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Study Resources (Accounting)

66.Which of the following should be developed when the related application system is developed? a.  Test data approach b.  Integrated test facility c.  Parallel simulation approach d.  Artificial intelligence software 67.Which of the following processes real data through a test program? a.  Test data approach b.  Integrated test facility c.  Parallel simulation approach d.  Artificial intelligence software 68.An audit technique .
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53.  AIS and other areas of accounting  - Indicate whether each of the following statements regarding accounting information systems is (a) always true, (b) sometimes true or (c) never true. You do not need to write a justification for the statements that are sometimes true. 1.A well designed accounting information system.
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TRUE/FALSE QUESTIONS 1.Auditing activities undertaken during substantive testing of account balances can be described as “auditing through the computer.” 2.The external auditor serves the firm’s stockbrokers, the government, and the general public. 3.Total audit cost is increased significantly when some audit resources are directed at reviewing and verifying the internal controls that exist.
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56.Information technology is used to perform some audit work that otherwise would be done manually. The use of information technology by auditors is: a.  essential b.  mandatory under AICPA Statements of Auditing Standards c.  optional d.  at the sole discretion of the manager in charge of the audit 57.An external auditor conducts an information systems.
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112.Describe how list organization and multilist organization work in tree and network databases. Also, distinguish between a list structure and a ring structure in the implementation of tree and network structures. How does the list organization make database maintenance difficult? Under what circumstances is the list organization effective? 113.Discuss the conceptual.
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21.  An organization paid for a six-month insurance policy in November. At the end of December, the organization should make an adjusting entry for: a.Depreciation.b.An accrued expense.c.A prepaid expense.d.Uncollectible accounts. 22.  Which of the following best explains "transaction limits" as an internal control? a.Two signatures are required on all checks.b.A bank teller.
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ESSAYS 96.Why are most audits now performed by auditing through and with the computer? 97.Explain why external auditors perform compliance testing when a main objective of a financial statement audit is to express an opinion regarding the fairness of the monetary balances in a company’s financial statements. 98.How have personal computers likely affected.
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52. Accounting cycle The steps in the accounting cycle are listed below in random order. Indicate the correct order in the space provided. If a step does not belong in the accounting cycle, mark it with an "X." _____ Analyze transactions_____ Audit financial statements_____ Close the temporary accounts to retained earnings_____.
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11.ITF is a powerful information system audit technology. 12.Parallel simulation processes test data through real programs. 13.Parallel simulation is appropriate where transactions are sufficiently important to require a 100 percent audit. 14.GAS has a long history of usage because public accounting firms developed it in the 1960s. 15.Some embedded audit routines use automated collection.
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54.  Importance of AIS study  - Accounting information systems is important because it helps students develop their ability to respond to open-ended problems. Which of the following are open-ended? Place an "X" in the appropriate column. Hurt: Accounting Information Systems             © McGraw-Hill Companies, 2010 Chapter 1 .
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Problems: 51.  AIS definition  - Use terms from the following list to fill in the blanks in the definition of accounting information systems: ActivitiesDataDecision makersDiverseDocumentsInformationInterrelatedTechnologies An accounting information system is a set of ___ ___, ___ and ___ designed to collect ___, process it and report ___ to a ___ group of internal.
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Short answer: The following scenario applies to Questions 61 through 65: A fellow student in one of your classes struck up a conversation one day. "What's your major," he asked. "Accounting," you replied. "Wow I've heard accounting is a tough major. What accounting classes are you taking this term?" You started talking.
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11. Accounting information systems typically incorporate which of the following: (i) inputs, (ii) outputs, (iii) storage. a.i and ii only.b.ii and iii only.c.i and iii only.d.i, ii, and iii. 12. In an accounting information system, "inputs" often come in the form of: a.Source documents.b.Financial statements.c.Computer reports.d.Internal controls. 13. According to the text, information about.
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102.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. Ring structure _____  2. Alias _____  3. ISAM _____  4. Relational algebra _____  5. Tuple _____  6. Activity.
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21. The relationship between accounting information systems and information technology is most clearly shown by: (i) using debits and credits to record transactions, (ii) incorporating journals and ledgers as processing tools. a.i only.b.ii only. c.Both i and ii.d.Neither i nor ii. 22.  Problems in accounting information systems are often less likely to.
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Short answer questions The following scenario applies to Questions 61 – 65: You're "doing the books" for a local consulting firm as part of an internship. The rest of the consultants don't have much background in accounting; they're very curious about the work you do and your college studies. 61.  List.
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41.  A company's chart of accounts is block coded and contains the following information: Accounts payable (201), Wages payable (204), Interest payable (207). The account number for "accounts receivable" is therefore likely to be: a.302.b.211.c.202.D.102. 42.  Which of the following is most likely to employ sequential coding? a.Amounts on a cash register.
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59.  Internal controls revision Consider the list of internal control weaknesses listed below. Revise each one to make it stronger. a.  Any employee in a firm can sign checks. b.  Checks from clients can be made out to the firm or any of the partners individually. c.  One of the partners.
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21. Explaining a person's ethics by analyzing the ethics of his ancestors is an example of: a.Meta-ethics.b.Normative ethics.c.Applied ethics.d.Situational ethics. 22. "People shouldn't cheat" is an example of: a.Meta-ethics.b.Normative ethics.c.Applied ethics.d.Situational ethics. 23. Debating the ethics of insider trading best describes: a.Meta-ethics.b.Normative ethics.c.Applied ethics.d.Situational ethics. 24. The four schools of ethical thought discussed in the chapter.
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103.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. Logical data structure _____  2. Key _____  3. Node _____  4. DQL _____  5. Element _____  6. Hypertext.
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31.  Which of the following is the best example of "information" as the term is used in "accounting information systems?" a.Rules of debit and credit.b.Budgets.c.Conceptual framework of accounting.d.Source documents. 32.  The "information" in an accounting information system should be: (i) timely, (ii) truthful, (iii) reliable. a.i and ii only.b.ii and iii only.c.i and.
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41.  Source documents in an accounting information system include sales invoices, purchase orders and: a.Bank statements.b.Reports of projected stock prices.c.Evaluations of accounting staff.d.Currency and coin. 42.  Internal controls such as ____ help promote information reliability in the accounting information system. a.Financial statements.b.Bank reconciliations.c.Budgets.d.Computers. 43.  The web site for Dell Computers is an example of.
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PROBLEMS 105.A database contains the following data: Student Schedule (Student#, Student_name, Major, Course#1, ClassTime1, Location1, Course#2, ClassTime2, Location2, Course#3, ClassTime3, Location3) Required: Normalize this relation through the third normal form. 106.Assume that the customer master file and the transaction file consist of the record numbers shown in the following sequence: Master file3, 7, 23, 76,.
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Multiple Choice Questions 1. Which of the following is not a characteristic of a professional defined by Bell? a.Appropriately uses philosophical knowledge.b.Communicates effectively.c.Actively seeks additional knowledge.d.Integrates knowledge from many disciplines. 2.  According to Bell, a professional should think: (i) rationally, (ii) effectively, (iii) coherently. a.i and ii only.b.ii and iii only.c.i and iii only.d.i,.
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76.Which of the following information system auditing technologies produces a printed audit trail of computer processing? a.  Extended records b.  Snapshot c.  Sample audit review file d.  System control audit review file 77.Tracing of a program’s execution provides: a.  programmed edits for input data items b.  test data for subsequent processing c.  a detailed listing of the sequence.
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PROBLEMS 93.Below are listed four procedures typically performed during an audit of accountspayable: Audit procedures: a.  Test the mathematical accuracy of the accounts payable subsidiary ledger. b.  Select samples of vouchers to examine in detail. c.  Determine whether cash discounts were properly applied. d.  Stratify accounts by value. Required:  Briefly state a generalized audit software technique that.
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95.Listed below are five examples of auditing situations and five information systems auditing techniques. Required: First, match the letter of the information system auditing technique which best identifies the example. Then, in the space below each item, write a brief explanation of how the technique works in the situation. A.  Integrated test.
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MATCHING QUESTIONS 91.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. Mapping _____  2. Compliance testing _____  3. Extended records _____  4. Substantive testing _____  5. Interim.
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31.  Which of the following requires the most human judgment? a.Accounting.b.Bookkeeping.c.Posting.d.Journalizing. 32.  Which of the following requires the least human judgment? a.Accounting.b.Bookkeeping.c.Making estimates.d.Preparing financial statements. 33.  Which of the following best demonstrates an "informed judgment" as the term is used in the a. American Accounting Association's definition of accounting? a.Deciding whether to debit or.
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107.Below are three situations in which the Data Definition Language (DDL), the Data Manipulation Language (DML), or the Data Query Language (DQL) of a database management system will be used. Indicate on the line beside each situation which of the languages would likely be used.               _____ A.  A programmer.
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11. Which type of coding system helps users remember the meaning of the code? a.Sequential.b.Hierarchical.c.Mnemonic.d.Block. 12.  ___ codes are a more sophisticated form of ___ codes. a.Block, hierarchical.b.Block, mnemonic.c.Mnemonic, sequential.d.Hierarchical, block. 13. Human judgment is important in the accounting cycle for: a.Preparing a trial balance.b.Recognizing recordable transactions.c.Filling out source documents.d.Posting transactions to the.
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21.Specific documentation showing the nature of application controls in a system is known as control flowcharting. 22.Most information system audits follow a four-phase structure, which is followed by analysis and reporting of results. 23.An audit program is a detailed list of the audit procedures to be applied on a particular audit. 24.An information.
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MULTIPLE-CHOICE QUESTIONS 46.“Auditing with the computer”: a.  is only performed by external auditors b.  involves activities related to compliance testing c.  is only performed by internal auditors d. involves activities related to substantive testing of account balances 47.“Auditing through the computer” refers to: a.  substantive tests b.  compliance tests c.  transaction tests d.  application control tests 48.An interim audit: a.  consists only.
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11. In the Langenderfer and Rockness model, which of the following steps comes first? a.Evaluate the consequences of possible courses of action.b.Reach a decision.c.Identify stakeholders involved.d.Consult the company's code of ethics. 12. Identifying the facts is step ___ in the Langenderfer and Rockness model. a.One.b.Two.c.Three.d.Identifying the facts is not a step in.
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86.The cost of processing per transaction in a high-activity environment is the lowest in which of the following file organization techniques? a.  Indexed b.  Sequential c.  Direct d.  Indexed-sequential 87.Response time is affected by: a.  disk access time b.  how data records are physically distributed on the disk c.  the database management system but not the operating system d. .
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55.  Information evaluation criteria  -  Bumble Beasley took two introductory accounting courses as part of his college degree; his major was engineering. He started his own engineering consulting company and later published an article in an engineering journal titled "The Relationship between Engineering and the FASB Conceptual Framework." The article,.
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92.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. Audit program _____  2. System control audit review file _____  3. Auditing around-the-computer _____  4. In-line.
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Multiple Choice Questions 1.  Which of the following are parts of most accounting information systems? a.Activities and documents only.b.Activities and technology only.c.Documents and technology only.d.Activities, documents and technology. 2. Accounting information systems are designed to: a.Minimize cost.b.Maximize use of information technology.c.Report information to decision makers.d.Eliminate the need for paper documents. 3.Which of the following statements.
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Multiple Choice Questions 1.  Accounting is often confused with: a.Bookkeeping.b.Finance.c.Information systems.d.Tax research. 2.  Which of the following statements is most true? a.Accounting is the part of bookkeeping devoted to identifying and measuring economic information. b.Bookkeeping is the part of accounting devoted to identifying and measuring economic information. c.Bookkeeping is the part of accounting associated with.
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58.  Accounting information system definition - According to the text, an accounting information system is a set of interrelated activities, documents and technologies designed to collect data, process it and report information to a diverse group of internal and external decision makers in organizations. Consider that definition in light of.
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99.Because resources are usually limited, not all applications can be audited each year. What factors should an internal or external auditor consider when deciding which applications to audit? 100.Briefly describe the three phases of an information systems audit. 101.Describe three areas that an auditor could examine in an audit of a computer.
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 Problems 51. Definition of accounting. Fill in the blanks to complete the American Accounting Association's definition of accounting. Accounting is the process of ______, ______, and communicating ______ information to permit ______ ______ and decisions by ______ of the ______. Answer: Accounting is the process of identifying, measuring, and communicating economic information to.
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MATCHING QUESTIONS 101.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. DBA _____  2. Inheritance _____  3. Occurrence _____  4. Branch _____  5. Database model _____  6. Record _____ .
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53.  Accounting cycle Explain the meaning of each of the following journal entries. The first is provided as an example. 54. Accounting and bookkeeping comparison Indicate whether each of the following statements applies to: (a) accounting alone, (b) bookkeeping alone, (c) both accounting and bookkeeping or (d) neither accounting nor.
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FILL-IN-THE-BLANK QUESTIONS 31.__________ auditors commonly undertake audits that are reviewed and relied upon by __________ auditors. 32.When batch processing was the dominant method used in computerized data processing, the __________ approach provided an adequate audit. 33.A clear and obvious benefit is obtained from the __________ analysis capability provided by information technology. 34.The __________ __________.
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ESSAYS 109.Discuss the relative benefits and drawbacks of the following file organizationmethods: a.  sequential b.  indexed-sequential c.  direct 110.Describe the duties of the database administrator (DBA) regarding the data dictionary. 111.Describe the index, prime area, and overflow area in an ISAM file structure. .
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55.  Sebastian's Coffee Shop makes and sells specialty coffee drinks, sandwiches and pastries. Several risks associated with the shop's operations are listed below on the left; several internal controls are listed on the right. Match each risk with the internal control most likely to reduce it. Use each internal control.
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56. Internal controls Sebastian's Coffee Shop makes and sells specialty coffee drinks, sandwiches and pastries. Sebastian has hired you to construct the shop's first chart of accounts; he wants to use a block coding system. Use the principles of block coding to assign account numbers to the accounts listed below. .
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104.Listed below are ten examples of file organization. Required: From the following three choices, match the file organization technique with each of the ten examples listed. All techniques will be used more than once. S = Sequential IS = Indexed-sequential D = Direct access _____ 1.  A large manufacturing company pays all employees once a.
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