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The following figure applies to Questions 21 through 25: 21.  Which column would include "Safeguard inventory?" a.Control objective.b.WCGW.c.Risk level.d.Controls. 22.  Which column would include "Protect video surveillance equipment?" a.Control objective.b.WCGW.c.Risk level.d.Controls. 23.  Which column would include "lost or stolen?" a.WCGW.b.Controls.c.Tests.d.Freq. 24.  "Restrictive endorsement" would be found in: a.Control objective.b.WCGW.c.Controls.d.Tests. 25.  A receiving clerk inspects each incoming shipment for quality..
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Problems 51.Flowcharting rules: Fill in the blanks according to the flowcharting rules discussed in the text. a. ______ involved in a business process should have a clear ______ and a clear ______.b. Flowcharts should be organized in ______ which depict ______ ______ ______.c. Flowcharts should be read from ______ ______ ______.
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46. In the flowchart above, the most appropriate label for "A" is: a.Generate class list.b.Class list.c.Textbook list.d.Verify instructor. 47. In the flowchart above, the most appropriate label for "B" is: a.Class list available?bB.Textbooks required?c.Verify textbook prices?d.Friends in class? 48. In the flowchart above, the most appropriate label for "C" is: a.Yes.b.No.c.If required.d.Otherwise. 49. In the flowchart.
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Problems 51. Data flow diagram design considerations: Fill in the blanks below based on the DFD design considerations discussed in the text. a. All processes should have ______ ______.b. The ______ ______ a process should differ from the ______ ______ a process.c. Any single DFD should not have more than about.
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53.  Flowchart types Match each flowchart description on the left with the most appropriate type from the right. ______ 1. Cash collections.______ 2. Computer code which reconciles a bank statement.______ 3. Instructions enabling a computer to prepare a trial balance.______ 4. Layout of web cams and scanners in an office.______ 5. Path.
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11.  Internal Control: Integrated Framework includes all of the following except: a.Control environment.b.Risk assessment.c.Control assessment.d.Monitoring. 12.  According to Enterprise Risk Management: Integrated Framework, risk can be: a.Internal or external.b.General or specific.c.Financial or operational.d.Inherent or residual. 13.  The terms "preventive, detective and corrective" are most closely associated with which element of Internal Control? Integrated Framework? a.Control.
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Problems 51.  Risk taxonomy Match each item on the left with the most appropriate item on the right. _____ 1. Business strategy risk._____ 2. Credit risk._____ 3. Directors' and officers' liability._____ 4. Human error risk._____ 5. Legal and regulatory risk._____ 6. Liquidity risk._____ 7. Market risk._____ 8. Systems risk. a. Financial risk.b. Hazard.
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59. Resolution of ethical dilemmas The steps in Langenderfer and Rockness' model of ethical decision making are paraphrased below. Put the steps in the correct order. ______ a. Carry out the decision.______ b. Determine the ethics issues and the people involved.______ c. Estimate the potential results of each possible course of.
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Short answer questions The following scenario applies to Questions 61 – 65: Viola is an accountant in a small corporation. She recently started graduate school at an elite private university; to defray some of her school expenses, she takes supplies (paper, pens, notebooks, computer disks and so on) from work to use.
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41.  Processes like separation of duties and internal audits are most closely associated with which element of the COSO internal control framework? a.Definition of internal control.b.Control activities.c.Monitoring.d.Risk response. 42.  Insurance and bonding are examples of which part of the COSO risk management framework? a.Risk response.b.Objective setting.c.Information and communication.d.Basic purposes of internal control. 43.  Using.
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31.  Which of the following violates the rules for preparing a data flow diagram? a."Order data" enters the "take customer order process," but "processed order" leaves it.b.A data flow diagram contains eight processes.c."Customer information" enters a "customer database," but nothing leaves the database.d.A line is labeled "enter customer data". 32. All of.
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57.  COSO enterprise risk management framework Debbie, Amy and Lynn all work for PPK Corporation; they recently had the conversation below about risk management. Specify the element of the COSO enterprise risk management framework that most clearly applies to each underlined phrase in the conversation. Debbie: Our boss has asked us.
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56. Resolution of ethical dilemmas Jenna completed the following actions in a recent ethics investigation. Put the actions in the order recommended by Langenderfer and Rockness. ______ a. Talked with her boss about her proposed action.______ b. Suggested two possible actions: fire the employees or make them repay the amount stolen.______ c..
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Multiple Choice Questions 1.  Which type of flowchart gives the user a "big picture" look? a.System.b.Program.c.Hardware.d.Document. 2.  Which type of flowchart depicts instructions for carrying out a task with a computer? a.System.b.Program.c.Hardware.d.Document. 3.Which type of flowchart would show how a purchase order is processed in the most detail? a.System.b.Program.c.Hardware.d.Document. 4.  Which type of flowchart most clearly depicts.
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31.  The text identified four basic purposes of internal control and several examples of specific controls. Which of the following demonstrates the strongest relationship between them? a.Safeguarding assets, bank reconciliation.b.Ensuring financial statement reliability, pre-numbered documents.c.Promoting operating efficiency, bank reconciliation.d.Encouraging compliance with management directives, pre-numbered documents. 32.  Which of the following four pairs.
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53.  COSO internal control framework The elements of COSO's internal control framework are listed below on the right; examples of the elements are listed on the left. Match each item on the left with the framework section that most clearly applies. ____ 1. A CEO makes a strong statement about the.
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The following situation applies to Questions 41 through 45: Chris was developing his divisional budget for the upcoming fiscal year. He was fairly confident his total expenses would be $40,000 and his total revenue $60,000; but, in the budget, he understated his revenue and overstated his expenses to make it easier.
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60. Systems flowchart CRU Corporation builds custom computers based on client specifications. A systems flowchart for CRU's business process would include at least four columns: customer, sales department, credit department and manufacturing department. Several symbols from the flowchart appear below in the first column. (1) In the second column, indicate whether.
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54.   Ethics models In the space provided, indicate whether each of the following statements best exemplifies: (a) utilitarianism model of ethics, (b) justice model of ethics, (c) rights and duties model of ethics,   (d) virtues model of ethics. _____ 1. All's well that ends well._____ 2. He'll get what's coming.
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60.  Internal controls and risk BSR Inc. is the corporate office of a chain of coffee shops around the United States. Dudley Baker is considering opening a franchised location with BSR's support, and has asked BSR management about potential risks and ways to address them. Several risks associated with the.
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59.  Internal controls and risk LM Enterprises provides temporary office staff to businesses in its geographic area. In LM's operations, "candidate" refers to a person seeking a position; "client" refers to a business seeking temporary staff. "Employee" refers to a member of LM's staff. Several risks associated with LM are.
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Short answer The following paragraph and flowchart apply to Questions 61 through 65: Tyler is an intern in the audit department of a small CPA firm. He noticed you preparing a systems flowchart for an upcoming audit engagement. The client is a retail bookstore, like Borders or Barnes & Noble. Part of.
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57. Risk/control matrix Aaron is the president of ARB Corporation. He recently made the following comments in a management meeting: Our fraud examination department recently discovered that employees in the purchasing department have been ordering goods for personal use. Inventory and cash are two of our most critical assets; it's.
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Multiple Choice Questions 1.  In a data flow diagram, a circle represents: a.An on-page connector.b.An off-page connector.c.An external entity.d.A business process. 2.  Databases in a data flow diagram are represented by: a.Parallel lines.b.Rectangles.c.Triangles.d.Circles. 3.  In a data flow diagram, lines: a.Should not be labeled.b.Should be labeled with verb phrases.c.Should be labeled with noun phrases.d.Should have arrows.
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56.  Internal control classification Several common internal controls for information technology are listed below. Indicate whether each is primarily preventive, detective or corrective in nature; also indicate whether each is a general control or an application control. .
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21.  Cortez works for a large retailer that sells various kinds of linens (towels, sheets, blankets, pillow cases). In completing a risk assessment for his organization, which of the following questions should he ask first? a.What risks should we prepare for?b.How can information technology help guard against risk?c.Do we need an.
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Problems 51.  Definition of ethics: Fill in the missing terms below based on the text's definition of ethics. The field of ethics, also called ______ ______, involves systematizing, ______, and recommending concepts of right and wrong behavior. Philosophers today usually divide ethical theories into three general subject areas. ______ investigates where.
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53.  Professional ethical codes In the space provided, indicate whether each item listed belongs to the IMA Code of Ethics, the AICPA Code of Professional Conduct or the ACFE Code of Ethics. ______ a. Abstain from engaging in or supporting any activity that might discredit the profession.______ b. Disclose delays or.
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The flowchart below applies to Questions 41 through 45: 41. Which of the following statements about the flowchart is true: (i) terminator symbols are used correctly, (ii) the flowchart demonstrates strong internal control. a.i only.b.ii only.c.Both i and ii.d.Neither i nor ii. 42. Which of the following is a strength of the flowchart:.
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The following figure applies to Questions 26 – 30: 26.  Based on the systems flowchart above: a.The company uses general ledger software for journal entries.b.The company's cash payments process has strong separation of duties.c.Duties are appropriately separated between the mailroom, cash receipts and accounting.d.The company makes daily cash deposits. 27.  Which of the.
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58. Recent ethics cases In the space provided, indicate whether each of the following most clearly applies to: (a) Ponzi, (b) Adelphia or (c) Enron/Arthur Andersen. ______ a. Earliest of the three.______ b. Funded personal loans for owners.______ c. International postal reply coupons.______ d. Jeff Skilling.______ e. John Rigas.______ f. Latest.
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31.  Ponzi's actions most directly violate which element of the IMA Code of Ethics? a.Credibility.b.Confidentiality.c.Collective identity.d.Responsibilities to clients. 32.  In connection with the Enron bankruptcy, Skilling was most likely following which school of ethical thought? a.Virtues.b.Utilitarianism.c.Normative ethics.d.Justice. 33.  Enron's failure to disclose key facts in its financial statements most clearly violated which standard of.
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60.Ethics models Several statements regarding ethics are listed below. Group them according to the four schools of ethical thought discussed in the text. a. All's well that ends well.b. He'll get what's coming to him.c. His actions are immoral; there's no other way to look at it.d. In the long.
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54.  Internal control legislation Several elements of the Foreign Corrupt Practices Act and the Sarbanes-Oxley Act are listed below. Place an "X" in the appropriate column to indicate which Act is most closely associated with each element. If an item applies to both, place an "X" in both columns. .
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64.  Brown's risk taxonomy includes four major categories: financial, operational, strategic and hazard. In your own words, differentiate the four types; give an example of each type that relates directly to Top Notch T-Shirt Printing. Do not list the subcategories for each major category. 65.  Explain four specific risks Top Notch.
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56. System flowchart creation Prepare a systems flowchart based on the following narrative: When a staff member at IGV Corporation needs to travel on company business, she first submits a travel request to her immediate supervisor. The travel request includes the employee's identifying information; dates, location and purpose of the trip;.
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Multiple Choice Questions 1. According to the COSO definition, internal control is a(n): a.Set of procedures.b.Process.c.Checklist.d.Way to eliminate risk. 2. According to the COSO definition, internal controls should provide: a.Reasonable assurance.b.Punishments for dishonest employees.c.Sufficient justification for prosecuting criminals.d.Guarantees that no fraud exists in the accounting information system. 3.  According to the COSO definition, who.
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52. Risk/control matrix Several items you might find in a risk/control matrix are listed below on the left. Match them with the appropriate section of the matrix on the right. ______ 1. Theft..______ 2. Separation of duties.______ 3. Preventive & automated.______ 4. Operate efficiently.______ 5. Medium.______ 6. Control activityControl     objective. a. Controls.b..
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21.  Both DFDs and flowcharts are concerned with: a.Information technology.b.Documents.c.Processing tools.d.Data. 22.  In designing an accounting information system, a data flow diagram can help with: (i) database construction, (ii) communication. a.i only.b.ii only.c.Both i and ii.d.Neither i nor ii. 23.  Bill and Lisa are trying to understand how sales invoices are processed in their.
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The following partial data flow diagram pertains to Questions 46 through 50: 46.  Which process would require an additional output in the full data flow diagram? a.Process applications.b.Send invitations.c.Schedule auditions.d.None of them would require an additional output. 47.  Which process would most likely need to be exploded? a.Process applications.b.Send invitations.c.Schedule auditions.d.None of them would.
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55. System flowchart creation Prepare a systems flowchart based on the following narrative: When Conner and Conner CPAs start an audit, a partner prepares and signs an engagement letter; one copy is filed and the original is sent to the client, who returns an acknowledgement. A partner files the acknowledgment and.
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55.  Professional characteristics and accounting In the space provided, indicate whether each phrase most clearly exemplifies: (a) specialized knowledge base, (b) complex skills, (c) autonomy of practice or (d) adherence to a code of ethical behavior. _____ 1. Advising others about conflicts of interest._____ 2. Behaving with integrity._____ 3. Calculating the.
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Short answer questions The following scenario applies to Questions 61 through 65: Ruby is a self-employed consultant who designs internal control systems; she recently made a presentation to a local chapter of the Institute of Management Accountants. After the presentation, Barb approached her with some questions. Barb is the accountant for Top.
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The following figure applies to Questions 11 through 15: 11.  In a flowchart, symbol "A" denotes a(n): a.Manual process.b.Decision.c.Document.d.On-page connector. 12.  In a flowchart, symbol "B" denotes a(n): a.Manual process.b.Decision.c.Document.d.On-page connector. 13.  In a flowchart, symbol "C" denotes a(n): a.Manual process.b.Decision.c.Document.d.On-page connector. 14.  In a flowchart, symbol "D" denotes a(n): a.Manual process.b.Decision.c.Document.d.On-page connector. 15.  Which of the following is.
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