Each of the Following Is True About the Management of IT

question 29

Multiple Choice

Each of the following is true about the management of IT except:

• A) it requires a broad view of technology and business.
• B) the formal title of Chief Information Officer may not exist in the organization.
• C) it involves strategic, tactical, and operational concerns of the organization.
• D) the roles and tasks of a CIO differ depending on size and complexity of the organization.

Understand how to record supplies and recognize the expense upon their use.

Distinguish between prepaid and accrued expenses.

Recognize and adjust entries for advanced payments and understand the concept of unearned revenue.

Identify different types of adjusting entries and their impact on financial statements.

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Definitions:

Debt Agreement

A formal arrangement between a debtor and creditors which outlines the terms of debt repayment.

Common Stock

Equity securities that represent ownership in a corporation, giving holders voting rights and a share in the company's profits via dividends.

Preferred Stock

A class of ownership in a corporation that has a higher claim on assets and earnings than common stock, often with predetermined dividends.

Debt Instrument

A written obligation to repay borrowed funds or debts under defined terms, such as bonds, notes, or mortgages.