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Topic: QUESTION OF THE DAY - MCQ’S ALL SECTIONS (

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AndrewCPA
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Posted: 04 Oct 2010 at 16:52 \| IP Logged

Correct Answer: B

Explanation: Using the composite depreciation method, when an asset is sold the asset account is credited for the entire sales price. No gain or loss is recognized.

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Mars
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Posted: 04 Oct 2010 at 19:47 \| IP Logged

Why not C ??

I referenced to becker 2009,

When a group or composite asset is sold or retired, the accumulated depreciation is treated differently than the accumulated depreciation of a single asset. If the average service life of the group of assets has not been reached when an asset is retired, the gain or loss that results is absorbed in the accumulated depreciation account. The accumulated depreciation account is debited (credited) for the difference between the original cost and the cash received.

AndrewCPA
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Posted: 04 Oct 2010 at 20:04 \| IP Logged

Today's question: BEC

Ryan Company has an accounting information system that operates in a client/server environment. Which one of the following situations is LEAST likely to provide Ryan with an appropriate security environment?

A) Use of application passwords.

B) Power-on passwords for personal computers.

C) Installation of anti-virus programs.

D) Placing complete systems application controls under one individual.

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danion8
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Posted: 05 Oct 2010 at 09:23 \| IP Logged

AndrewCPA
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Posted: 05 Oct 2010 at 11:29 \| IP Logged

Correct Answer: D

Explanation: If one individual has complete authority over systems applications controls, he or she could too easily bypass those controls. Application passwords are helpful in prohibiting access to software to only those authorized to use it. Power-on passwords are helpful in prohibiting access to the system to only those authorized to have access. Anti-virus programs are helpful in scanning disks and files introduced into the system for destructive virus software.

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