To help address coordination problems, CASE tools allow more than one person to work on the same system at the same time via a ____ interface, which coordinates and integrates the work of all team members.
A. multiuser
B. single user
C. protected
D. proprietary
Answer: A
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Which of the following is a commonly cited disadvantage of having a new unified set of accounting standards?
a. Acquiring foreign companies would become a more confusing proposition. b. Corporations may find themselves more susceptible to lawsuits due to the principles-based system. c. Time and money would not be saved in accessing capital markets abroad. d. The SEC would be dissolved if international accounting standards were adopted.
Having only one person authorized to both prepare and sign checks is a violation of what internal control procedure?
a. Proper authorizations b. Independent review and appraisal c. Independent verifications d. Segregation of duties
Limited-service retailers, such as specialty stores and first-class department stores, employ salespeople who assist customers in every phase of the shopping process
Indicate whether the statement is true or false
A company sold $12,000 worth of bicycles with an extended warranty. The company's experience is that warranty expense averages 2% of sales. The company should:
A. Consider the warranty expense a remote liability since the rate is only 2%. B. Recognize warranty liability when the company purchases the bicycles. C. Consider the warranty expense a contingent liability. D. Recognize warranty expense and liability in the year of the sale. E. Recognize warranty expense at the time the warranty work is performed.