BEC REVIEW 5

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Joens1313
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310463
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BEC REVIEW 5
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2015-10-28 00:01:34
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BEC REVIEW
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BEC REVIEW 5
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  1. Conversion to automated data processing usually reduces the existing --------------------------------- because the computer combines many functions which previously could have been performed by separate persons.
    Conversion to automated data processing usually reduces the existing segregation of duties because the computer combines many functions which previously could have been performed by separate persons.
  2. Conversion to automated data processing usually ----------------- processing errors
    Conversion to automated data processing usually reduces processing errors
  3. ------------------------------ as “the price, expressed in terms of the cash equivalent, at which property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm's length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts.”
    fair market value as “the price, expressed in terms of the cash equivalent, at which property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm's length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts.”
  4. ------------------- as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.”
    fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.”
  5. What is the definition of fair value
    fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.”
  6. What is the definition of fair market value?
    fair market value as “the price, expressed in terms of the cash equivalent, at which property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm's length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts.”
  7. Which is the following, Fair Market Value or Fair Value

    ------------------- implies a willing buyer and seller
    Fair market value implies a willing buyer and seller
  8. Which is the following, Fair Market Value or Fair Value

    --------------------------- defines the seller as hypothetical
    Fair market value defines the seller as hypothetical
  9. Which is the following, Fair Market Value or Fair Value

    ----------------------------- takes advantage of an unrestricted market
    Fair market value takes advantage of an unrestricted market
  10. Which is the following, Fair Market Value or Fair Value

    the buyer and seller under --------------------- are not necessarily willing
    the buyer and seller under fair value are not necessarily willing
  11. Which is the following, Fair Market Value or Fair Value

    there is a specific seller when using ------------------------
    there is a specific seller when using fair value
  12. Which is the following, Fair Market Value or Fair Value

     ---------------------- uses the principal or most advantageous market.
    fair value uses the principal or most advantageous market.
  13. The ------------------------ of an investment is the amount that the asset could reasonably expect to receive for it in a current sale between a willing buyer and a willing seller
    The fair value of an investment is the amount that the asset could reasonably expect to receive for it in a current sale between a willing buyer and a willing seller
  14. ----------------- shall be measured by the market price if there is an active market for the investment.
    Fair value shall be measured by the market price if there is an active market for the investment.
  15. ------------------------- is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
    Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
  16. Because of the sensitivity of its data, an online system for developing estimates and generating proposals was implemented with several layers of access control. Control over users' initial log-in is a function of the:
    operating system.
  17. A project has an initial investment of $100,000 and a project profitability index of 1.15. The firm's cost of capital is 12%. The net present value of the project is:
    $15,000.

    $100,000 * 1.15 = $115,000

    $115,000 - $100,000 = $15,000
  18. --------------------- is the present, or discounted (at the implicit or historical rate), value of future cash flows used for long-term receivables and payables.
    Present value is the present, or discounted (at the implicit or historical rate), value of future cash flows used for long-term receivables and payables.
  19. Because ---------------------- arises automatically from purchase transactions, it provides a spontaneous source of financing for the firm.
    Because trade credit arises automatically from purchase transactions, it provides a spontaneous source of financing for the firm.
  20. -------------------- is represented on the balance sheet of the borrowing firm as Accounts Payable.
    Trade credit is represented on the balance sheet of the borrowing firm as Accounts Payable.
  21. Trade credit is represented on the balance sheet of the borrowing firm as ----------------------------
    Trade credit is represented on the balance sheet of the borrowing firm as Accounts Payable.

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