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Study Resources (Accounting)

21.What does the following symbol represent in a data flow diagram? A.Data store B.Flow direction C.Source or destination of data D.Process that transforms data 22.Which of the following is not a characteristic of system flowcharts? AThey are governed by national and international standards. B.They show technical details. C.They are used to guide the construction of new systems and.
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Chapter 6 MULTIPLE CHOICE QUESTIONS 1.Which of the following best defines internal control? A.Internal rules and/or regulations with which organizations are                             expected to comply regarding accounting standards and preparation                             of financial data. B.A process by which management gains reasonable assurance that its                             objectives will be achieved. C.Procedures for input.
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31.Which of the following serves as a bridge between broad system design documentation and detailed system flowcharts? A.Data flow diagrams B.Block diagrams C.Narrative descriptions D.HIPO charts 32.Which type of documentation shows the flow of data through various stages of processing without regard for the logic of the individual processing activities? A System flowchart B.Hierarchical block diagram C.Structure chart D.Data.
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41.  Which of the following statements is correct regarding extensible business reporting language (XBRL)? A.XBRL avoids errors by eliminating the need to reenter data. B.XBRL is equivalent to hypertext markup language (HTML). C.XBRL does NOT require the use of tags. D.XBRL was developed by a single company. 42.  What is the advantage of extensible business.
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21.What is an example of a status report? A.Income statement B.List of all sales transactions for a certain period C.Report on effectiveness of controls in the system D.Report of the estimated purchases for the year 22.What are information formats called? A.Paper reports B.Activity requirements C.General ledger summaries D.Forms 23.What framework has proved to be a successful attempt to unify the.
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21.Which of the following is a use of the chart of accounts reference file? A.To store data about completed transactions B.To determine if an account number is valid C.To store data about incomplete transactions D.To store temporary data for processing 22.What is the main purpose of a general ledger master file? A.To store account balances to.
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6.Explain the difference in a special journal and a general journal. 7.Give an example of a numbering system for a chart of accounts. 8.Explain the difference in a general ledger and a subsidiary ledger. 9.Compare batch versus real-time posting. List one advantages of real-time posting and one advantage of batch.
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SHORT ANSWER/ESSAY QUESTIONS 1.What are the purposes of an accounting information system? 2.  What are the major components of a computerized accounting system? 3. Describe the importance of an accounting system in an organization. 4.  Identify the various types of auditors and briefly describe what they do. .
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21.Reference identifiers are necessary to provide adequate audit trails for which of the               following reasons? A.A reference identifier is unique to each event, account, and document. B.The identifier allows an auditor to trace a data item's location to its preceding                                           location. C.The reference identifier sets up the processing references.
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31.Which of the following is a decision support activity? A.The sales subsystem B.The accounts receivable subsystem C.The sales analysis subsystem D.The shipping subsystem 32.The sales analysis subsystem refers to what activity and supports which business process? A.Shows current sales information; supports the financial process. B.Matches sales with accounts receivable information; supports the revenue process. C.Analyzes historical sales.
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31.Which of the following is not a consequence of uncontrolled risks? A.Credit ratings are eroded. B.Favorable audit opinions are received. C.Important decisions are based on faulty data. D.Resources are lost, wasted, or abused. 32.What are the component factors in the assessment of risk? A.Estimated probable loss and the estimated frequency of occurrence B.Effectiveness of security measures and.
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Chapter 1 Significance of Accounting Information Systems and the Accountant’s Role MULTIPLE CHOICE QUESTIONS 1.Which of the following is not accounting information? A.Total direct/indirect labor hours B.Delivery equipment cost C.Computer training schedule D.Next year’s sales budget 2.In what terms can accounting information be expressed? A.Units, percentages, and money B.Money, ratios, and text C.Money, percentages, and text D.Units, percentages, and text 3.Which of the following.
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11.An events-based accounting system captures and stores only the data needed for financial reporting. 12.One purpose of an accounting information system is to meet an organization’s statutory reporting requirements. 13.Another purpose of an accounting information system is to provide relevant and accurate accounting information to those who need it and when they.
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11.Which of the following are some of the characteristics of high quality information? A.Accurate, relative, current, and confidential (when necessary) B.Accurate, complete, operational, and accessible C.Accurate, confidential (when necessary), complete, and relevant D.Accurate, explicit, internal, and confidential (when necessary) 12.Why do organizational objectives stress the importance of quality information? A.Quality information is required for accounting systems.
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11.The Sarbanes-Oxley Act of 2002 requires each member of the audit committee of a publicly traded company to be an independent member of the               board of directors. 12.The Sarbanes-Oxley Act of 2002 requires that a publicly traded company’s               independent auditor report directly to the audit committee. 13.Internal control is a.
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11.Which of the following is an example of exception reporting? A.Providing reports of production hours worked to personnel B.Providing reports of dollar denominated data to sales personnel C.Providing reports of data with significant deviance from expected results to                                           managers D.Providing financial reports to the chief financial officer 12.Which of the following is.
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PART V — MISCELLANEOUS MANAGERIAL MINI-PROBLEMS (14 points) Taylor Corporation manufactures paper shredding equipment. You are requested to "audit" a sampling of computations made by Taylor's internal accountants via your independent recalculation of the information. Instructions: Compute the requested information for each of the following independent situations (present supporting calculations). (a)Taylor uses.
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41.What file in a computerized accounting system corresponds to a pending file in a paper-based system? A.Transaction file. B,Master file. C.Open file. D.Reference file. 42.With regard to batch v. real-time posting, which of the following is correct? A.Real-time posting is preferred because it is faster than batch posting. B.Real-time posting has no effect on computer processing time. C.Batch.
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8.Identify three subsystems of the business processes you described in the previous question. 9.What are the major activities of an accounting information system? 10.What are the support activities of an accounting information system? 11.What is one of the most common errors made when inputting data? 12. List three of the four processes covered by.
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31.Accountants and other users are generally concerned with which type of file organization? A.Logical B.Physical C.Functional D.Magnetic 32.Which file can update a subsidiary ledger master file? A.Customer invoice open file B.Customer master file C.Transaction file D.Inventory master file 33.Which of the following statements about posting, or updating, is correct? A.Real-time posting updates the appropriate master files immediately upon entry of transaction data.
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Chapter 2 Accounting Systems Documentation MULTIPLE CHOICE QUESTIONS 1.Accounting systems documentation is used for which of the following? A.To communicate how an accounting system works B.To communicate management's overall corporate strategy C.To describe the role of financial planners in an organization D.To depict a company's hierarchical organizational chart 2.What does the Sarbanes-Oxley Act of 2002 require relative to.
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11.Which of the following is not true about input data? A.Input data is an interface between the computer software and the accounting                                           system. B.Input data can be captured on source documents. C.Input data can be prone to errors. D.Input data can be verified by various activities. 12.Which of the following is not.
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MATCHING QUESTIONS Several types of system documentation are listed below. A.  System flowchart B.  Block diagram C.  Narrative description D.  Data flow diagram E.  Internal control flowchart Fill in the letter that corresponds to the type of documentation that is defined in 1-4 below.  One type may be used more than one time, and some types may.
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TRUE/FALSE QUESTIONS 1.It is possible for a transaction to be initiated by programmed instructions in a computer               program. 2.A transaction's final resting place ordinarily is in an archive file. 3.All transaction data are classified by the account they affect. 4.File maintenance is a routine process that occurs at specific time.
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11.Which of the following issues should system narrative descriptions attempt to cover? A.Relationship of every member in the organization as they pertain to the system B.Cost of the system C.The relationship between the current system documentation and any past documentation D.System specifications 12.What is the appropriate use of a narrative description? A.When there is not enough.
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11.Concise reports contain only physical measures. 12.Production managers prefer the use of physical measures of performance rather than               monetary measures in reports covering short reporting periods. 13.The more frequently data are reported, the better. 14.Responsibility reporting is the process of reporting data to a manager that measure               activities over which the.
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41.Which of the following is true regarding Type II SAS 70 reports? A.They include the company's opinion of the internal control system of                             a third-party service provider. B.They include the results of testing of the third-party service provider's                             internal control system. C.The report must cover the third-party service provider's.
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TRUE/FALSE QUESTIONS 1.Some examples of elements of a paper-based accounting system include accounts, chart of accounts, ledgers, and outputs. 2.A bill of lading is a written contract between the shipper, the carrier engaged in the transportation of the goods, and the receiver of the goods. 3.A ledger lists transactions in chronological order and.
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SHORT ANSWER/ESSAY QUESTIONS 1.Identify and describe the four types of files in a computerized accounting system. 2.List at least three of the six basic activities of a computerized accounting system. 3.Compare batch versus real-time posting. 4.Discuss the significant similarities between paper-based accounting systems and computerized accounting systems. 5.Identify four typical open files in a.
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21.Which of the following statements regarding the audit committee is true? A.It is a standing subcommittee of the board of directors. B.Its main objectives are to protect against management wrongdoing                             and to increase public confidence in the independent auditor's                                           opinion. C.The committee should be composed of independent board.
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NChapter 3 Essential Elements and Basic Activities of Accounting Systems MULTIPLE CHOICE QUESTIONS 1.Which of the following is an example of an internally generated source document? A.Debit memo from bank B.Remittance advice C.Employee time card D.Customer purchase order 2.Which of the following data elements would NOT be on a purchase order? A.Quantity ordered B.Invoice number C.Vendor number D.Product number 3.When preparing a customer.
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TRUE/FALSE QUESTIONS 1.Effective exception reporting requires the ability to select records based on the similarities between an account’s current balance and its prior year’s balance. 2.Most accounting software packages provide the capability for exception reporting. 3.Numbers that should be used for unique identifiers for coding an audit trail are pre-              numbered documents that.
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Chapter 4 Data Flows, Activities, and Structure of Accounting Systems MULTIPLE CHOICE QUESTIONS 1.What is an example of a transaction? A.A meeting between middle and upper-level managers B.Deciding on corporate strategy C.Depreciation of equipment D.Taking action on a customer for non-payment of goods/services 2.Which of the following is (are) true regarding transactions? A.May be reported individually B.May be reported as.
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11.What are the roles of people in computerized accounting systems? A.To monitor the processing of data and to interpret data B.To manufacture hardware, write software, and maintain the accounting system C.To supervise and control the accounting function D.A and B, but not C E.A, B, and C 12.Which of the following statements is not true? A.Trustworthy accounting.
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SHORT ANSWER/ESSAY QUESTIONS 1.Arrange by increasing amount of detail the types of system documentation that are               frequently used by accountants. 2.One guideline for creating an effective system flowchart is to show the source and               disposition of all major documents and copies of those documents.  What are four other              .
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11.What is another name for the accounts in a chart of accounts? A.Transaction accounts B.Control accounts C.Master accounts D.General ledger accounts 12.Which of the following is the best reason for keeping subsidiary ledger accounts current? A.To compute liquidity ratios B.To prepare financial statements C.To check if a sale will exceed a customer’s credit limit D.All of the above 13.Which of.
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TRUE/FALSE QUESTIONS 1.With the implementation of e-commerce, many companies have dramatically reduced the number of their suppliers and/or customers. 2.Contemporary accounting information systems include data that could not be economically collected before the current level of computerization. 3.The largest volume of accounting information is prepared for external reporting purposes. 4.The content and format of.
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Chapter 5 Reporting Process, Coding Methods, and Audit Trails MULTIPLE CHOICE QUESTIONS 1.Which of the following is not a general principle that forms a foundation for effective               reporting? A.Emphasis on both physical and financial measures B.Comparative reporting C.Necessity for lengthy reports D.Exception reports 2.Which of the following factors does not influence the frequency of reporting? A.The type of.
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TRUE/FALSE QUESTIONS 1.System documentation is prepared for the benefit of top management. 2.End-user documentation typically includes a list of programs with operating instructions. 3.Unauthorized documentation circulating in an organization should be immediately               destroyed. 4.A type of system documentation is pseudocode. 5.System documentation can include narrative description or graphical representation. 6.Because of the differences in each.
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11.Each of the accounting subsystems, for example, purchase order processing, receiving,               vendor invoicing, cash disbursements, is a stand-alone system. 12.Any organization that provides goods or services on demand requires a sales subsystem. 13.A cash sale is recorded in only the cash receipts transaction file. 14.When a user enters a customer.
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5. Below is a list of several certification designations.  Another list provides the names of               organizations that sponsor the certifications.  Record the letter of the correct sponsoring               organization beside the certification designation.  One organization may sponsor more               than one certification. Certification DesignationCorrect answer Certified Information Systems Auditor __________ Certified.
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11.One of the essential elements of a paper-based accounting system is a chart of accounts. 12.One of the essential elements of a paper-based accounting system is the posting of data. 13.An example of a source document is a receiving report. 14.A bill of lading is a written contract between the shipper and the.
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11.Documentation as it relates to accounting systems is a communication device that describes in pictures, words, or both how to use the system, and what the system does,               and how the system operates. 12.User documentation offers an inside view of the accounting system and is written in               precise technical.
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SHORT ANSWER/ESSAY QUESTIONS 1.What are the disadvantages of using mnemonic codes?  Include at least two examples. 2.Explain why reference identifiers are necessary to provide adequate audit trails. 3.Explain what is meant by bidirectional and multidimensional aspects of audit trails. 4.Describe in what situations the frequency of reporting should be weekly or even daily. 5.Explain the.
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6.What are four forms of systems documentation used frequently by accountants? 7.List three guidelines for effective systems flowcharting. Answer: Any three of the following : Start with the entry of data into the system you are flowcharting. Show all working files or database tables. Show the source and disposition of all major documents and reports..
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TRUE/FALSE QUESTIONS 1.The Sarbanes-Oxley Act of 2002 recommended that every publicly traded company include a report in its annual report assessing the effectiveness of               the company’s internal control structure and procedures. 2.One factor of the internal environment is management’s philosophy and operating style. 3.One factor of the internal environment is integrity and.
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31.  Which of the following languages uses standardized tags for business and financial data               so they can be easily searched with web browsers? A.Hypertext Markup Language (HTML) B.Structured Query Language (SQL) C.Query by Example (QBE) D.Extensible Business Reporting Language (XBRL) 32. What language uses a standardized tag such as <us-gaap-ci:AssetsHeldSale> to enable               the.
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6.Below is an exception report for records selected because of the size of their variance.  If               the system would allow you to order the list of customers from the most severe variance               to the lease severe variance, what would be the order of the records? SOUTHWEST SALES REPS, INC. SALES.
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SHORT ANSWER/ESSAY QUESTIONS 1.Name one accounting system activity other than input data. 2.Name, explain, and give examples of four different ways that data are processed. 3.What are the two major types of reports that are produced by an accounting information               system? 4.What are the support activities of an accounting information.
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