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Study Resources (Accounting)

85) An analytical technique commonly used to analyze and examine an internal control process is known as a(n) A) control flowchart. B) internal control questionnaire. C) exposure checklist. D) segregation of duties. 86) An exposure is A) synonymous with risk. B) equal to risk multiplied by the likelihood of detection. C) equal to risk multiplied by the financial.
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123) Listed below are several examples of internal control procedures. Required: For the following internal control procedures, give the reason or objective of the control: a. Checks are mailed by someone other than the person who prepares and signs a check. b. The accounting department matches invoices received to receiving reports prior to.
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122) Presented below are ten control features, followed by ten statements describing either the achievement of a control feature (i.e., a system success) or a system deficiency. Required: On the answer line to the left of each control feature, insert the capital letter from the list of the most closely related.
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77) The AICPA's Web Trust attestation program provides assurance that a merchant's Web site has A) some type of functioning information protection. B) business practices disclosure. C) transaction integrity. D) All of these answers are correct. 78) Servers that exist to support eBusiness are A) mail servers. B) file servers. C) Web servers. D) All of the above support.
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21) The segregation of authorization from the recording of transactions and custody of assets is an essential internal control process. 22) Physical theft is only a minor threat to the solvency of most business organizations. 23) Approval (authorization) limits the initiation of a transaction or performance of an activity to selected individuals. 24).
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42) Preparing flowcharts can be viewed as more ________ than ________. 43) ________ ________ are a fact-gathering technique where persons provide written answers to general, rather than specific, questions. 44) ________ ________ is based on the premise that quantitative measurement is essential to the design of efficient procedures. 45) The formula for capacity.
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95) The marking of a form or document to direct or restrict its further processing is called A) an endorsement. B) a restriction. C) blocking. D) a cancellation. 96) Identifying transaction documents to prevent their further or repeated use after they have performed their function is known as A) cancellation. B) restriction. C) blocking. D) endorsement. 97) The general term.
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37) The ________ ________ ________ is a reference model for business models in general. 38) The ORM defines the typical business model in terms of four major domains: ________, ________, ________, and ________. 39) When the intranets of two or more companies are linked together a(n) ________ is formed. 40) A robot-type program.
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110) Flowchart symbols that represent the I/O function and the medium upon which the information is recorded, and/or the manner of handling such information, are known as A) basic input/output symbols. B) specialized input/output symbols. C) LDFD symbols. D) HIPO hierarchy chart modules. 111) The principle behind the "sandwich rule" states that A) flowcharts should leave.
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119) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. FCPA ________ 2. Audit committee ________ 3. Collusion ________ 4. Application controls matrix ________ 5. Internal.
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56) The ________ budget is the budget for the entire organization. 57) ________ bonding is common for employees who are directly responsible for the custody of assets. 58) Employees can check and verify the operations of other employees when the employees are forced to take a(n) ________. 59) Closely related to direct supervision.
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105) An audit committee A) is composed only of an organization's shareholders. B) should be primarily composed of only external board members (a NYSE requirement). C) ideally should be composed only of members who are also high-level executives in the organization. D) ideally should report directly to the controller. 106) The FCPA requires that a.
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75) The component of internal control that is the foundation for all other components is A) risk assessment. B) information and communication. C) control activities. D) control environment. 76) One way in which a company can produce a corporate culture that supports ethical behavior is through A) emphasis on sales quotas and deadlines. B) emphasis on short-run.
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21) Service-oriented architecture is an applications architecture design framework that facilitates the development of application suites that share information with each other. 22) Database drivers connect applications to printers. 23) The enterprise service bus (ESB) transfers data to users through a graphical user interface. 24) A guessed plaintext attack will succeed even though.
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127) The approval policies for sales on account at Barton Brothers Lumber Company are given below: A sale under $1,000 is automatically approved for a builder or contractor. Sales between $1,000 and $5,000 (inclusive) require the approval of the credit department. Sales over $5,000 require the approval of the credit department.
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47) An electronic ________ is essentially a computer program that keeps track of various keys, digital certificates, and other items of information associated with electronic funds. 48) A merchant's Web site may perform important functions, such as opening an encrypted ________ session. 49) ________ is one of the adverse results of privacy.
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11) For both public and privately held companies, the Sarbanes-Oxley Act of 2002 (SOA) imposes certain requirements and restrictions on management, auditors, and company audit committees. 12) The CEO and CFO must prepare a statement to accompany the audit report to certify that the company's reported financial statements are presented fairly.
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31) The immediate return of input information to the sender for comparison and approval is called feedback. 32) A trailer label is the last record of an inventory file, which contains a record count of the number of records in the file. 33) Detective controls are not considered transaction processing controls, but.
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87) ________ store relatively current transaction data for quick access by management in support of tactical decision making. A) Data warehouses B) Operational databases C) Relational databases D) Data marts 88) ________ store enormous volumes of current and historical data for use in research and analysis. A) Data warehouses B) Operational databases C) Relational databases D) Data marts 89) ________.
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123) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. Systems techniques ________ 2. Work measurement ________ 3. Decision table ________ 4. HIPO chart ________ 5..
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  1) The Internet is a global system of interconnected computer networks. 2) eBusiness refers to the use of information technologies in some aspect of the business or organization. 3) eBusiness and eCommerce have the same meaning. 4) Web commerce is a type of eCommerce and eCommerce is a type of eBusiness. 5) One reason.
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60) The acronym for the organization responsible for standardizing flowchart symbols is A) FASB. B) ANSI. C) AICPA. D) CMA. 61) Audit tests that follow compliance tests and rely on the interim audit's results are called A) substantive tests. B) follow-up tests. C) internal control tests. D) evaluation tests. 62) Which of the following is a procedure included in systems.
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97) The value reference model depicts the value chain at ________ levels of abstraction. A) one B) two C) three D) four 98) The activities related to moving a product are referred to as A) value chain activities. B) supply-chain activities. C) logistical activities. D) primary activities. 99) The ________ reference model defines the typical business model in terms of.
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121) Listed below are various controls found in a system of internal control. Required: Label each of the following controls as preventive (P), detective (D), or corrective (C). ________ 1. Transaction trail ________ 2. Rotation of duties ________ 3. Reconciliation ________ 4. Visual verification ________ 5. Batch controls ________ 6. Endorsement ________ 7. Redundant processing ________ 8. Training of.
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90) Which of the following would generally not be appropriate in preparing a document flowchart? A) Columnar headings B) Flowlines C) Process symbols D) Connector symbols 91) A type of resource utilization technique which is used to rationally assign work activities to particular individuals, departments, or other entities is A) work measurement. B) work distribution analysis. C) branching.
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11) Under the Uniform Electronic Transaction Act, digital signatures are not legally binding in most states. 12) File servers exist mainly as storage for electronic files. 13) The enterprise architecture describes the joint structure and behavior of the enterprise and its information system. 14) The enterprise architecture involves five enterprise architectural domains. 15) Human.
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  1) The term risk is synonymous with exposure. 2) Selecting the best opportunities and managing uncertainties is part of Enterprise Risk Management (ERM). 3) COBIT stands for Control Objectives for Businesses in Technology fields. 4) ISO 27002 is a widely accepted international standard for best practices in information security. 5) Financial accounting is concerned.
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124) The following data is related to the time required to post checks drawn by the Last National Bank's depositors: Number of checks posted795 Total elapsed minutes520 Rest period minutes12 Interruption minutes15 Required: a. Calculate the standard posting time per check. b. Calculate the combined rest and interruption time as a percentage of the standard time per.
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122) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. On-line storage symbol ________ 2. Off-page connector symbol ________ 3. Manual input symbol ________ 4..
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46) ________ tend to reduce ________, but they rarely affect the causes. 47) An exposure is a(n) ________ times its ________ consequences. 48) Deficient revenues and excessive costs reduce ________. 49) The diversion or misrepresentation of assets from either employees or third parties is known as ________ ________. 50) Fraud examination draws on the.
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100) The first step in preparing a flowchart is to A) select the symbols to be used. B) analyze the system. C) sketch a rough draft of the system. D) consult the work papers from previous audits. 101) How many general guidelines should be followed when preparing a flowchart? A) Three B) Five C) Seven D) Four 102) The goal.
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118) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. Fidelity bond ________ 2. Tickler file ________ 3. Suspense account ________ 4. Anticipation ________ 5. Corrective.
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110) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. OLAP ________ 2. IP ________ 3. FTP ________ 4. SQL ________ 5. POP ________ 6. Key ________ 7..
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70) The "hierarchy" aspect of HIPO charts refers to the fact that this technique factors a task into modules by A) using the entity's organization chart. B) utilizing a horizontal approach. C) going from the general to the specific. D) None of these answers are correct. 71) The charting technique which emphasizes a logical rather.
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120) Listed below is a list of terms relating to internal control processes, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. Check digit ________ 2. Upstream resubmission ________ 3. Exposure ________ 4. Control register ________ 5. Hash.
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1) Tools used in the analysis, design, and documentation of system and subsystem relationships are known as system techniques. 2) The interim audit requires some type of substantive testing. 3) Substantive testing involves direct verification of financial statement figures. 4) When evaluating internal controls, auditors are usually not concerned with the flow of.
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11) Systems analysis involves formulating a blueprint for a completed system. 12) Auditors primarily use IPO and HIPO charts. 13) Section 404 of the Sarbanes-Oxley Act requires that annual filings of publicly traded companies include a statement of management's responsibility for establishing and maintaining adequate internal control as well as an assessment.
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111) Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. ________ 1. API ________ 2. Firewall ________ 3. Internet ________ 4. ESB ________ 5. ORM ________ 6. SOA ________ 7..
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116) Describe at least three ways in which the privacy of a company's communications may be violated by unauthorized means. 117) What is an intranet and what security issues surround its use by a corporation? 118) What is the difference between electronic business and electronic commerce? 119) Describe enterprise architecture and its four.
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