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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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127) The following three questions on an internal control questionnaire relate to comparisons of one amount to a second amount. Required: What is the purpose of each of these comparisons? a. Does the company compare budgeted amounts with actual expenditures? b. Does the company mail monthly statements of account to all customers? c. Does.
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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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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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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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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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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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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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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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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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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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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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132) What is corporate culture? Why might someone argue that the corporate culture has more influence over ethical behavior in a firm than the corporate ethics code of conduct? 133) Enterprise risk management contains eight components. Identify at least six and explain its importance to managing risk within a company. .
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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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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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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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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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129) Discuss three behavioral issues that should be considered when implementing an internal control plan. 130) Give five examples of ways a company may be exposed to excessive costs. 131) Discuss why a fraud examiner needs to be educated in the fields of accounting, law, and criminology to properly perform a fraud.
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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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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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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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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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1) Fraud examination and fraud investigation both refer to the application of accounting and other specialized skills to the prevention, detection, investigation, correction, and reporting of fraud. 2) Fraud prevention requires implementing control checklists that contain items such as firewalls and anti-virus software. 3) The ISO 27000 family of standards has over.
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131) One broad type of resource utilization analysis is work measurement. a. What fundamental assumption underlies work measurement? b. What is an essential ingredient for an organization to be able to perform work measurement? 132) Describe the purpose and nature of the following types of flowcharts: •Systems •Program or block •Analytic •Document •Forms distribution 133) Discuss the main activities.
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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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11) Fraud detection is often an imperfect process. 12) Type 1 error occurs when a fraud indicator fails to signal fraud. 13) Type 2 errors result in unnecessary fraud investigations. 14) Total fraud cost is defined as the summation of costs of prevention, costs of investigations, costs of detections, and costs of losses. 15).
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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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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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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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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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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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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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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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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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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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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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125) Listed below are four examples of possible exposures found in the various business cycles of a certain business. Required: For each example, identify the transaction cycle control objective and give a solution which will help to reduce the possible exposure found in each example. a. There is no written policy regarding.
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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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31) Invigilation is a technique used by fraud investigators to authenticate documentation. 32) A well-prepared interview conducted by a skilled interviewer can sometimes result in a confession that completely unwinds a complicated case. 33) Calibration is part of the fraud triangle. 34) Polygraphs may sometimes be used to detect dishonesty in fraud investigations. 35).
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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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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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21) A fraud theory provides answers to the basic question regarding who, what, when, where, how, and why. 22) Physical and document evidence include things such as fingerprints, trace evidence, and forged or incriminating documents. 23) Physical and document evidence include audio or video recordings of suspects' activities. 24) Evidence should be collected.
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