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expeople1 [14]
3 years ago
14

"Auditors should be familiar with the terminology employed in IT processing. The following statements contain some of the termin

ology so employed. Indicate whether each statement is true or false"
a. A recent improvement in computer hardware is the ability to automatically produce error listings. Previously, this was possible only when provisions for such a report were included in the program.
b. The control of input and output to and from the information systems department should be performed by an independent data control group.
c. An internal-audit computer program that continuously monitors IT processing is a feasible approach for improving internal control in OLRT systems.
d. An internal label is one of the controls built into magnetic tape drive hardware by the hardware manufacturers.
e. A limit test in a computer program is comparable to a decision that an individual makes in a manual system to judge a transaction's reasonableness.
f. A principal advantage of using magnetic tape files is that data need not be recorded sequentially.
g. A major advantage of disk files is the ability to gain random access to data on the disk.
h. The term grandfather-father-son refers to a method of protecting computer records rather than to generations in the evolution of computer hardware.
i. When they are not in use, tape and disk files should be stored apart from the computer room under the control of a librarian.
Business
1 answer:
mr Goodwill [35]3 years ago
3 0

Answer:

Explanation:

Step 1:

the auditor is required to provide reasonable assurance for the financial statement audited.To provide such reasonable assurance,appropriate evidence must be obtained to confirm that no material misstatement material is present in the financial statement

Step 2:

For each statement select true or false in the following manner

a. A recent improvement in computer hardware is the ability to automatically produce error listings. Previously, this was possible only when provisions for such a report were included in the program.

FALSE

b. The control of input and output to and from the information systems department should be performed by an independent data control group.

TRUE

c. An internal-audit computer program that continuously monitors IT processing is a feasible approach for improving internal control in OLRT systems.

TRUE

d. An internal label is one of the controls built into magnetic tape drive hardware by the hardware manufacturers.

FALSE

e. A limit test in a computer program is comparable to a decision that an individual makes in a manual system to judge a transaction's reasonableness.

TRUE

f. A principal advantage of using magnetic tape files is that data need not be recorded sequentially.

FALSE

g. A major advantage of disk files is the ability to gain random access to data on the disk.

TRUE

h. The term grandfather-father-son refers to a method of protecting computer records rather than to generations in the evolution of computer hardware.

TRUE

i. When they are not in use, tape and disk files should be stored apart from the computer room under the control of a librarian.

TRUE

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Discuss whether or not consumers benefit more from a market economic system or a mixed economic system. *
storchak [24]

Answer:

compared to a mixed economy, a market economy tends to benefit the consumers.

This is mainly because the government intervention and restrictions are minimum in a market economy, compared to a mixed economy in which the government plays a major part as an economic agent and a regulator.

A free market system's main aim is to enhance  the competitions and the freedom of choice for the consumers.

However, in the real world scenarios, pure free market systems are difficult to be seen and most of the time, the economies are Mixed economies.

Even in USA's economy 40% of the economy consists of the government agencies and activities.

This is mainly due to the economic malpractices by the producers and corporations.

Explanation:

7 0
3 years ago
Determine what the net income or loss Use the business transactions below to: 1. Stockholders invest $40,000 in cash in starting
Angelina_Jolie [31]

Answer:

the question is incomplete, so I looked for a similar one:

Real estate commissions billed to clients amount to $4,000. Paid $700 in cash for the current month's rent. Paid $250 cash on account for office supplies purchased in transaction 2. Received a bill for $800 for advertising for the current month. Paid $2,500 cash for office salaries. Paid $1,200 cash dividends to stockholders. Received a check for $2,000 from a client in payment on account for commissions billed

<u>Income statement</u>

Service revenue                             $4,000

Operating expenses:

  • Rent $700
  • Advertising $800
  • Office salaries $2,500         <u>($4,000)</u>

Net income                                          $0

Accrual accounting recognizes both expenses and revenues when they occur, not when a cash flow is associated to them. E.g. even though only $2,000 were paid by clients, the whole $4,000 must be considered revenue.

7 0
3 years ago
When the central bank decides it will sell bonds using open market operations: interest rates decrease. the money supply increas
bogdanovich [222]

When the central bank decides it will sell bonds using open market operations b. the money supply decreases.

<h3>What is open market operations?</h3>

Open market operations  involves the purchase as well as sale of securities which help the Federal Reserve when they want to implement monetary policy.

In this case, When the central bank decides it will sell bonds using open market operations b. the money supply decreases.

Learn more about bonds  at:

brainly.com/question/25596583

#SPJ1

4 0
2 years ago
In a long-run equilibrium, A. only a perfectly competitive firm operates at its efficient scale. B. both a perfectly competitive
BigorU [14]

Answer:

In a long-run equilibrium - only a perfectly competitive firm operates at its efficient scale - option A is the correct answer.

Explanation:

In the long-run equilibrium, only a perfectly competitive firm that operates at its efficient scale and a monopolistically competitive firm sets off with overabundant capacity.

Therefore, in a long-run equilibrium - only a perfectly competitive firm operates at its efficient scale - option A is the correct answer.

7 0
3 years ago
Eli is buying a townhouse that costs $276,650. He has $28,000 in savings and earns $4,475 a month. Eli would like to spend no mo
Oduvanchick [21]

Answer:

30 year fixed, 10% down at a fixed rate of 5%

Explanation:

given data

buying a townhouse = $276,650

savings = $28,000

earns a month =  $4,475  

solution

when here 10% down fix rate than cover for the down payment is

cover for the down payment = 10% of $276,650

cover for the down payment = $27,665

and here monthly income is $4,475

so mortgage will be  = 30% of $4475

mortgage  = $1,342.50

so by balance of mortgage is = $276,650 - $27,665

balance of mortgage = $248,985

so Total monthly repayment is

Total monthly repayment = $248,985 × \frac{0.05}{12}  + \frac{248,985}{(30\times 12)}  

Total monthly repayment = $1037.45 + $691.63

Total monthly repayment = $1729.08

so 30 year fixed, 10% down at a fixed rate of 5%

5 0
3 years ago
Read 2 more answers
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