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Study Resources (Accounting)

11) ________ searches the internet for specific patterns on web sites. 12) A ________ graphically represents BI, allowing the user to manipulate data and view the resulting changes. 13) No matter how complex the BI technologies, the role of the accounting professional typically involves only the ________ tool. 14) Business intelligence technologies are A).
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11) Which of the following is NOT part of the audit committee's responsibilities? A) The organization's compliance with legal and regulatory requirements B) The integrity of the organization's financial statements and reports C) The organization's policies regarding ethical conduct D) The organization's ability to process data efficiently and effectively 12) Which general IT control includes.
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11) When investigating fraud, ________ enables auditors to extract, analyze, and interpret evidence to detect unusual patterns and irregularities. 12) A(n) ________ in internal control over financial reporting is defined as a deficiency as such that there is a reasonable possibility that a material misstatement of financial statements will not be.
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17) How can the integrative decision model be expanded to encompass the additional dimension of economic, social, and environmental factors in decision making? 18) Create/draw the sustainability IDa (Integrated Decision analysis) model. 19) What is the difference between the IDM and IDa models? 20) How does the IDa model integrate sustainability into decision.
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Objective 5 1) In integrated reporting, thinking does not include considering long-term success. 2) Integrating reporting combines the financial report and sustainability performance into one report. 3) An integrated report does not show how business decisions and performance are connected. 4) An integrated report provides insights into an organization's relationship with its key stakeholders. 5).
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Objective 4 1) Sustainability reports are used by investors, consumers, society, and others to evaluate a firm's performance in terms of profit, loss, and the ability to continue as a corporation. 2) The ISO 14000 Environmental Management framework provides specific levels of environmental performance for an organization. 3) The ability to tag qualitative.
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Objective 5 1) In XBRL integrated tagging, data for reports is retrieved from the database, reports are prepared, and electronic tags are added to create XBRL reports. 2) XBRL bolt-on tagging permits companies to make more extensive use of XBRL for internal decision making. 3) The data stored in a relational database.
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Objective 4 1) Increasingly the expectation is that the auditor and the IT professional learn more about the other's field. 2) Internal controls for the accounting system are incomplete without IT controls. 3) Application controls ensure completeness and accuracy of transaction processing, authorization, and validity. 4) Input controls ensure data is processed properly. 5).
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19) What is a dimensional database? When/where is this type of database usually used? 20) What is the difference between the star and snowflake structures of dimensional databases? 21) Why can data in a dimensional database with a star or snowflake structure be retrieved more quickly than from a relational database? 22) What.
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Objective 1 1) There is a class of corporation that reports on profit, people, and planet. 2) The triple bottom line measures the economic, social, and environmental results of corporate decisions. 3) Short-term results that might appear favorable for all three bottom lines might also be favorable in the long run. 4) The triple.
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Objective 1 1) Motive and opportunity without means still results in fraud. 2) Corruption involves theft of assets for personal gain. 3) Fraudulent financial reporting includes misstating financial statements to meet earnings targets. 4) Not even the strongest system of controls can eliminate all risk of organizations being defrauded by employees who are sufficiently.
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11) How does sustainability accounting impact people? A) Accountants collect the same type of data. B) Customers expect more people-friendly products. C) Vendors may be asked to provide less energy efficient products. D) Employees will not need to modify business processes. 12) How does sustainability accounting impact technology? A) Sustainability accounting has no impact on technology. B).
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18) Integrated reporting combines two different types of reports into one report to better explain and enterprise's ability to create and sustain value. What is the challenge this benefit must address? Objective 6 1) What are Novo Nordisk's long-term financial goals? 2) What are Novo Nordisk's three dimensions of social performance? 3) Buildings in.
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11) How long does the typical fraud last before being detected? A) Six months B) One year C) Two years D) Three years 12) What percentage of fraud cases were inadequate internal controls cited as a primary contributing factor? A) 48% B) 29% C) 35% D) 42% 13) Earnings management focuses on managing when revenues and expenses are recorded in.
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Match the linkbase to the appropriate definition. A) Defines the basic validation rules B) Defines the labels used in the document C) Defines how the elements are presented D) Defines different kinds of relationships between elements E) Defines the relationships between the elements and the external regulations or standards 19) Reference link 20) Calculation link 21) Presentation link 22).
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Objective 3 1) True sustainability focuses on creating long-term value. 2) Biomimicry is an innovation method that seeks sustainable solutions by emulating nature's patterns and strategies. 3) Integrating sustainability into decision making often involves innovation, looking at issues as opportunities and envisioning new sustainable solutions. 4) The ________ model provides an organizing framework for.
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Objective 2 1) Sustainability is transformational business, transforming business from a focus on bottom line profit to a holistic view of the business as an integral part of a larger system. 2) For many corporations, decisions in the short run often produce extraordinary profits and the results are sustainable in the long.
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11) In the COSO Internal Control-Integrated Framework, control activities do NOT include A) Independent reconciliations of assets and accounting records B) Physical controls C) Segregation of duties D) Management controls 12) Which COSO Internal Control-Integrated Framework essential component of an effective internal control system includes the accounting system for identifying, recording, processing, and reporting transactions.
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Objective 4 1) Shadow data can exist in tools other than spreadsheets, such as user-developed databases. 2) Data storage for shadow data is kept in a centralized location in an organization. 3) Software called ________ translates data analysis query commands into commands that are compatible with RDBMS commands. 4) Businesses are turning to complex.
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42) What information does the following XBRL tag provide? <ifrs-gp:AssetsHeldSale contextRef="Current_AsOf" unitRef="U-Euros"decimals="2">20000</ifrs-gp:AssetsHeldSale> Answer:  43) What information does the following XBRL tag provide? <ifrs-gp:Inventories contextRef="Current_AsOf" unitRef="U-Euros"decimals="2">5000000</ifrs-gp:Inventories> 44) What information does the following XBRL tag provide? <ifrs-gp:OtherOperatingExpenses contextRef="Dec312014" unitRef="USD" decimals="3">6920000</ifrs-gp:OtherOperatingExpenses> 45) What information does the following XBRL tag provide? <us-gaap:PrepaidExpenseCurrent contextRef="Dec312013" unitRef="USD" decimals="4">12984000000</us-gaap:PrepaidExpenseCurrent> 46) What information does the following XBRL.
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11) The ________ element defines the time frame. 12) The ________ element defines the company. 13) The XBRL linkbase ________ link defines different kinds of relationships between elements. For example, ZIP code is the postal code used in the United States. Match the following elements to the appropriate definitions. A) Unit of measure B).
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47) What information does the following XBRL tag provide? <us-gaap:InventoryNet contextRef="Jan012014" unitRef="USD" decimals="6">391400000000</us-gaap:InventoryNet> 48) What information does the following XBRL tag provide? <us-gaap:GoodWill contextRef="Jul012013" unitRef="USD" decimals="2">4956000</us-gaap:GoodWill> 49) List and define the XBRL essentials. .
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11) Which of the following is considered a disadvantage of shadow data? A) Spreadsheets are outside the formal data systems under IT control. B) An accounting professional can develop the spreadsheet solution when needed. C) Spreadsheets have extensive analytic features. D) Spreadsheets offer reporting features that do not require custom programming. 12) A spreadsheet identifier.
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Objective 4 1) XML is being mandated by more capital markets globally, companies are using XML to meet those requirements. Match the following terms with the appropriate definition. A) A programming language that converts unstructured data into structured data. B) A programming language used to develop static web page content. C) The process of adding.
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17) What factors are part of the control environment? 18) List and describe the control activities for mitigating financial, operational, and compliance controls risks. 19) Internal control is a set of policies, procedures, and activities to achieve an enterprise's objectives that are related to what? 20) For internal control to be effective what.
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Objective 2 1) The accounting profession is self-regulated. 2) The SOX legislation basically requires management of privately held companies must assess and report on the effectiveness of internal controls for financial reporting using a recognized framework. 3) SOX emphasizes a strong system of internal control as a way of avoiding Enron-sized accounting.
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Objective 3 1) Business intelligence technologies are typically under the control of the enterprise's IT professionals. 2) Shadow data typically includes analytics, data mining, and predictive modeling. 3) ________ is used when data is stored in spreadsheets and other tools that shadow the formal accounting system. 4) A digital dashboard, an interactive tool that.
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11) Which of the following steps is included in the sustainability IDa model but NOT in the IDM model? A) Performance evaluation B) Qualitative analysis C) Implement decision D) A and C 12) Which type of sustainability is best defined as having a balance of cash inflows and cash outflows that can be maintained in.
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Objective 2 1) XBRL can only be used by banking regulators and financial analysts. 2) Beginning in 2009, the SEC mandated the use of XBRL for SEC filings for A) Selected large publicly held companies B) All privately held companies C) Selected large privately held companies D) All publicly held companies 3) The US SEC started mandating.
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Objective 5 1) Business Intelligence Technologies are a type of advanced data analytics used to support business decision making. 2) Large data warehouses usually store data using a dimensional database structure. 3) The dimension tables in a star database are dimensions of the database, such as time dimension, product information, sales territory, and.
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Objective 3 1) Which country was the first capital market to adopt XBRL? A) USA B) Russia C) China D) Japan 2) Italy implemented XBRL for A) Tax reporting B) Chamber of commerce filings C) Banking regulations D) SEC filings 3) In USA, the FDIC is using XBRL for A) All bank reporting requirements B) Nothing (the FDIC is not using XBRL) C) Some.
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21) Which sustainability reporting framework is the cornerstone of the G3 guidelines? A) International Federation of Accountants (IFAC) Sustainability Framework B) EMAS European Union C) ISO 14000 Environmental Management D) Global Reporting Initiative (GRI) 22) In order for a model to be accepted throughout an organization and provide a common language for communicating and understanding.
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17) What are the three keys to sustainability? 18) You are a staff accountant in the purchasing cycle group at Acme Widgets. Acme manufactures widgets from various metals and has manufacturing plants around the world. Acme Widgets has come under pressure from various governments, environmental, and humanitarian groups to improve their.
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Objective 6 1) How data is extracted and transferred depends on the database structure. 2) The electronic tags used by XBRL permit the user to slice and dice data for multidimensional data analysis. 3) Electronic tags used by ________ permit data analysis of multidimensional data. 4) Which language is usually used to query a.
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Match the privacy principle to the correct definition. A) The entity defines, documents, communicates, and assigns accountability for its privacy policies and procedures. B) The entity provides information about its privacy policies and procedures and identifies the purposes for which personal information is collected, used, retained, and disclosed. C) The entity limits the.
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Objective 5 1) The reporting framework for Service Organization Control (SOC) consists of five SOC reports. 2) Service organizations are external organizations that perform services to the company being audited. 3) ________ reports are issued by the service organization to report on its controls relevant to a company's internal control over financial reporting. 4).
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Objective 1 1) With XBRL, each financial reporting amount is electronically tagged with a description of the data. 2) Credit rating agencies must use XBRL for reporting all ratings beginning in August 2020. 3) XML is a programming language used for Web site development that is static. 4) XBRL is a programming language that.
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Objective 3 1) Internal control is designed to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. 2) The internal control category control environment includes identifying, analyzing, and managing risks affecting the ability to report financial.
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15) Define the five guiding principles of integrated reporting. 16) What are the two primary benefits of integrated reporting? 17) Traditional reporting adds more information while integrated reporting attempts to remove clutter and focus on making key connections clear. What is the challenge must this benefit must address? .
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11) ________ was developed to standardize and streamline financial and business reports. 12) XBRL provides ________ that permits data to be shared across different applications and IT platforms. 13) You can think of the XBRL tags as ________ keys for data contained in financial reports. 14) Which programming language is used.
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11) The success of a framework or model is often based upon not perfection, but ________. 12) In order to be effective, the sustainability report must provide information about the organization's sustainability performance in a relatively straightforward and understandable manner. In business, this is described as the ________. 13) The ________.
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11) Which guiding principle of integrated reporting attempts to improve transparency of reporting on key economic, social, and environmental issues? A) Connectivity of Information B) Responsiveness and Stakeholder Inclusiveness C) Strategic Focus D) Conciseness, Reliability, and Materiality 12) The two primary benefits of integrated reporting are A) Increased production and improved profit B) Increased good will and.
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