What are the three database essentials an accounting professional needs to know? Define and provide an example of each
What will be an ideal response?
Answer: Field - A piece of information about events, people, or objects. Example, phone number. (The student may provide a different example.
Record - A collection of related fields. Example, customer ID, first name, last name, street address, city, state, zip code, area code, and phone number. (The student may provide a different example.)
Table - A collection of related records with a unique table name. For example, Customer. ( The student may provide a different example.)
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Auditors often perform some type of risk analysis in deciding what aspects of operations to audit and the nature, timing, and extent of their procedures. Which of the following would an auditor most likely consider an indication of material risk?
A. A high turnover rate for warehouse labor. B. Inadequate separation of responsibilities between the accounting and warehouse functions. C. A change in management in the receiving department as the result of promotion of the former department head. D. Special procedures allowing minor purchases to bypass the receiving department and be delivered directly to the appropriate requesting department.
What is the responsibility of a designated category leader?
A) The category leader manages replenishment decisions for all suppliers. B) The category leader manages purchasing decisions for all retailers. C) The category leader manages purchasing decisions for all customers. D) The category leader manages replenishment decisions for all retailers.