Security, Ethics, and Privacy of Computers
Copyright, Fair Use, and Ethics
Inventories and The Cost of Goods Sold
Accounting Principles and Records
Notes Receivable
100
What are the three main types of computer viruses?
Boot sector, file virus, and trojan horse.
100
What is the definition of copyright?
A form of legal protection automatically provided to the authors of "original works of authorship," including literacy, dramatic, musical, and artistic works.
100
What is inventory?
Inventory means good owned and held for sale to consumers.
100
What is an asset?
An asset is anything of value that is owned.
100
What are notes receivable?
Notes receivable are promissory notes that a business accepts from customers.
200
What are two ways to remove viruses?
Anti virus programs, Virus signatures, Polymorphic virus, and Rescue disk
200
How long does copyright last for the author/creator?
For as long as the author/creator lives.
200
The inventory on hand and the cost of goods sold for the year are not determined until ____ ___.
Year end.
200
An amount owed by a business is called a _________.
liability
200
What are notes receivable classified as?
Current assets.
300
What is the definition of a virus?
A program that has been written, usually by a hacker, to cause corruption of data on a computer.
300
What are three of the nine listed types of works affected by copyright?
Literary works; music and lyrics; dramatic works and music; pantomimes and choreographic works; photographs, graphics, paintings and sculptural works; motion pictures and other audiovisual works; video games and computer software; audio recordings, and architectural works
300
When is the weighted average method usually used?
Weighted average is typically used when products are physically indistinguishable or easily substituted.
300
What is the accounting equation, and how is it normally stated?
The accounting equation is an equation showing the relationship among assets, liabilities, and owner's equity. It is normally stated as: Assets = Liabilities + Owner's Equity
300
A note that is not paid when due is called a __________ ____.
dishonored note
400
What are two of the ten listed risks and safeguards for computer security?
Computer viruses, Virus detection and removal, Unauthorized access and use, Hardware theft, Software theft, Information theft, System failure, Backup procedures, Disaster recovery plan, and Developing a computer safety plan.
400
What is fair use?
Fair use allows people other than the copyright owner to copy part or, in some circumstances, all of a copyrighted work, even where the copyright holder has not given permission or objects.
400
What is the difference between LIFO and FIFO?
LIFO assumes that the oldest costs are the costs of goods sold and the recent costs go to the ending inventory; FIFO assumes that the recent costs are the costs of goods sold and the oldest costs go to the ending inventory.
400
Each journal entry must be supported by a ______ ________ proving that a transaction occurred.
source document
400
What types of journals are used to record notes receivable?
General journal and cash receipts journal.
500
What was the latest listed act made for protecting technology from injuries?
The Computer Matching & Privacy Protection Act (1988)
500
What are two of the listed ways information is shared online?
Phishing and blogs
500
Why is an accurate valuation of inventory important?
An error in ending inventory in a year will result in the same error in the beginning inventory of the next year.
500
What is the normal balance of an assets account?
The debit side of the T account is the normal balance of an assets account.
500
True or false: The recording of notes receivable and dishonored notes will not impact other accounts.
True.
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