BEC CPA BUSINESS 2

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1. 
authority that a third party reasonably believes an agent has based on the principal's holding the agent out as being the principal's agent
 
apparent authority
 
2. 
controls that apply to processing of individual transactions and are built into the applicatoin itself.
 
application controls
 
3. 
new type of firewall that is designed to protect specific application services from attack. It is not designed to replace network firewalls but are designed to supplement network firewalls and to protect against attacks on specific applications instead of attacks on the network. They do this by examining the data in packets as opposed to just the data in packet headers that is examined by network firewalls.
 
application firewall
 
4. 
examine data coming into the gateway in more sophisticated fashion than other types of firewalls. Proxies are more secure than the other types of firewalls but they can be slow.
 
application level gateway
 
5. 
diverse group of systems and programs that an organization uses to accomplish its objectives. It can be generic or custom-developed for a specific application or a specific organizaiton. It is made up of application programs. It can be purcahsed from an outside vendor or developed internally.
 
application software
 
6. 
one of the simplest forms of data structures. it holds a fixed number of equally sized data elements, generally of the same data type. the individual elements are accessed by an index using a consecutive range of integers. some arrays are multi-dimensional, meaning that they are indexed by a fixed number of integers.
 
array
 
7. 
costs that can be eliminated in whole or in part by choosing one alternative over another.
 
avoidable costs
 
8. 
access to a program or system that bypasses normal security mechanisms. A programmer will sometimes install it so that the program or system can be easily accessed for troubleshooting or other purposes.
 
backdoor
 
9. 
cost system that works backwards from final product to apply manufacturing costs. It is used to simplify cost accounting when tracking work-in-progress is not important. It is often used with just-in-time.
 
backflush costing
 
10. 
information on multiple dimensions of a firm's performance defined by the critical success factors necessary to accomplish the firm's business objectives. It normally includes both financial and non-financial data.
 
balanced scorecard
 
11. 
measure of communiation medium's information carrying capacity
 
bandwidth
 
12. 
input documents/transactions are collected and grouped by type of transaction. these groups are processed periodically. may use either sequential storage devices or random access storage devices.
 
batch processing
 
13. 
process of identifying standards for the critical success factgors of the firm used in comparison to actual performance, determination of gaps in performance, and implementing improvements to meet or exceed it.
 
benchmarking
 
14. 
binary digit (0 or 1) which all computer data is stored.
 
bit
 
15. 
used to connect segments of a LAN which both use the same set of network protocols. LANs are often divided into segments for better performacne or improved manageability. It can be called a switch. It merely forards network traffic and does not regenerate the messages.
 
bridge
 
16. 
term that is being interchangeably with high speed.
 
broad band
 
17. 
use a common backbone to connect al lthe devices on the network. signals are transmitted over the backbone in the form of messages that are transmitted to and are received by all of the devices, but only the intended device actually accepts and processes the message. the otehr devices ignore the message. If any of the devices in a bus network are down ,the entire network is down. Only one device can transmit at a time. the others must wait until the backbone is free. if two devices transmit at teh same time, the to messages will collide and both must be transmitted again.
 
bus network
 
18. 
what is business cycle?
 
expansion, contraction, trough, recovery
 
19. 
a director ill not be liable to the corporation for acts performed or decision made in good faith ,in a manner the director believes to be in best interest of the corporation and ith the care an ordinarily prudent business person in a like position would exercise
 
business judgment rule
 
20. 
are not part part of teh articles of incorporation and are not required to be filed by the state.
 
bylaws
 
21. 
a group of normally 8 bits that can represent a number or a letter, ith teh specific form dependent on hat internal representation format is being used.
 
byte
 
22. 
what are carrying costs?
 
storage of the asset, insurance for loss of the assets, costs of obsolescene, various types of shrinkage
 
23. 
maintain all data nad perofrm al ldata processing at a central location. if end user pcs are used merely to connect to a lan to allow data entry from remote location, and all editing and other such processing is accomplished by programs running on the cenral rpocessors, the processing would be considered centralized. if the end user pc's actually have small pieces of applicatoin softare installed on them that performed part of the data validation, the processing ould not be considered centralized. today, centralization and ecentralization are often a matter of degree.
 
centralized processing
 
24. 
used by a creditor of an individual parter may obtain an interest against an individual partner's share of profits.
 
charging order
 
25. 
firewalls that only allo data into a network that result from request from computers inside the network by the gateway keeping track of requests that are sent out of the netork and only alloing data in that is in a response to those requests.
 
circuit level gateway
 
26. 
describe client/server relationship.
 
most lans are set up as a client/server system. workstations are referred to as clients. other processors that provide services to the orkstations are called servers. the workstations send request for data nad other services to the servers. there are normally several different servers performing different types of specialized services.
 
27. 
a off-site location that has all the eltrical connections and otehr physical requirements for data procssing, but it does not have the actual equipment. they are usually required one to three days to be made operaitonal because equipment has to be aquired. the organizaitons that utilize this utilize very generic hardware that can be readily obtained from hardware vendors. cheapest form of off site location.
 
cold site
 
28. 
costs that cannot be altered in the short run. establish the present level of operating capacity. normally fixed costs. can be contrasted to discretionary costs.
 
committed costs.
 
29. 
cost that is incurred to suport a number of cost objects but that cannot be traced to them individually.
 
common cost
 
30. 
when possibility curves are drawn with the same products on teh same axes, the country whose production possibilty curve has the steepest slope has this on the vertical axis and the other country has this on the horizontal axis.
 
comparative advantage
 
31. 
what are the five cost strategies?
 
cost leadership focused on a broad range of buyers, cost leadership focused on a narrow range of buyers, product differentation focused on a braod range of buyers, prodcut differentiation focused on a narrow range of buyers, and best cost.
 
32. 
translation of a program from source code to object code so that teh program can be executed. source code is not necessarily translated line by line and is often optimized for execution speed.
 
compliation
 
33. 
responsible for scheduling processing jobs, running or monitoring schedule production jobs, hanging tapes, and possibly printing and distributing respots. It is not a person entering data into a system. Most often, this does not have anothing to do with data.
 
computer operator
 
34. 
person responsible for writing and or maintaining applicaiton programs. they are noramlly handling the testing of aplication programs and the preparation fo computer operator instructions. sometimes called software engineers.
 
computer programmer
 
35. 
type of multiplexer that combines multiple telecommunication channels onto a single transmission medium in such a way that all the individual channels can be active simultaneously.
 
concetrator
 
36. 
direct labor and manufacturing overhead costs needed to convert law materials into a finished product
 
conversion costs
 
37. 
a party who treats a business as f it were validly formed corporation will be legally barred from claiming in a legal proceding tht the coroporation was not validly formed.
 
corporation by estoppel
 
38. 
inflation caused by reductions in short-run aggregate supply
 
cost push inflation
 
39. 
risk of loss due to the other party defaulting on a contract, more generally, the risk of loss due to some credit event. traditionally, credit risk applied to bonds where the debt holdres were concerned that the counterparty might default on a payment.
 
credit risk
 
40. 
percentage change in the quantity demanded of one good divided by the percentage change in the price of a related good.
 
cross elasticity of demand
 
41. 
strengthening of a currency in relation to another currency. it occurs when, becauseof a change in currency exchange rates, a unit of one currency buys more units of another currency
 
currency appreciation
 
42. 
weakening of a currency in relation to another currency. it occurs when because of a change in currency exchange rates, a unit of one currency buys more units of another currency.
 
currency depreciation
 
43. 
method required when a firm's books are maintained in its functional currency. remeasurement into the functional currency is obvciously then not required before the translation into the reporting currency can be done.
 
current method
 
44. 
provide sales force automation and customer services in an attempt to manage customer relationships. it records and manages customer contacts, manage salespeople, forecast sales and sale targets, manages sales leads and potential sales leads, provide and manage online quotes and product specifications and pricing, and analyze sales data.
 
customer relationshp management
 
45. 
unemployment resultig from busienss cycles
 
cyclical unemployment
 
46. 
raw facts stored in computers systems in various ways.
 
data
 
47. 
responsible for the definition, planning, and control of the data within a database or databases.
 
data administrator
 
48. 
database management system language that ties together the logical and physical views of data in the database
 
data definition language
 
49. 
offers a form security and it is based on the idea of keys. Each party has a public and private key for their data public key encryption is one type of encryption. The public key is distributed to others in a separate transmission. The sender of a message uses the private key to encrypt the message and the receiver uses the public key to decrypt the message. An encrypted message must properly process through the decryption algorithm after the keys are applied. As long as the private key is secure, the encryption scheme should provide a secure transmission. All encryption keys can be cracked, but the longer the key is, the harder it is.
 
data encryption
 
50. 
use of analytical techniques to dentify trends, patters, and relationships in data
 
data mining
 
51. 
refers to a scheme for organizing related pieces of information. basic types of data structures include files, lists, arrays, records, trees, and tables.
 
data structure
 
52. 
store data from current and previous years often from both operational and management database. A major use of data is in data mining, where data is processed to identify trends, patterns, and relationships
 
data warehouse
 
53. 
an integrated collection of data recors and data files. It is comprised of nothing more than stored data. It most often centralizes data and minimizes redundant data. The structure of the data in the database often provides the data relationships that start to chagne the data into information.
 
database
 
54. 
responsible for maintaining and supporting the database software. The database administrator may also perform some of or all of the security functions for the database. They perform somehat the same functions for database software as system programmers perform for the operating system as a whole.
 
database administrator
 
55. 
organizations that employ mainframe and midrange computer systems, it is a very important software package because it controls the development, use, and maintenance of the database used by the organization.
 
database management system
 
56. 
if all the requirements for incorporation are not met, the business might still be treated as a corporaiton. If the incorporators made a good faith attempt to incorporate, and operated as if they had incorporated, the business will be treated as a corporation in all respects, expect the state may bring an action challenging the corporation's statusde facto
 
de facto corporation
 
57. 
all requirements for incorporation are met, the corporation is said to be corporation and its existene will be recognized for all purposes
 
de jure corporation
 
58. 
computer based information system taht provides interactive support for managers during the decision making process. It is an extension of an MIS and is useful for developing information directed toard making particular decisions. It do not automate decisions, but rather provide managers with interactive, computer aided tools that combine their subjective judgments and insights with objective analytical data to guide the decision
 
Decision Support System
 
59. 
What can a Decision Support System do?
 
it may automate decision procedures, may provide information about certain aspects of the decision, may facilitate the preparation of forecasts based on the decision, or may allow the simulation of various aspects of the decision.
 
60. 
inflation caused by increases in aggregate demand
 
demand pull inflation
 
61. 
one computer bombards another computer ith a flood of information intended to keep legitimate users from accessing the target computer or network
 
denial of service attack
 
62. 
used to discover errors after they have occurred.
 
detective control
 
63. 
differece in costs between two or more alternatives
 
differential costs
 
64. 
a form of data security. an individual wishing to send an encrypted message applies for a digital certificate from a certificate authority. the certificate authority issues an encrypted digital certificate containing the applicant's public key and a variety of otehr identificaiton information. Certificate authority makes its own public key readily available through print publicity or perhaps over the Internet. The recipient of an encrypted message uses the certificate authority's public key to decode the digital certificate attached to the mesage, verifies it as issued by the certificate authority, and then obtains the sender's public key and identification information contained in the certificate. with this infomraiton, the recipient can send an encrypted reply.
 
digital certificate
 
65. 
authenticate a document by using a form of data encryption are a form of dat asecurity. a mathematically condense version of the message is produced and encrypted by teh sender's private key. IT is attached to the original message. The message and the digital signature can be unlocked by an authorized receiver. The original mesage can be compared to the condensed version to ensure taht the original message has not been changed.
 
digital signature
 
66. 
individuals with the general authority and responsibility for management of corporation. they usually delgate the power to run the corporation on a day to day basis to the officers.
 
directors
 
67. 
occurs when computing power, applications, and work is spread out over many locatins. these environments often use distributed processing techniques, here each use distributed processing techniques, here each remote computer performs a portion of the processing, thus reducing the processing burden on the central computer or computers.
 
distributed processing
 
68. 
risk of an individual stock taht can be eliminated by diversification. CAused by such random events as lawsuit, strikes, successful and unsuccessful marketing programs, and other events that are unique to a particular firm.
 
diversifiable risk
 
69. 
refers to tecchnology, particularly netorking and communications technology, to perform business processes in an electronic form. the exchange of this electronic informatio nmay or may not relate to purchase and sale of good and services.
 
e business
 
70. 
electronic consummation of exchange transactions. It uses a private network or the interest as the communications provider. Certain types involve communicaiton between previously known parties or beteen parties that have had no prior contracts or agreements witheach other in the recent past.
 
e commerce
 
71. 
costs are accounting costs plus implicit costs.
 
economic costs
 
72. 
risk that the present value of a firm's cash flows could increase or decrease as a result of changes in exchange rates
 
economic exposure
 
73. 
computer to computer exchagne of business transaction documents in structured formats that allow the direct processing of the data by the receiving system. STarted with buyer seller transactions but was then expeanded to invenotry management and product distribution.
 
electronic data interchange
 
74. 
form of electronic payment for banking and retailing industries. uses a variety of technologies to transact, process, and verify money transfers and credits between banks, businesses, and transfers and consumers.
 
electronic funds transfer
 
75. 
planning system is a crossfunctional enterprise system that integrates and automates the many business processes that must work together. compromised of a number of modules that can function independently or as an integrated system to allow data and information to be shared among all of the different departments and divisions of large businesses. the software manages the various functions within a business related to manufacturing from the entering of sales orders to the coodinating of shipping and after sales customer service. It does not normally offer anything in way of planning. The enterprise part is correct. It is often considered a back office system from customer order to fulfillment of that order.
 
enterprise resource planning
 
76. 
What are the three basic elements of an entity-relationship diagram?
 

entities are the things about which information is availabe or needed

attributes are the data collected about the entities

relationships provide the structure needed to draw information from teh multiple entities

 
77. 
lan architecure developed by Xerox in cooperation DEC and INtel 1976. Ethernet uses a bus or star topology. It uses the CSMA/CD access method to handle simultaneous demands. It is one of the most idely implemented LAN standards.
 
Ethernet
 
78. 
risk that the exchagne rate beteen currency in hich a cash flow is denominated and the currency of teh investory might change
 
exchagne rate risk
 
79. 
provide senior executives with immediate and easy access to internal and external information to assit the exeutives in monitoring business cnoditions. It is assiting in strategic decisions (not daily). It is a colletor and synthesizer of business and economic information. Ipremium is normally placed on ease of use so that the systems can be used by executives who might lack full computer literacy. Extensive graphics are often used in presentation. A drill down capability is often provided so that the detail can be obtained in areas of interest.
 
executive information system
 
80. 
class of computer programs. they are made up of a set of rules that analyze information about specific class of problem and then provide an analysis of problem or recommend a course of action. the progrblems solved are the kind of problems that would be solved by a human
 
expert system
 
81. 
costs that cannot be justifiably carried forward because they have no benefit to future periods
 
expired costs
 
82. 
documented out of pocket expenses (ages, raw materials)
 
explicit costs
 
83. 
sources of opportunities in the market and threats to the firm's ability to continue ith its strategic plan
 
external factors
 
84. 
costs ato cure a defect discovered after a product is sent to the customer. costs include warranty costs, costs of returning the goods, liability cliams, and the cost of lost customers.
 
external failure costs
 
85. 
selling of a firm's accounts receivable at a discount. may be on a recourse basis where any uncollectible receivables can be returned or non recourse hwere teh factors takes teh risk of collectibility
 
factoring
 
86. 
duty of utmost loyalty and good faith owed by an agent to her principal
 
fiduciary duty
 
87. 
group of bytes in which a specific data element such as an employee number or name is stored.
 
field
 
88. 
data validation step performed ona data element to ensure that it is of the appropriate type
 
field check
 
89. 
method of process costing calculates equivalent units and production costs differently from the weighted average method of process costing. in the method, the euivalent units are the euivalent units in the beginning inventory plus the units started and completed during the period plus equivalent units in the ending inventory. production costs to be accounted for are teh costs added during the month.
 
fifo method of process costing
 
90. 
collection of related records often arranged in some kind of sequences such as one made up of customer records and organized by customer number.
 
file
 
91. 
are red wirte indicators on files that restrict reading and writing updating of the files
 
file attribute
 
92. 
defined as the degree to which a firm uses fixed financial costs to magnify the effects of a given eprcentage change in earnings before interest and taxes on the percentage change in its earnings per share.
 
financial leverage
 
93. 
risk of having financial resources lost, wasted, or stolen for example, inventory repot lists several laptops computers, but some of the laptops were not returned when employees left the organization. this problem could lead to inaccurate financial reports that are reoting assests that no longer exist.
 
financial risk
 
94. 
system often both hardware and software of user identification and authentication that prevents unauthorized users from gaining access to network resources; acting as a gatekeeper, it isolates a private network from a public network. this may also applied to a network node used to improve network traffic and to set up a boundary that prevetns traffic from one netowrk segment from traffic from one netowrk segment from crossing over to another.
 
firewall
 
95. 
languages that enable end users to develop applications with little or no technical assistance.
 
fourth generation language
 
96. 
unemployment resulting from workers routinely changing jobs or from workers being temporarily laid off.
 
frictional unemployment
 
97. 
combination of hardware and software that connet different types of networks by traslating one set of network protocols to another.
 
gateway
 
98. 
controls over data center operations, system software acquisition and maintenance, access security and application system development an maintenance.
 
general controls
 
99. 
lets different people ork on teh same documents and coordinate their work activities. it is especially useful for less structured ork that requires high knowledge and or skill.
 
groupware
 
100. 
actual physical computer or computer peripheral device
 
hardware
 
101. 
opportunity costs supplied by owners
 
implicit costs