchandise inventory onhand at all times.
11) A decline in a company's gross profitcould be caused by all of the following except:
a. selling products using a lower markup.
b. clearance of discontinued inventory.
c. paying lower prices to its suppliers.
d. increasing competition resulting in a lower sellingprice.
12) South Company uses the perpetual inventorysystem. South's goods in transit at December 31 include:
Sales made by South Purchases made by South
(1) FOB destination (3) FOB destination
(2) FOB shipping point (4) FOB shipping point
Which itemsshould be included in South's inventory at December 31?
a. (2) and (3)
b. (1) and (4)
c. (1) and (3)
d. (2) and (4)
13) In periods of rising prices, the inventorymethod which results in the greatest net income is the:
a. LIFO method.
b. FIFO method.
c. Weighted Average method.
d. Lower of Cost or Market method.
14) The following information was available for RawleyCompany at December 31, 2008:
inventory (Jan .01) $80,000; inventory (Dec. 31)$120,000; cost of goods sold $600,000;
accounts receivable $73,000; and sales$900,000.
Rawley's inventory turnover in 2008 was:
a. 9.00 times.
b. 7.50 times.
c. 6.00 times.
d. 5.00 times.
15) A petty cash fund of $200 is replenishedwhen the fund contains $5 in cash and receipts for $193.
The entry to replenish the fund would:
a. credit Cash Over and Short for $2.
b. credit Miscellaneous Revenue for $2.
c. debit Cash Over and Short for $2.
d. debit Miscellaneous Expense for $2.
16) An item is considered material if
a. it doesn't costs a lot of money.
b. it is of a tangible good intended for re-sale.
c. it is likely to influence the decision of aninvestor or creditor.
d. the cost of reporting the item is greater than itsbenefits.
17) Receivables might be sold to
a. lengthen the cash-to-cash operating cycle.
b take advantage of deep discounts on the cashrealizable value of receivables.
c. generate cash quickly.
d. finance companies at an amount greater than cashrealizable value.
18) If the amount of uncollectible accountexpense is understated at year end:
a. net income will be understated.
b. stockholders' equity will be understated.
c. allowance for doubtful accounts will be overstated.
d. net accounts receivable will be overstated.
19) A debit balance in the Allowance for DoubtfulAccounts
a. is the normal balance for that account.
b. indicates that actual bad debt write-offs haveexceeded previous provisions for bad debts.
c. indicates that actual bad debt write-offs have beenless than what was estimated.
d. cannot occur if the percentage of sales method ofestimating bad debts is used.
20) Bad Debts Expense is considered
a. an avoidable cost in doing business on a credit basis.
b. an internal control weakness.
c. a necessary risk of doing business on a credit basis.
d. avoidable unless there is a recession.
21) The best managed companies will have
a. no uncollectible accounts.
b. a very strict credit policy.
c. a very lenient credit policy.
d. some accounts that will prove to be uncollectible.
22) Two methods of accounting for uncollectibleaccounts are the
a. allowance method and the accrual method.
b. allowance method and the net realizable method.
c. direct write-off method and the accrual method.
d. direct write-off method and the allowance method.
23) When the allowance method of accountingfor uncollectible accounts is used, Bad Debts Expense isrecorded
a. in the year after the credit sale is made.
b. in the same year as the credit sale.
c. as each credit sale is made.
d. when an account is written off as uncollectible.
24) Allowance for Doubtful Accounts on the balancesheet
a. is offset against total current assets.
b. increases the cash realizable value of accountsreceivable.
c. appears under the heading "Other Assets."
d. is offset against accounts receivable.
25) In reviewing the accounts receivable, thecash realizable value is $14,000 before the write-off of a $1,500account.
What is the cash realizable value after thewrite-off?
a. $1,500
b. $12,500
c. $14,000
d. $15,500
26) The maturity value of a $60,000, 10%, 60-day notereceivable dated July 3 is
a. $60,000
b. $61,000
c. $66,000
d. $70,000
27) The interest on a $10,000, 10%, 1-year notereceivable is
a. $1,000
b. $10,000
c. $10,100
d. $11,000
28) The maturity value of a $60,000, 8%, 3-month notereceivable is
a. $60,400
b. $60,480
c. $61,200
d. $64,800
29) Notes receivable are recorded in the accounts at
a. cash (net) realizable value.
b. face value.
c. gross realizable value.
d. maturity value.
30) Which of the following are also called tradereceivables?
a. Accounts receivable
b. Other receivables
c. Advances to employees
d. Income taxes refundable

1–28. Multiple Choice Questions
Select the best answer for each of the following items and give reasons for your choice.
a. Which of the following best describes the relationship between assurance services and
attest services?
(1) While attest services involve fi nancial data, assurance services involve nonfi nancial data.
(2) While attest services require objectivity, assurance services do not require objectivity.
(3) Both attest and assurance services require independence.
(4) Attest and assurance services are different terms referring to the same types of services.
b. Which of the following has primary responsibility for the fairness of the representations
made in fi nancial statements?
(1) Client’s management.
(2) Independent auditor.
(3) Audit committee.
(4) AICPA.
c. The most important benefi t of having an annual audit by a public accounting fi rm is to:
(1) Provide assurance to investors and other outsiders that the fi nancial statements are reliable.
(2) Enable offi cers and directors to avoid personal responsibility for any misstatements in
the fi nancial statements.
(3) Meet the requirements of government agencies.
(4) Provide assurance that illegal acts, if any exist, will be brought to light.
d. The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board
(PCAOB). Which of the following is not one of the responsibilities of that board?
(1) Establish independence standards for auditors of public companies.
(2) Review fi nancial reports fi led with the SEC.
(3) Establish auditing standards for audits of public companies.
(4) Sanction registered audit fi rms.
e. Which of these organizations has the responsibility to perform inspections of auditors of
public companies?
(1) American Institute of Certifi ed Public Accountants.
(2) Securities and Exchange Commission.
(3) Financial Accounting Standards Board.
(4) Public Company Accounting Oversight Board.
f. Governmental auditing, in addition to including audits of fi nancial statements, often
includes audits of effi ciency, effectiveness, and:
(1) Adequacy.
(2) Evaluation.
(3) Accuracy.
(4) Compliance.
g. In general, internal auditors’ independence will be greatest when they report directly to the:
(1) Financial vice president.
(2) Corporate controller.
(3) Audit committee of the board of directors.
(4) Chief executive offi cer.
h. Which of the following did not precipitate the passage of the Sarbanes-Oxley Act of 2002
to regulate public accounting fi rms:
(1) Disclosures related to accounting irregularities at Enron and WorldCom.
(2) Restatements of fi nancial statements by a number of public companies.

(3) Conviction of the accounting fi rm of Arthur Andersen LLP.
(4) Ethical scandals at the AICPA.
i. Which of the following organizations establishes accounting standards for U.S. government
agencies?
(1) The Financial Accounting Standards Board.
(2) The Governmental Accounting Standards Board.
(3) The Federal Accounting Standards Advisory Board.
(4) The Public Company Accounting Oversight Board.
j. Which of the following is correct about forensic audits?
(1) All audit engagements are forensic in nature.
(2) Forensic audits are performed by law fi rms; they are not performed by CPA fi rms.
(3) Forensic audits are equivalent to compliance audits.
(4) Forensic audits are usually performed in situations in which fraud has been found or is
suspected.
k. What best describes the purpose of the auditors’ consideration of internal control in a
fi nancial statement audit for a nonpublic company?
(1) To determine the nature, timing, and extent of audit testing.
(2) To make recommendations to the client regarding improvements in internal control.
(3) To train new auditors on accounting and control systems.
(4) To identify opportunities for fraud within the client’s operations.
l. Which of the following is an example of a compliance audit?
(1) An audit of fi nancial statements.
(2) An audit of a company’s policies and procedures for adhering to environmental laws
and regulations.
(3) An audit of a company’s internal control over fi nancial reporting.
(4) An audit of the effi ciency and effectiveness of a company’s legal department.

Process Mapping: Hospital Response Chain (A Question for the course of Introduction to Information System)

When someone calls 9‐1‐1, there are a series of actions and responses that get triggered, collectively known as the pre‐hospital response chain. This chain is described below.

The Call for Help

When an individual experiences a medical, they typically call 9‐1‐1 for help. It is important that the patient stays on the phone to provide the necessary information about the emergency situation. The patient relays important information to both 9‐1‐1 and the health communication centre.

9‐1‐1 Emergency Service

The 9‐1‐1 dispatcher's responsibility is to take the 9‐1‐1 call for help and determine if the situation requires police, firefighters or ambulance services. In some emergency situations, more than one service can be dispatched2. The 9‐1‐1 dispatcher also needs to identify the patient’s location so that the appropriate type of ambulance can be dispatched (land, air or water)3. To make these assessments, there are a series of questions that are asked. The patient plays an important role in answering these questions. The 9‐1‐1 dispatcher collects all of the information needed to make these assessments and enters it into the 9‐1‐1 system. Once all the pertinent information has been collected, the information and call are then immediately transferred to the health communication centre. Otherwise, the dispatcher continues to work with the patient on understanding the situation.

Health Communication Centre

The health communication centre’s (HCC) responsibility is to review the information sent by the 9‐1‐1 dispatcher and speak to the patient to assess the nature of the situation and, most importantly, prioritize the response of the ambulance services. Additional information from the patient is typically required to do so. Prioritization is key in situations where there are multiple emergency situations. If the HCC dispatcher determines that the situation is urgent, the medical and emergency information, as captured in the HCC system, is transferred to the ambulance service, and the required number of ambulances dispatched to the scene. In situations that are not considered urgent, alternative methods of transportation are then arranged.

Ambulance Service

An ambulance service has a series of responsibilities when they are dispatched. The ambulance service is alerted to the emergency via their on‐board system. Using the location information provided, the ambulance service is then responsible for ensuring the appropriate route is taken using the navigational component of their on‐board system. Depending on the weather conditions, location, and time of day, the best route may change. Once the ambulance service arrives at the scene, they are responsible for assessing the situation and determining whether the patient needs to be stabilized at the scene first. Depending on location, assessment, and priority, the ambulance service first determines which hospital is best suited for the patient. If the patient requires stabilization, the ambulance service will work with that hospital to stabilize the patient. Specifically, they speak with the doctors at the hospital using their hands‐free mobile phones to relay the status of the patient and to receive stabilization instructions. The patient is not transported until they are in a stable condition. Once the patient is stabilized, the ambulance service continues to work with the doctors to determine whether the patient’s situation is still critical and requires hospital care. If that is no longer the case, the ambulance service will return to their dispatch station and complete a vehicle and supply report and a scene report.

On route to the hospital, the ambulance service will relay all critical information to the destination hospital using their on‐board system as well as calling them to provide an updated patient status and estimated time of arrival. This enables the hospital to complete all the necessary preparations. When the ambulance service arrives at the hospital with the patient, the patient’s status is verbally transferred to the receiving physician at that hospital. At this point, the physician and team of health professionals assess and care for the patient.

After the patient transfer is complete, there are a series of reports that need to be written and submitted by the ambulance services: 1, Patient Care and Transfer Report; 2, Scene Report (if needed) 3, Patient Invoice 4, Vehicle and Supply Report

The patient care and transfer report is used by the hospital to fill in the patient chart and can be used to determine on‐going treatment. The ambulance service completes this report before leaving the hospital using their on‐board system and electronically submits it to the hospital. When this report is created, a scene report is not needed. A scene report is only created when the patient is not transferred to a local hospital, but assessment and care are provided at the scene. The scene report is for internal tracking purposes.

A patient invoice will be sent to the patient through the mail by the ambulance service: the typical cost for an ambulance service is $45 but if the receiving physician deemed the trip to be unnecessary, the bill will increase to $240. This information is provided by the physician in his verbal report to the ambulance service before they leave the hospital.

Finally, a vehicle and supply report will be created, for internal purposes, to track vehicle mileage, gas along with wear and tear. If there are any concerns with the vehicle or if maintenance is required the vehicle is sent to the fleet garage along with a paper report documenting the concerns. The vehicle is returned to the ambulance service when the repairs or maintenance are completed.

An inventory of the supplies on board the ambulance is taken and a list of the items needed to be replenished is electronically sent to the medical supplies warehouse via EDI for restocking. It is essential that those items are shipped quickly so that the ambulance is prepared for the next emergency. The ambulance always has reserves on board, but keeping those reserves replenished ensures they will not run out of supplies in an emergency situation.

Requirement: Draw the Process Map for the Hospital Chain Scenario

(Note: 1, Assume that the individual can call for 9‐1‐1 on their own. 2 In assignment we only have to focus on the land ambulance service; sub‐processes for the other services do not need to be elaborated on.)