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Accounting Expert Answers & Study Resources : Page 511

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Short Answer Questions 1. Briefly describe and compare general controls and application controls. 2. Briefly describe and compare preventive control, detective control, and corrective control. 3. Briefly describe and compare input control, processing control, and output control. 4. Describe the advantages and disadvantages of batch processing. 5. What are the two types of temporary sites?.

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  • Short Answer Questions 1. Briefly describe and compare general controls and
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11.Which aspect of document collection are pre-numbered documents used to establish? a.inputdataisaccurate b.datafromsourcedocumentsisrecordedinatimelymanner c.allsourcedocumentsareaccountedfor d.allsourcedocumentshavebeenauthorised 12.Which of the following is an example of a turnaround document? a.balancesheet b.salesorder c.remittanceadvice d.payslip 13.Checking for accuracy is performed by ____________ checks. a.edit b.range c.reasonableness d.alloftheabove 14.Which of the following is NOT a major aim of a computerised accounting information system? a.Properauthorisation. b.Timeliness. c.Properrecording. d.Userfriendly. 15.With respect to the recording of transactions, which of.

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  • 11.Which aspect of document collection pre-numbered documents used to establish? a.inputdataisaccurate b.datafromsourcedocumentsisrecordedinatimelymanner c.allsourcedocumentsareaccountedfor
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21.An internet-based banking facility that allows organisations to manage and view their bank accounts online and conduct transactions such as transfers from those accounts is called: a.Onlinereconciliation b.Onlinepayment c.Onlinebanking d.Onlinefinancialmanagement 22.XBRL allows semantics to be embedded within strings of financial data. This does not mean: a.Itiseasiertobuildadatabaseforaccountinginformationsystems b.Morein-depthanalysiscanbeconductedbyusersorrecipientsofthedata c.Embeddedtagsthatidentifywhereseparatepiecesofdatastartandendwithinstringsofdataisinserted d.Itiseasiertoexchangefinancialdata. 23.Online banking is unlikely to be helpful: a.intermsofbeingabletomonitorcashtransactionsmoreeasily. b.intermsofbeingabletoreconcilecashtransactionsmoreeasily. c.fororganisationsthatwishtoautomatebankreconciliations. d.intermsofallowingmorein-depthanalysistobeconductedbyusersorrecipientsofthedata 24.The general ledger and financial.

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  • 21.An internet-based banking facility that allows organisations to manage and
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7. What are the advantages and disadvantages of computer-based controls? 8. Why unexpected transactions can contribute the ineffectiveness of an internal control system? How can an organisation minimise the impact brought about by unexpected transactions? 9. Provide at least five examples of processing controls. 10. Describe the checks that can be performed during.

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  • 7. What the advantages and disadvantages of computer-based controls? 8. Why
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21.Which of the following does not concern inventory management? a.FMS b.Agilemanufacturing c.JIT d.CAD 22.Which of the following factors is not relevant to the decision about which inventory management technique to employ? a.Thenatureoftheinventoryitem. b.Thedemandfortheinventoryitem. c.Theextentofcomputerisationinthewarehouse. d.Theavailabilityofrawmaterials. 23.A specialised software that is used to calculate demand for products, and identify the raw materials required to produce those products is: a.MRP b.CAM c.RFID d.JIT 24.Flexible manufacturing systems are.

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  • 21.Which of the following does not concern inventory management? a.FMS b.Agilemanufacturing c.JIT d.CAD 22.Which of
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11.Which of the following is an unlikely task overseen by the director of logistics? a.Inventorycontrol b.Purchasing c.Billing d.Shipping 12.Which of the following is an unlikely task overseen by the director of finance and accounting? a.Fundsdisbursement b.Taxplanning c.Budgeting d.Remunerationprocessing 13.The objective of the execution phase in the production cycle does NOT contain: a.Ensurethattheplannedproductionactivitiesarecarriedoutaccurately. b.Ensurethattheplannedproductionactivitiesarecarriedouteffectively. c.Ensurethatallproductionrecordsarereconciledregularly. d.Ensurethatallproductionrecordsarecorrectlyupdated 14.Staff involved in execution phase in the production cycle need.

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  • 11.Which of the following an unlikely task overseen by the
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21.Which of the following is NOT a form of physical control? a.Serversareplacedinalockedroom. b.Ausernameandapasswordareneededtologintoacomputer. c.Securitycamerasareputinplace. d.Aswipecardsystemforcontrollingaccesstocomputerlabs. 22.Which of the following is an example of poor segregation of duties? a.Inventorycontroldepartmentisallowedtoreceiveincominggoods. b.Warehousepersonnelareallowedtoshipgoodstocustomers. c.Thepurchasingdepartmentisallowedtogeneratepurchaserequisitions. d.Alloftheoptionsarecorrect. 23.Which of the following is an example of good segregation of duties? a.Thesalesdepartmentisallowedtobillcustomers. b.Theaccountsreceivabledepartmentisallowedtopreparebills. c.Thewarehousepersonnelareallowedtomaintaintheinventoryrecord. d.Noneoftheoptionsarecorrect. 24.Which of the following would enable an organisation to detect that an unauthorised person has entered a secure.

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  • 21.Which of the following NOT a form of physical control? a.Serversareplacedinalockedroom. b.Ausernameandapasswordareneededtologintoacomputer. c.Securitycamerasareputinplace. d.Asw
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Multiple Choice Questions 1.The HR management and payroll cycle commences when: a.~ theorganisationidentifiesarequirementtorecruitanewemployee b.anewemployeejoinstheorganisation c.anewemployeeispaidforthefirsttimeintheorganisation d.Noneoftheoptionsarecorrect. 2.The HR management and payroll cycle ends when: a.anemployeeexpresseshis/herintenttoleavetheorganisation b.theorganisationisoutofbusiness c.theemploymentcontractofanemployeecomestoanend d.Alloftheoptionsarecorrect. 3.When an employment contract comes to an end: a.~ theemployee’sexitfromthecompanymustbecarefullymanaged b.theemployee’sexitfromthecompanyneednotbemanaged c.thedeductionoftaxesisnolongertheorganisation’sconcern d.theforwardingofsuperannuationisnolongertheorganisation’sconcern 4.Which of the following is an activity in the HR management and payroll cycle? a.Recordinghoursspentonaproject b.Authorisationofchangesinpersonneldetails c.Controllingaccesstothelistofauthorisedsuppliers d.Calculatingvariancesbetweenlabourusedandbudget 5.The inability to retain existing staff members leads to: (i) limitation of.

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  • Multiple Choice Questions 1.The HR management and payroll cycle commences when: a.~
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41.Which of the following is not directly involved in the calculation of payroll? a.Taxscalesdatabase. b.Leaveentitlementsdatabase. c.Payslipsdatabase. d.Employeemasterdatabase. 42.Which of the following is not directly involved in the calculation of payroll? a.Productioncycle. b.Revenuecycle. c.Operationaldepartment. d.Taxagencies. 43.Common controls of the risk of incorrect salary and wage calculations do not include: a.Useofbatchandhashtotals. b.Cashdisbursementssignedforbyrecipient. c.Reportingsalaryandwagevariancestobudgetsandforecasts. d.Distributionofdetailedpayslipstoemployees. 44.Common controls of the risk paying fictitious employees do not include: a.Regularlyreconcilepaymentsmadetopayrollrecords. b.Independentauthorisationrequiredtocreatenewemployeerecord. c.Oneforonecheckingofemployeeterminationnoticesagainstcurrentemployeepayrecords d.Segregationofduties 45.Which of the.

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  • 41.Which of the following not directly involved in the calculation
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Multiple Choice Questions 1.After identifying risks, management will decide on appropriate policies and procedures to address the risks. These policies and procedures are called: a.controlpolicies b.controlactivities c.controlprocedures d.controlprocesses 2.The comparison of actual and budgeted figures and the conduct of variance analysis to determine the source of the variance is a type of: a.Generalcontrol b.Informationprocessingcontrol c.Performancereview d.Applicationcontrol 3.Information processing controls are those.

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  • Multiple Choice Questions 1.After identifying risks, management will decide appropriate policies
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Multiple Choice Questions 1.The typical production cycle commences when: a.theorganisationislowinfinishedgoodsinventory b.anewproducthasbeendesigned c.allproductioncostshavebeenrecorded d.neededrawmaterialshavearrived 2.The typical production cycle ends when: a.theorganisationhasalargevolumeoffinishedgoodsinventory b.allproductsinthefinishedgoodsinventoryaresold c.allproductioncostshavebeenrecorded d.allrawmaterialsareconsumedintheproductionprocess 3.Which of the following best describes the execution phase of the production cycle? a.Rawmaterialusageisrecorded b.Customerordersareproduced c.Plannedproductionactivitiesarecarriedoutandallrecordsmaintainedaccurately. d.Aproductionscheduleisplannedandexecuted 4.The primary responsibility of the production cycle is to ensure that: a.goodsproducedareofgoodquality b.productioncostsarebroughttotheminimum c.sufficientgoodsaremanufacturedintimetomeetthedemand d.Alloftheoptionsarecorrect. 5.The objective of the planning phase in the production cycle is to: a.effectivelyplanproductionatboththemanagementandfloorlevel b.effectivelyplanproductionatboththeinternalandexternallevel c.effectivelyplanproductionatboththeproductandschedulelevel d.Consultwiththeseniormanagementgroupregardingcompanyproductionperformances. 6.The purchase order: a.isanevidenceofpurchases b.isabindingcontractbetweenthefirmandthevendor c.ispreparedbythepurchasingdepartment d.Alloftheoptionsarecorrect. 7.In the production.

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  • Multiple Choice Questions 1.The typical production cycle commences when: a.theorganisationislowinfinishedgoodsinventory b.anewproducthasbeendesigned c.allproductioncostshavebeenrec
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42.Advantages of computer-based controls include all of the following except: a.Consistentapplication b.Timelyexecution c.Greaterdegreeofdifficultyinworkingaroundoravoidingthecontrol d.Handlingone-offevents 43.Computer-based controls are extremely dependent on: (i) a sound control environment (ii) sound general controls (iii) the COBIT framework a.(i)(ii) b.(i)(iii) c.(ii)(iii) d.(i)(ii)(iii) 44.A company wants all sales orders over $1000 to be authorised by the sales manager. Are the procedures covering this an example of.

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  • 42.Advantages of computer-based controls include all of the following except: a.Consistentapplication b.Timelyexecution c.Greaterdegreeofdifficultyinworkingaroundoravoidingthecontrol
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31.With regards to operational decisions, which of the following is NOT true? a.Operationaldecisionsintheexpenditurecyclecanbemadebymiddlemanagement. b.Operationaldecisionsintheexpenditurecyclecanbemadebyoperationalstaff. c.Operationaldecisionsintheexpenditurecyclecreatethepolicyframeworkwithinwhichthecycleoperates. d.Operationaldecisionsintheexpenditurecyclerelateonlytoaspecificinstanceoftheprocess. 32.Which of the following operational decisions is part of the expenditure cycle? a.Schedulingproductiontosatisfyforecastdemand. b.Respondingtocustomerqueries. c.Reviewingemployeeperformance. d.Decidingwhichsuppliertouseforaspecificorder. 33.Which of the following sequence in the expenditure cycle is correct? a.collectrequestsforgoods->createpurchaserequisition->choosethesupplier->createthepurchaseorder b.collectrequestsforgoods->choosethesupplier->createpurchaserequisition->createthepurchaseorder c.createpurchaserequisition->collectrequestsforgoods->choosethesupplier->createthepurchaseorder d.createthepurchaseorder->collectrequestsforgoods->choosethesupplier->createpurchaserequisition 34.Typically, when receiving goods in the expenditure cycle: a.Oneshouldacceptthedeliverybeforerecordinggoodsreceived. b.Oneshouldrecordgoodsreceivedbeforeacceptingthedelivery. c.Itdoesn’tmatterwhetheracceptingthedeliveryortherecordinggoodsreceivedcomesfirst. d.Oneshouldensurethatthereisalwaysaninvoiceattachedwithallgoodsreceived. 35.Typically, which of the following document set will be handled by.

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  • 31.With regards to operational decisions, which of the following NOT
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31.Acreditcheckrequirestheinformationof: a.Whetheracreditlimithasbeenestablishedforthecustomer. b.Whetherthereissufficientcreditavailable. c.Thedetailofanyrecentsalesthatmaynotyethavebeenupdatedintothecustomer’saccountsreceivableaccount d.Alloftheoptionsarecorrect. 32.Whichofthefollowingistruewithregardstoestablishingcreditlimitsforcustomers? a.Theabilitytoaddanewcustomerandchangeorassignacreditlimitshouldbedevolvedtostaffinthesalesarea b.Toreducetheriskofacceptinganuncreditworthycustomerorincorrectlyrejectingacreditworthycustomer,itisimportanttoindependentlymaintaincustomeraccountsandcreditlimits. c.Creditlimitsshouldbeestablishedbasedondesiredsalestargets. d.TheChiefFinancialOfficershouldoverviewallcustomercreditlimits. 33.WhichofthefollowingisNOTtrueregardingsalesorders? a.Thesalesorderformsthebasisforsubsequentbillingofthecustomer. b.Theactualbillingofthecustomercanoccurpriortogoodsdispatch. c.Thesalesorderisadocumentthatisinternaltotheorganisation,itisnecessaryforittobeproducedinpaperformsothathardcopyevidencecanbekept. d.Thecreationofthesalesorderisaccomplishedbyinputtingallthedetailsrelatingtothecustomerandtheproducts,thengeneratingasequentiallynumberedsalesorder. 34.Thesalesorder’sprimarypurposeistonotifytwodifferentareasofthenewsale.Thesetwoareasare: a.Inventoryareaandmanufacturingarea b.Billingareaandcreditcheckarea c.Productionareaanddeliveryarea d.Warehouseareaandaccountsarea 35.KPIstandsfor a.Keyprocessindicator b.Keyperformanceindicator c.Keyprogressindex d.Keyperformanceindex 36.Intermsofensuringpaymentsforgoodsandservicesarecorrectlyreceived,recordedandbanked,whichofthefollowingisunlikelytobeaKPI? a.Creditrequests b.Agedaccountsreceivablereporting c.Numberofbaddebtswrittenoff d.Averagepaymenttimes 37.WhichofthefollowingisunlikelytobeaKPIfortheobjectiveofarrangingthepromptsupplyofgoodsandservices? a.Cycletimetofillanddeliverorders b.Percentageofsalesonbackorder c.Percentageofsalesinvoicedondayofshipping d.Salesreturns 38.Cycleperformanceshouldbemeasured,primarily,relativeto: a.industry-averagecycletime b.whethertheprocessisefficientlycarriedout c.howcost-effectivetheprocessis d.howwelltheprocessoutcomesachievetheoverallobjectivesofthatcycle 39.Whichofthefollowinginformationisneededtodeterminethecreditworthinessofacustomer? a.Creditlimit. b.Creditavailability. c.Detailsofrecentsalesthatarenotyetrecordedinthecustomer'saccountsreceivableaccount. d.Alloftheoptionsarecorrect. 40.Requestingasignedpurchaseorderformfromthecustomerpriortoacceptingasalecanreducetheriskof: a.Non-payment b.Insufficientfinishedgoodsinventoryavailable c.Fictitioussales d.Poordecision .

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  • 31.Acreditcheckrequirestheinformationof: a.Whetheracreditlimithasbeenestablishedforthecustomer. b.Whetherthereissufficientcreditavailable. c.Thedetailofanyrecentsalesthatmaynotyethavebeenupdatedi
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Multiple Choice Questions 1.The expenditure cycle commences when: a.~ Asectionoftheorganisationsignalsaneedforgoodsorservicestobeprovided b.Thegoodsorservicesthatareacquiredbyasectionoftheorganisationhavebeenpaidfor c.Purchaseordersareappropriatelyauthorised d.Deliveredgoodsarereceived 2.The overall objective of the purchasing phase in the expenditure cycle is to: a.Procuretherightgoodsattherightamountandwiththerightprice b.Procuretherightgoodsattherightamountandwiththerightsupplier c.Procuretherightgoodsattherightamount,andtoreceivethosegoodsattherighttime d.Procuretherightgoodsattherightamount,andtoupdatetheaccountspayablerecord 3.To achieve the overall objective of the purchasing phase in the expenditure cycle, an organisation needs to: a.Approveandauthoriseinitiatedpurchasesproperly. b.Ensurethatacceptedgoodsandservicesmustmeetqualityanddeliveryspecifications. c.Recordallpurchasecommitmentsandobligationsaccurately. d.Alloftheoptionsarecorrect. 4.The overall objective of the accounts payable phase in the expenditure cycle is to: a.Maintaintheaccountspayablerecord. b.Paytherightpeopletherightamountattherighttime c.Determinewhetheraninvoiceshouldbepaid. d.Ensuresuppliersareneitheroverpaidnorunderpaid. 5.To decide.

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  • Multiple Choice Questions 1.The expenditure cycle commences when: a.~ Asectionoftheorganisationsignalsaneedforgoodsorservicestobeprovided b.Thegoodsorservicesthatareacquiredbyasectionoftheorganis
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21.Regarding technologies involved in the expenditure cycle, SCM stands for: a.SupplierandCustomerManagementsoftware b.SupplyChainManagementsoftware c.ServiceandCashManagementsoftware d.SecureCashManagementsoftware 22.The specialised software to handle the integration of suppliers and customers with the aim of producing and distributing goods and services by quantity, location and time to minimise costs and satisfy required service levels is referred to as: a.ERP b.SCM c.RFID d.EDI 23.A company buys in.

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  • 21.Regarding technologies involved in the expenditure cycle, SCM stands for: a.SupplierandCustomerManagementsoftware b.SupplyChainManagementsoftware c.ServiceandCashManagementsoftware
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31.Which of the following external entities do not interact with the HR management and payroll cycle? a.Tax agencies b.Customers c.Employees d.Banks 32.Which of the following is not involved in the payroll preparation process? a.Taxagencies b.Revenuecycle c.Ordinaryemployees d.Productioncycle 33.Which of the following cannot minimise the risk of paying a fictitious employee? a.AskingsomeoneinHRmanagementwhoisnotinvolvedwiththepaycalculationsorauthorisinganypaychangedetailstodistributethepayslips. b.Settinguptheroleofapaymasterandletthepaymasterdistributethepayslips. c.Ensuringthatpayslipsarephysicallyhandedtoemployees. d.Askingsupervisorsoftheemployeestodistributepayslips. 34.The two key processes in performance management are: a.Performanceassessmentandperformanceadjustments. b.Performanceimprovementandperformanceadjustments. c.Performanceassessmentandperformanceimprovement. d.Performancemonitoringandperformanceimprovement. 35.Key selection criteria: a.Arethesameasapositiondescription. b.Formpartofapositiondescription. c.Havenoconnectionwithapositiondescription. d.Noneoftheoptionsarecorrect. 36.Which.

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  • 31.Which of the following external entities do not interact with
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32.A reasonableness check that is used when processing fortnightly employee wage payments would best be used to: a.avoidtheentryoffalseemployeenames b.detectanyemployeeswhohavetheirpaymentsenteredtwice c.detectanypotentiallyincorrectemployeenumbers d.detectpotentiallyhighvaluesforhoursworked 33.Which of the following controls will best help detect inventory input accuracy concerns when entering credit sales into a system? a.Abatchtotalofthenumberofsalesinvoicesinthebatch. b.Ahashtotalofthenumberofinventoryitemsorderedacrossallinvoices. c.Ahashtotalofcustomernumbersfromallsalesinvoices. d.Asequencecheckonsalesinvoicenumbers. 34.Which control would best help achieve the aim of correct valuation for purchase transactions entered.

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  • 32.A reasonableness check that used when processing fortnightly employee wage
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11.A cost leadership strategy would indicate that: a.Supplierswhocanprovidegoodsofsuitablequalityatalowerpriceshouldbeselected. b.Supplierswhocanprovidegoodsatthelowestpriceshouldbeselected. c.Supplierswhocanprovidegoodsatalowerpriceandthelongestsettlementperiodshouldbeselected. d.Suppliersalignedwiththeorganisation’soverallbusinessstrategyshouldbeselected. 12.A differentiated strategy would be better served by selecting suppliers with: a.Highqualityproducts,goodservicestandards,andlowprices b.Highqualityproductsandgoodservicestandards. c.Suitablequalityproducts,suitableservicestandardsandlowprices. d.Suitablequalityproducts,goodservicestandardsandlowprices. 13.The accounts payable phase has a high potential exposure for fraud mainly because: a.Collusionsaremorelikelytooccurintheaccountspayablephase. b.Computerduplicationtechnologycanbeused. c.Cashisleavingthebusiness. d.Botha.&b.arecorrect. 14.Poor payment practices can: (i) damage cash flow (ii) damage supplier relationships (iii) lead to fraud (iv) increase the chance of collusion. a.(i)(ii)only b.(i)(ii)(iv)only c.(i)(ii)(iii)only d.(i)(ii)(iii)(iv) 15.Which.

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  • 11.A cost leadership strategy would indicate that: a.Supplierswhocanprovidegoodsofsuitablequalityatalowerpriceshouldbeselected. b.Supplierswhocanprovidegoodsatthelowestpriceshouldbeselected. c.Su
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11.An inability to retain existing staff members: a.Allowsforgenerationalchangetotakeplace b.Providesopportunitiesforexistingstaffmembers c.Leadstoexpensiveanddisruptivestaffreplacements d.Alloftheoptionsarecorrect 12.A software development company has several employees working from home. Which of the following would be the best way of recording the hours they have worked each week? a.Electronicsubmissionbycompletinganon-screenformandattachinganelectronicsignature. b.Abarcodereaderthatisswipedwhentheemployeearrivesat/departsfromtheoffice c.Physicalclockingoncardthatmustbeinsertedinatimeclockmachineattheoffice,atthestartandendofeachshift d.Telephonecallfromthemanagereachweek 13.Which of the following statements regarding human resources staff is true? a.Humanresourcesstaffarenotresponsibleforthequalityofthestaffemployedbytheorganisation b.Humanresourcesstaffarepartiallyresponsibleforthequalityofthestaffemployedbytheorganisation. c.Humanresourcesstaffarefullyresponsibleforthequalityofthestaffemployedbytheorganisation. d.Humanresourcesstaffandthequalityofthestaffemployedbytheorganisationareirrelevant. 14.Which of the following linkages between the.

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  • 11.An inability to retain existing staff members: a.Allowsforgenerationalchangetotakeplace b.Providesopportunitiesforexistingstaffmembers c.Leadstoexpensiveanddisruptivestaffreplacements
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31.A well-designed chart of accounts will: a.supportkeyreportingrequirementswhileminimisingoreveneliminatingdataentryerror b.supportdiversereportingrequirementswhilemaintaininganacceptablylowdataentryerrorrate c.containmoredigitsingeneralledgeraccountnumber d.notincludeanindicatorforeverypossibledimensionthatthetransactionmayconceivablyneedtobereportedon 32.Adoption of any alternative costing or reporting requirements, such as activity based costing, will: a.notaffectthenumberoftagsneededtocodetransactionsaccuratelyintothegeneralledgeraccounts b.decreasethenumberoftagsneededtocodetransactionsaccuratelyintothegeneralledgeraccounts c.increasethenumberoftagsneededtocodetransactionsaccuratelyintothegeneralledgeraccounts d.increaseordecreasethenumberoftagsneededtocodetransactionsaccuratelyintothegeneralledgeraccounts,dependingontheactualcostingmethodorreportingrequirementadopted 33.Typical budget decisions do not include: a.budgetvariance b.budgetlevel c.budgetbreakdown d.budgettargets 34.Which of the following statements regarding budgets is true? a.Moreaggregatebudgetsaremoredifficulttoplan. b.Moreaggregatebudgetshavesoundusefulnessduringmonitoringofperformanceduetotheabundanceofinformationtheyprovide. c.Budgetscanbesetattwolevels. d.Budgetscanbesetforeachdifferenttypeofrevenueandexpenseforeachdivisionascontainedinthechartofaccounts. 35.Who uses the data produced by the general ledger and financial reporting cycle? a.All levels of management b.Investors and analysts c.Regulatory.

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  • 31.A well-designed chart of accounts will: a.supportkeyreportingrequirementswhileminimisingoreveneliminatingdataentryerror b.supportdiversereportingrequirementswhilemaintaininganacceptablylowdataentryerrorrate
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Multiple Choice Questions 1.What part of an organisation determines the corporate governance? a.shareholders b.boardofdirectors c.employees d.Government 2.Which of the following is related to corporate governance? (i) Goal setting (ii) Risk management (iii) Performance measurement and management a.(i)(ii)(iii) b.(i)(ii)only c.(ii)(iii)only d.(i)(iii)only 3.Which of the following is the objective(s) of a corporate governance system? (i) To ensure that minority shareholders receive reliable.

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  • Multiple Choice Questions 1.What part of an organisation determines the corporate
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21.Which of the following is not associated with the recording of employee work time? a.RFID b.Timeclockscanner c.Biometricscanner d.Noneoftheoptionsarecorrect. 22.An employee record is ideally initially generated by a human resources employee who: a.Hasresponsibilityforidentifyingandauthorisingnewemployeesandisinvolvedinpayrollcycleactivities. b.Doesnothavetheresponsibilityforidentifyingandauthorisingnewemployeesandisnotinvolvedinanypayrollcycleactivities. c.Hastheresponsibilityforidentifyingandauthorisingnewemployeesbutisnotinvolvedinanypayrollcycleactivities. d.Noneoftheoptionsarecorrect. 23.Which of the following is normally not included in a payslip? a.Grosswagesbasedoneithertheirsalarycontractorhoursworkedmultipliedbytheirwagerate. b.Deductionstakenfromgrosswagesonbehalfofexternalbodiessuchasthetaxationdepartmentandsuperannuationfunds. c.Balancesdueforvariousformsofleave. d.Financialentitlementswhenemployeesexittheorganisation. 24.Position description data is generally created by: a.HighlevelemployeeswithintheHRfunction,workingintandemwithoperationalmanagersandsupervisors. b.Operationalmanagersandsupervisorsonly. c.HighlevelemployeeswithintheHRfunctiononly. d.AnyemployeefromtheHRfunction,workingintandemwithoperationalmanagersandsupervisors. 25.Which of the following regarding the salary or wage.

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  • 21.Which of the following not associated with the recording of
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11.The current eight principles for corporate governance outlined by the ASX Corporate Governance Council do not include: a.Recogniseandminimiserisk. b.Safeguardintegrityinfinancialreporting. c.Maketimelyandbalanceddisclosure. d.Remuneratefairlyandresponsibly. 12.In Australia, it is recommended that the board is made up of: a.fulltimeemployeesofthecompany b.amixtureofexecutiveandindependentdirectors c.CEOplusexternaldirectorswhoarenotinvolvedinthebusiness d.accountants,auditorsandexecutivedirector 13.To promote ethical and responsible decision making, an organisation should: (i) have clearly specified codes of conduct for employees and management (ii).

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  • 11.The current eight principles for corporate governance outlined by the
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41.Which of the following is NOT one of the objectives of the organisation as stated in the ERM framework? a.strategic b.reporting c.planning d.compliance 42.Under the ERM, the objectives of the organisation are: a.operations,performance,reporting,andcompliance b.strategic,reporting,compliance,andoperations c.environmentallyfriendly,reporting,profitableandcompliance d.sociallyresponsible,profitable,compliance,andenvironmentallyfriendly 43.The internal control structure of the ERM does NOT include: a.Internalenvironment b.Externalenvironment c.Eventidentification d.Informationandcommunication 44.The internal control structure of the ERM does NOT include: a.Riskassessment b.Riskresponse c.Controlactivities d.Resourcemanagement 45.Specific components of the control environment.

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  • 41.Which of the following NOT one of the objectives of
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41.A warning message is produced if budget estimate varies by more than a fixed percentage from last year’s budget is an example of controlling for: a.Fraud b.Dataentryerrorswhenrecordingbudgets c.Underestimationofrevenueandexpenditureamounts d.Alloftheoptionsarecorrect 42.To reduce the risks of incomplete and inaccurate data during data extraction and validation in the process of updating general ledger, which of the following controls.

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  • 41.A warning message produced if budget estimate varies by more
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21.Inventorydataisprimarilycreatedbyactivitieswithinthe: a.Revenuecycle b.Expenditurecycle c.Conversioncycle d.Financingcycle. 22.Themostdetaileddataproducedbytherevenuecycleis: a.customerdata b.accountsreceivable c.salesdata d.inventorydata 23.WhichofthefollowingisNOTastrategy-leveldecision? a.Pricesetting b.Salesreturnandwarrantypolicies c.Provisionofcustomercreditfacilities d.Selectinggoodsdeliverymethod 24.WhichofthefollowingisNOTanoperationalleveldecision? a.Determiningcorrectcashreceiptallocationsforacustomerpayment. b.Cashcollectionpoliciesandprocedures. c.Respondingtoarequesttoextendcredittoaparticularcustomer. d.Calculationofinventoryavailability. 25.Thecalculationofinventoryavailabilityrequiresknowledgeof:(i)currentlevelsofstockonhand(ii)stockonorder(iii)stockpromisedtocustomers(iv)supplierleadtime. a.(i)(ii)only b.(i)(ii)(iv)only c.(i)(ii)(iii)only d.(i)(ii)(iii)(iv) 26.Determiningcashcollectionpoliciesandproceduresneedsknowledgeof:(i)averagepaymenttimes(ii)industrystandards(iii)customercreditpolicies(iv)legalrequirements(v)thedegreeofcustomertolerance. a.(i)(ii)(iv)only b.(ii)(iii)(iv)only c.(i)(ii)(iii)(iv)only d.(i)(ii)(iii)(iv)(v) 27.Whichofthefollowingactivitiesisnotinvolvedinprocessingthesalesorder? a.Checkcustomercredit b.Createsalesorder c.Checkinventorylevels d.Billthecustomer 28.Whichofthefollowingactivitiesisnotinvolvedinpreparingandthesendingthegoodstocustomers? a.Pickgoods b.Preparegoodsforshipping c.Delivergoods d.Updateinventoryrecord 29.Tobillacustomer,thebillingdepartmentmust: a.Checkinventorylevels b.Performacreditcheck c.Checkthatthesalehasbeencompleted d.Checkthatthecustomerhasreceivedthegoods. 30.Toreducetheriskofallowinganordertoproceedwhengoodsarenotavailableorrejectinganorderwhengoodsareavailable,itisimportantto: a.maintainaccurateandtimelyperpetualinventoryrecordsandperiodicallyconductphysicalinventorychecks. b.maintainaccurateandtimelyperpetualinventoryrecordsandconstantlyconductphysicalinventorychecks. c.maintainaccurateandtimelyperiodicinventoryrecordsandperiodicallyconductphysicalinventorychecks. d.maintainaccurateandtimelyperiodicinventoryrecordsandconstantlyconductphysicalinventorychecks. .

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  • 21.Inventorydataisprimarilycreatedbyactivitieswithinthe: a.Revenuecycle b.Expenditurecycle c.Conversioncycle d.Financingcycle. 22.Themostdetaileddataproducedbytherev
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Multiple Choice Questions 1.Therevenuecyclecommenceswhen: a.apaymentisreceived b.asaleisrecorded c.acustomerindicatestheywishtopurchaseagoodorservice d.acustomerisbilled 2.Theobjectiveofthesalesphaseintherevenuecycleisto: a.Effectivelyconductsalesandarrangethepromptsupplyofgoodsandservices. b.Effectivelyconductsales. c.Effectivelyconduct,record,andmonitorsalesandarrangethepromptsupplyofgoodsandservices. d.Effectivelyconduct,record,andmonitorsales. 3.Theobjectiveoftheaccountsreceivablephaseintherevenuecycleisto: a.Ensurepaymentsforgoodsandservicesarereceivedontimeandincorrectamount. b.Ensurepaymentsforgoodsandservicesarecorrectlyreceived,recordedandbanked. c.Ensuretheaccountspayablerecordisupdatedaccordinglywhenpaymentsforgoodsandservicesarereceived. d.Ensurethatpaymentsforgoodsandservicesaremadetothecorrectsuppliers. 4.Whichofthefollowingdocumentsisnotgeneratedintherevenuecycle? a.Salesorder b.Shippingnotice c.Billoflading d.Purchaserequisition 5.Whichofthefollowingdepartmentsisnotpartoftherevenuecycle? a.Billingdepartment b.Salesdepartment c.Shippingdepartment d.Accountspayabledepartment 6.Whichdocumentisprepared,usuallyinmultiplecopies,aspartofthesalesprocessandpotentiallyusedforvariouspurposes,includinginitiatingshipping? a.Customerorder b.Salesorder c.Shippingnotice d.Packingslip 7.Whichofthefollowingstatementsregardingsourcedocumentsinarevenuecycleisincorrect? a.Thepackingslipisgeneratedbytheshippingclerk. b.Thesalesinvoiceispreparedbythebillingclerk. c.Theremittanceadviceisgeneratedbythecustomer. d.Thesalesorderispreparedbythesalesperson. 8.Asoundwellcontrolledrevenuecyclecanprovide? a.Opportunitiestoreducesalesstaff. b.Opportunitiestoreducethenumberofvendorsanorganisationpurchasesfrom. c.Answersa.andb.arebothcorrect d.Acompetitiveadvantagebyprovidingsuperiorcustomerservicelevels. 9.Adocumentthatispreparedbytheshippingofficerinthelogisticsunitforthecommoncarriersthattransportthegoodstothecustomeris: a.Billoflading b.Shippingnotice c.Goodspackingslip d.Salesinvoice 10.Thesalesorderisaformaldocumentthatispreparedmainlyusing: a.salesinvoice b.customerorder c.customercreditapplication d.customerservicelog .

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  • Multiple Choice Questions 1.Therevenuecyclecommenceswhen: a.apaymentisreceived b.asaleisrecorded c.acustomerindicatestheywishtopurchaseagoodorservice d.acustomerisbi
  • Accounting
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31.Control activities: (i) are the responses by management to the risks identified in the risk assessment stage (ii) are policies and procedures that help ensure that management directives are carried out (iii) are also called control procedures. a.(i)only b.(ii)only c.(i)(ii)only d.(i)(ii)(iii) 32.The effectiveness of internal control systems is determined by: a.reportsbytheexternalauditor b.reportsbytheinternalauditor c.theneedtocomplywithapplicablelawsandregulations d.theactionsoftheboard 33.Which of the following best sums.

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  • 31.Control activities: (i) the responses by management to the risks
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11.Whichofthefollowingdocumentsis/aregiventocustomers?(i)shippingnotice(ii)salesinvoice(iii)remittanceadvice(iv)goodspackingslip. a.(i)(ii)(iii)only b.(ii)(iii)(iv)only c.(ii)(iii)only d.(i)(ii)(iii)(iv) 12.Onlinebanking: a.Improvessecurityandcashflows b.Improvessecuritybuthasnoimpactoncashflows c.Improvestransparencyaswellaseliminatingtheneedforreconciliationoftransactions d.Increasesdataentrycostsbutreduceserrorrates. 13.Whichofthefollowingtechnologiesisnotdirectlyrelevanttotherevenuecycle? a.CRM b.ERP c.SCM d.EDI 14.EDIstandsfor: a.Electronicdatainterchange b.Electronicdepartmentalintegration c.Extensibledigitalinformation d.Ecommercedatainterchange 15.EDIismainlyusedto: a.produceversatileandadaptivesystemsforlargerepeatcustomers b.produceversatileandadaptivesystemsforcustomersofallsizes c.producespecificallytailoredsystemsforlargerepeatcustomers d.producespecificallytailoredsystemsforcustomersofallsizes 16.Abespokelinkthatenablesexchangeofdatabetweentwoseparatecomputersystemsandthatisusedwhentransactionflowandvolumeislargeandtransactionsyntaxispredictableisreferredtoas: a.ERP b.EDI c.XML d.CRM 17.CRMstandsfor: a.Computerisedresourcemanagement b.Customerrelationshipmanagement c.Corporateresourcemanagement d.Continuousreductionmethod. 18.CRMisdesignedwiththespecificpurposeofviewingtheorganisation’sdatafrom: a.aresourcecentricperspective b.amanagementcentricperspective c.acustomercentricperspective d.adatasystemperspective. 19.ERP: a.improvestheintegrationofenterprise-widedata b.providestighterlinkagesbetweenrelevantmodulessuchasmarketing,sales,production,shipping,billing,accountsreceivableandgeneralledger c.recordsandmanagesmanydifferenttypesofbusinesstransactionswithinasingleintegrateddatabase d.Alloftheoptionsarecorrect. 20.Ideally,customerdatashouldbeproducedbyadedicatedcustomermanagementsectionofanorganisation.ThiscustomermanagementsectionisNOTresponsiblefor: a.Identifyingandauthorisingnewcustomers b.Identifyingandauthorisingexistingcustomers c.Assigningandreviewingcustomercreditlimits d.Securingpreferentialpricingforcustomers. .

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  • 11.Whichofthefollowingdocumentsis/aregiventocustomers?(i)shippingnotice(ii)salesinvoice(iii)remittanceadvice(iv)goodspackingslip. a.(i)(ii)(iii)only b.(ii)(iii)(iv)only c.(ii)(iii)only
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21.The COBIT framework: a.islocallyrecognisedframeworkforAustraliaandNewZealand b.targetslargeorganisations c.isaframeworkforcorporategovernance d.isaframeworkforITgovernance 22.Major IT stages outline by the COBIT framework do not include: a.Planandorganise b.Deliverandsupport c.Monitorandevaluate d.Recycleanddisposal 23.The focus of the plan and organise stage in the COBIT framework include: (i) being aware of the current organisational use of IT (ii) being aware of opportunities that may exist for future IT developments (iii) planning for.

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  • 21.The COBIT framework: a.islocallyrecognisedframeworkforAustraliaandNewZealand b.targetslargeorganisations c.isaframeworkforcorporategovernance d.isaframeworkforITgovernance
  • Accounting
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11.Which of the following statements regarding reports is true? a.Financialreportsaremoredetailedthanmanagementreports. b.Financialreportshaveaninternalfocus. c.Managementreportscanbedistributedexternally. d.Basicreportscontainevenmoredetailedinformationthanfinancialreportsandmanagementreports. 12.It is often necessary to create one-off reports from data held in the general ledger. Which of the following technologies would be useful for an end user to analyse extracted data and format a report? a.CrystalReports b.MicrosoftExcel c.MicrosoftPowerPoint d.SAPBusinessIntelligenceSolutions 13.Which of the following is not a problem.

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  • 11.Which of the following statements regarding reports true? a.Financialreportsaremoredetailedthanmanagementreports. b.Financialreportshaveaninternalfocus. c.Managementreportscanbedistributedexte
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41.Whichofthefollowingstatementsregardingcreditlimitsistrue? a.Theabilitytoaddanewcustomerandchangeorassignacreditlimitshouldbedevolvedtosalesstaff. b.Creditlimitshouldbeestablishedonthefiscalsoundnessofthecustomer. c.Theageofallreceivablesneedstobecheckedonlyoccasionally. d.Answersa.andb.arebothcorrect. 42.AcustomerbuysacomputerovertheInternet;sheisrequiredtopayforthecomputerbeforethecomputerisdispatched.Thisisanexampleof: a.Electronicpayment b.Post-billing c.Creditcheck d.Pre-billing 43.Asalesorderiscreatedbyusing________asthemainsourceofinformation. a.Inventorylevel b.Creditinformation c.Salesrequest d.Forecastedsales. 44.Whichdocumenttriggersthepickingofgoods? a.Salesorderonly b.Pickingticketonly c.Eithersalesorderorpickingticket d.Neithersalesordernorpickingticket 45.Astatuscodeis: a.Acodeusedtoshowthecreditlevelofacustomer. b.Acodeontransactionsthataremovingthroughaniterationofaprocessindicatingwhichstageoftheprocessthetransactionisat. c.Acodeusedtoflagwhetherthegoodsareshipped. d.Notaccessiblebythecustomer. 46.Aninvoiceiscreatedforeachvalidsalebybasingon: a.Priceinformationandinventoryinformation b.Customerdataandsalesorder c.Salesrequestandpriceinformation d.Customerdataandinventoryinformation 47.Whichofthefollowingstatementsrelatingtothecreationofaninvoiceiscorrect? a.Ifinvoicesarenotpostedregularly,theamountsshownasowinginaccountsreceivablewillbeunderstated. b.Ifinvoicesarenotpostedregularly,theamountsshownasowinginaccountsreceivablewillbeoverstated. c.Updatingaccountsreceivablemusthappeninreal-time;otherwisetheaccountsreceivableaccountswillbeunderstated. d.Invoicesmustbedispatchedwiththegoodstoensuretimelypayment. 48.KWLtdseparatesthebillingandshippingfunctionsandimposesindependentcheckstoensurethatgoodshavebeenshippedpriortobillingthecustomer.Thisisanexampleof: a.Reducingtheriskofover-billing b.Reducingtheriskofunder-billing c.Reducingtheriskoffailingtobillacustomerforavalidsale d.Eliminatingtheriskoffailingtoshipgoodsthathavebeeninvoiced. 49.Whichofthefollowingstatementregardingthereceiptofchequesistrue? a.Chequesreceivedshouldbestampedorendorsedimmediately. b.Chequesreceivedshouldbereceiptedanddepositedbytheaccountsreceivableclerk. c.Chequesneednotbeseparatedfromtheremittanceadvice. d.Chequesshouldbereceiptedanddepositedbytheaccountspayableclerk. 50.Whichofthefollowingcanbeidentifiedasariskinreceivingpayment? a.Lateorslowpayment b.Non-payment c.Theftofcashand/orcheques d.Alloftheoptionsarecorrect. .

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  • 41.Whichofthefollowingstatementsregardingcreditlimitsistrue? a.Theabilitytoaddanewcustomerandchangeorassignacreditlimitshouldbedevolvedtosalesstaff. b.Creditlimitshouldbeestablishedonthefiscalsoundnessofthecust
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31.Which of the following is less likely to be a product level decision during the production cycle? a.Materialrequirements. b.Labourrequirements. c.Equipmentrequirements. d.Customerspecificationrequirements. 32.Production scheduling decisions do not include: a.Determiningwhattypesofproductstoproduce. b.Determininghowmanyofeachproducttoproduce. c.Determiningthecostingmethodsforproductsproduced. d.Schedulingproductiontoalignwithdemand. 33.During the production cycle, a bill of materials must be created for each product based on data obtained from: a.therawmaterialinventoryandtheproductionschedule b.productionsequenceandtheproductspecification c.therawmaterialinventoryandtheproductspecification d.productionsequenceandtheproductionschedule 34.The following process business decisions must be made during the production.

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  • 31.Which of the following less likely to be a product
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41.An example of a suitable key performance indicator (KPI) for the objective of producing purchase orders that are accurate and correctly authorised is: a.#ofpurchasesfromapprovedsuppliers. b.#ofrequestercomplaints. c.#ofreturnstosuppliers. d.$ofunauthorisedpayments. 42.To prevent employees from receiving kickbacks in the ordering process, an organisation can do the following except: a.Enforcejobrotation. b.Enforceannualleave. c.Enforcecorporategiftpolicies. d.Enforcetheuseofpre-approvedsuppliers. 43.To check that there was a purchase order placed for the goods,.

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  • 41.An example of a suitable key performance indicator (KPI) for
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Multiple Choice Questions 1.The general ledger and financial reporting cycle commences when: a.dataarereceivedfromothercycles b.budgetsarecreated c.itistimetogenerateanddistributefinancialreports d.budgetvariancesareexamined 2.The general ledger and financial reporting cycle ends when: a.nomoredataarereceivedfromothercycles b.budgetsarecreated c.financialreportshavebeengeneratedanddistributed d.budgetvariancesareexamined 3.In the general ledger and financial reporting cycle: a.Adjustingjournalentriesdoesnothavetobeauthorisedindependently. b.Reportsmustnotcontainirrelevantdata. c.Datashouldnotbetransferredamongstaccounts. d.Dataneednotbevalidated. 4.The general ledger and financial reporting cycle ________. a.Summarises,adjusts,andreportsondatafromallpreviousoperationalcycles. b.Summarises,adjusts,andreportsondatafromallcurrentoperationalcycles. c.Creates,adjusts,andsummarisesondatafromallpreviousoperationalcycles. d.Creates,adjusts,andsummarisesondatafromallcurrentoperationalcycles. 5.During the general ledger and financial reporting cycle: a.Budgetsarecreatedandagreedupon. b.Transactionalleveldataisaccumulated,summarised,adjustedandreportedtointernalusers. c.Transactionalleveldataisaccumulated,summarised,adjustedandreportedtoexternalusers. d.Alloftheoptionsarecorrect. 6.Financial reports generated in the general ledger and financial reporting cycle.

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  • Multiple Choice Questions 1.The general ledger and financial reporting cycle commences
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