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Study Resources (Accounting)

1) Concerning virtual private networks (VPN), which of the following is not true? A) VPNs provide the functionality of a privately owned network using the Internet. B) Using VPN software to encrypt information while it is in transit over the Internet in effect creates private communication channels, often referred to as tunnels,.
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21) A company should check inventory quantities before accepting a sales order for all the following reasons except to A) verify the accuracy of the perpetual inventory records. B) inform the customer about availability and delivery times. C) know which items may need to be back ordered. D) update inventory records.
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51) The SEC and FASB are best described as external influences that directly affect an organization's A) hiring practices. B) philosophy and operating style. C) internal environment. D) methods of assigning authority. 52) Which attribute below is not an aspect of the COSO ERM Framework internal environment? A) Enforcing a written code of conduct B).
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51) An auditor creates a fictitious customer in the system and then creates several fictitious sales to the customer. The records are then tracked as they are processed by the system. The auditor is using A) an integrated test facility. B) the snapshot technique. C) a system control audit review file. D) continuous.
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31) This is an authorized attempt by an internal audit team or an external security consultant to attempt to break into the organization's information system. A) Intrusion detection system B) Log analysis C) Penetration test D) Vulnerability scan 32) A well-known hacker started his own computer security consulting business shortly after being released from prison..
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31) ________ controls prevent, detect and correct transaction errors and fraud. A) Application B) Detective C) General D) Preventive 32) The primary purpose of the Foreign Corrupt Practices Act of 1977 was A) to require corporations to maintain a good system of internal control. B) to prevent the bribery of foreign officials by American.
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11) The data entry control that would best prevent entering an invoice received from a vendor who is not on an authorized supplier list is A) a validity check. B) an authorization check. C) a check digit. D) closed-loop verification. 12) Forms design is an example of this type of control. A) Data entry control B) Processing.
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72) Describe typical credit approval procedures. 73) Describe the two methods to manage accounts receivable. 74) Describe cycle billing and identify how an organization might benefit by using cycle billing. 75) Failure to collect cash on credit sales is a threat in the revenue cycle. What controls can be used to.
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21) Stepanek Sales and Service provides free coffee to employees. Stepanek arranged with Ingebrigtson's Joe to deliver as many coffee packages, sugar, creamer, and filters as needed each week. Ingebrigtson's sends a monthly invoice for Stepanek to pay. This arrangement is best described as a A) blanket purchase order. B) set.
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92) Explain why the Foreign Corrupt Practices Act was important to accountants. 93) Discuss the internal environment and identify the elements that comprise the internal environment. 94) Explain why management's philosophy and operating style are considered to be the most important element of the internal environment. 95) What are some of.
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41) What is the most effective way to ensure information system availability? A) High bandwidth B) Maintain a hot site C) Maintain a cold site D) Frequent backups 42) Concerning system availability, which of the following statements is true? A) Human error does not threaten system availability. B) Proper controls can maximize the risk of threats causing.
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11) A system that employs various types of advanced technology has more ________ risk than traditional batch processing. A) control B) detection C) inherent D) investing 12) Control risk is defined as the A) susceptibility to material risk in the absence of controls. B) risk that a material misstatement will get.
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1) The Trust Services Framework reliability principle that states that users must be able to enter, update, and retrieve data during agreed-upon times is known as A) availability. B) security. C) maintainability. D) integrity. 2) Which of the following is not a useful control procedure to control access to system.
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81) Change management refers to A) disbursement controls on petty cash. B) operational controls applied to companies after mergers or acquisitions. C) replacement of upper management and their introduction to the organization. D) controls designed to ensure that updates in information technology do not have negative consequences. 82) The Director of Information Technology for the.
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88) Describe the differences between general and specific authorization. 89) Explain how a company could be the victim of fraud, even if ideal segregation of duties is enforced. 90) Classify each of the following controls as preventive, detective, or corrective. Periodic bank reconciliation Separation of cash and accounting records Maintaining backup copies of master.
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21) Which of the following is not a reason for the increase in security problems for AIS? A) Confidentiality issues caused by interlinked inter-company networks B) Difficult to control distributed computing networks C) Increasing efficiency resulting from more automation D) Increasing numbers of information systems and users 22) One reason why many organizations do not.
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11) Which of the following is not one of the three important factors determining the strength of any encryption system? A) Key length B) Key management policies C) Encryption algorithm D) Privacy 12) A process that takes plaintext of any length and transforms it into a short code. A) Asymmetric encryption B) Encryption C) Hashing D) Symmetric encryption 13) Which.
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1) Auditing involves the A) collection, review, and documentation of audit evidence. B) planning and verification of economic events. C) collection of audit evidence and approval of economic events. D) testing, documentation, and certification of audit evidence. 2) What is not a typical responsibility of an internal auditor? A) helping.
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31) This control ensures that the correct and most current files are being updated. A) Cross-footing balance test B) Data matching C) File labels D) Write-protect mechanism 32) This batch processing data entry control sums the number of items in a batch. A) Financial total B) Hash total C) Record count D) Sequence check 33) This data entry.
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31) Which auditing technique will not assist in determining if unauthorized programming changes have been made? A) Use of a source code comparison program B) Use of the reprocessing technique to compare program output C) Interviewing and making inquiries of the programming staff D) Use of parallel simulation to compare.
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21) Which of the following is the first step in the risk-based audit approach? A) Identify the control procedures that should be in place. B) Evaluate the control procedures. C) Determine the threats facing the AIS. D) Evaluate weaknesses to determine their effect on the audit procedures. 22) Determining whether the necessary control procedures.
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51) ________ involves copying only the data items that have changed since the last partial backup. A) Archive B) Cloud computing C) Differential backup D) Incremental backup 52) ________ copies all changes made since the last full backup. A) Archive B) Cloud computing C) Differential backup D) Incremental backup 53) The maximum amount of time between backups is.
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61) A ________ is created to guide and oversee systems development and acquisition. A) performance evaluation B) project development plan C) steering committee D) strategic master plan 62) A ________ shows how a project will be completed, including tasks and who will perform them as well as a timeline and cost estimates. A) performance evaluation B) project.
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  1) In organizations with at least basic segregation of duties, the credit manager reports to the ________ and the treasurer reports to the ________. A) controller; vice president of finance B) treasurer; controller C) marketing manager; vice president of finance D) treasurer; vice president of finance 2) In the revenue.
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11) Which of the following is an example of a corrective control? A) Physical access controls B) Encryption C) Intrusion detection D) Incident response teams 12) Which of the following is not a requirement of effective passwords? A) Passwords should be changed at regular intervals. B) Passwords should be no more than 8 characters in length. C) Passwords.
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21) In developing policies related to personal information about customers, Folding Squid Technologies adhered to the Trust Services framework. The standard applicable to these policies is A) security. B) confidentiality. C) privacy. D) availability. 22) Jeff Davis took a call from a client. "Jeff, I need for my customers to make payments online using credit.
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48) Identify three ways users can be authenticated and give an example of each. 49) Describe four requirements of effective passwords . 50) Explain social engineering. 51) Explain the value of penetration testing. 52) Describe the function of a computer incident response team (CIRT) and the steps that a CIRT should perform following a.
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41) Which of the following is not one of the eight interrelated risk and control components of COSO Enterprise Risk Management Framework? A) Internal environment B) Monitoring C) Risk response D) Event assessment 42) The COSO Enterprise Risk Management Integrated Framework stresses that A) risk management activities are an inherent part of all business operations and.
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11) Which of the following statements is true? A) Internal auditors, rather than external auditors, can conduct evaluations of effectiveness of Enterprise Risk Management processes. B) Re-adding the total of a batch of invoices and comparing the total with the first total you calculated is an example of an independent check. C) Requiring.
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21) Check digit verification is an example of a(n) A) data transmission control. B) output control. C) processing control. D) input control. 22) This ensures that the input data will fit into the assigned field. A) Limit check B) Range check C) Size check D) Validity check 23) This tests a numerical amount to ensure that it does not.
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21) Compatibility tests utilize a(n) ________, which is a list of authorized users, programs, and data files the users are authorized to access or manipulate. A) validity test B) biometric matrix C) logical control matrix D) access control matrix 22) The process that screens individual IP packets based solely on.
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41) What is the primary purpose of computer audit software? A) eliminate auditor judgment errors B) assist the auditor in retrieving and reviewing information C) detect unauthorized modifications to system program code D) recheck all mathematical calculations, cross-foot, reprocess financial statements and compare to originals 42) The scope of a(n) ________ audit encompasses.
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63) When doing an information systems audit, auditors must review and evaluate the program development process. What errors or fraud could occur during the program development process? 64) Briefly describe tests that can be used to detect unauthorized program modifications. 65) Define and give examples of embedded audit modules. 66).
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68) Describe the basic revenue cycle activities. 69) Explain how validity checks, completeness tests and reasonableness tests can be implemented to ensure accuracy of customer orders. 70) Define and describe benefits of a CRM system. 71) How can Electronic Data Interchange (EDI) facilitate the billing and accounts receivable process? 1 .
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