7. Why has the use of magnetic tapes as a storage medium declined in recent years? What are their primary uses currently?
8. Discuss both the tangible and intangible benefits of real-time processing.
9. Distinguish between positive and negative confir- mations.
10. What is the purpose of analytical reviews in the audit of revenue cycle accounts?
11. Explain the open-invoice system. What effect might it have on confirmation responses?
12. What financial statement misrepresentations may result from an inconsistently applied credit pol- icy? Be specific.
13. Give three examples of access control in a POS system.
14. What makes POS systems different from revenue cycles of manufacturing firms?
15. Is a POS system that uses bar coding and a laser light scanner foolproof against inaccurate up- dates? Discuss.