Question 1

Indicate the document described in each of the following items.1) Accumulates labor data in the conversion process
2) Computes payroll data for all employees for a given pay period
3) Establishes payroll withholding status
4) Reports amounts paid to an independent contractor
5) Reports amounts withheld by employer to IRS
6) Reports employer's federal unemployment taxes
7) Reports year-end information for tax purposes
8) Requests raw material from the warehouse for production
9) Summarizes cost and quantity information in a process costing system
10) Summarizes costs in a job costing system

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Question 2

The text discussed five business processes: sales/collection, acquisition/payment, conversion, financing and human resources.List and discuss two ways the processes are similar; list and discuss two ways they are different from one another.

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Question 3

Create specifications (table names and field names) for all database tables indicated by the REA model below.

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Question 4

The text outlined seven steps companies should complete for an initial public offering.Complete the risk/control matrix below based on the indicated risks associated with an IPO.

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Question 5

Indicate the effect (increase, decrease or no change) the indicated transaction would have on the specified ratio in each of the following independent situations.

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Question 6

Create a narrative description of the REA model shown below.

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Question 7

Which of the following business processes is most closely associated with each of the items below: (a) conversion process, (b) financing process, (c) human resource process?
1.Americans with Disabilities Act
2.Capital stock
3.Direct material
4.Dividends
5.Form W-2
6.Hiring employees
7.Initial public offering
8.Optimal capital structure
9.Process costing
10.Thorough background checks

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Question 8

Match each risk exposure on the left with the most appropriate internal control on the right.Each item on the left has only one best answer.Each item on the right should only be used once.

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Question 9

Some payroll forms include employee identification data.List three such forms commonly associated with the human resource business process.

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Question 10

Create REA model cardinalities for each of the following independent situations.a.A department manager conducts weekly meetings with his staff.b.Each factory worker is required to attend group classes on safety in the workplace.c.Each employee in the finance department is evaluated annually by his/her immediate supervisor.d.A company's board of directors assembles a committee to investigate the IPO process.e.One employee in the human resources department screens application materials for prospective new employees.

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Question 11

Transactions commonly associated with the financing process include: (a) issuance of capital stock for cash, (b) declaration of cash dividends and (c) issuance of long-term debt.In your own words, explain how each of those transactions affects each section of a corporate balance sheet.Focus your explanation at a conceptual level; do not explain the effects by indicating journal entries.

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Question 12

Olivia was a finalist for the CEO position at NTL Corporation.She wanted to focus her presentation on improving internal control in the company's financing process.Use the five elements of the COSO internal control framework to outline the main points of Olivia's presentation.

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Question 13

Fill in the blanks below for common transactions processed in the conversion, human resource and financing business process.

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Question 14

Which flowcharting symbol would be used to represent each independent item below? a.Begin manufacturing process b.Complete initial public offering c.Electronic applicant files d.Evaluate product quality e.Issue debt? f.Issue Form W-2 g.Job cost sheet h.Manually assemble raw materials i.Manually file Form W-4 j.Payroll check

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Question 15

Prepare a REA model of the following business process.When the CEO of NTL Corporation resigned, the board of directors hired a recruitment firm to look for a replacement.The recruitment firm prepared several job announcements, then presented them to the board of directors.The board of directors approved one of the job announcements; the recruitment firm used it to advertise the position on the Internet and in relevant newspapers and professional publications.After receiving several applications, the recruitment firm selected a pool of ten to pass on to NTL's board of directors.The board of directors, with the assistance of the recruitment firm, went through three rounds of interviews, narrowing the pool from ten to three.Each of the three finalists prepared a presentation on the strategic future of NTL and delivered the presentation at a meeting of NTL shareholders.The board of directors then made the final choice for a new CEO.

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Quiz 13: Other Business Processes