QUESTION 31

Question

Patrick is in charge of valuing his company’s inventories: raw materials, work-in-progress assemblies, and finished goods. Patrick must be performing which type of accounting?
a. Financial accounting
b. Management accounting
c. Audit accounting
d. End-user accounting
e. Tax accounting
2 points

QUESTION 32
Automated accounting systems have many advantages over manual systems. Advantages do not include
a. greater speed in processing.
b. less reliance on human judgment.
c. fewer computational errors.
d. less reliance on human honesty.
e. more consistency.

Answer 1

QUESTION 31
Patrick is in charge of valuing his company’s inventories: raw materials, work-in-progress assemblies, and finished goods. Patrick must be performing which type of accounting?
Answer: a. Financial accounting
Financial accounting involves the recording and reporting of financial transactions, including the valuation of inventory.

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QUESTION 32
Automated accounting systems have many advantages over manual systems. Advantages do not include:
Answer: b. less reliance on human judgment.
While automated systems can reduce human error, they often still require human judgment for decision-making and interpretation of results.