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Acct Sys Exam 1 QQ
| Question | Answer |
|---|---|
| What are business resources? | Raw material, labor and information |
| Which level of management is responsible for short-term planning and coordination of activities necessary to accomplish organizational objectives? | Middle management |
| The value of information for users is determined by? | Reliability, relevance and completeness |
| What is the value of information NOT determined by? | Convenience |
| What is an example of a financial transaction? | The purchase of a computer |
| The major difference between FRS and MRS systems is? | The FRS provides information to external and internal users; the MRS provides information to internal users |
| The most basic element of useful data in the database is? | Attribute |
| What are the characteristics of effective information? | Completeness, Accuracy, Relevance, Timely, Summary |
| What is NOT a characteristics of effective information? | Structure |
| What tasks does database management include? | Storage, Retrieval and Deletion |
| What task does database management NOT include? | Summarization |
| What is an example of a turnaround document? | Remittance advice |
| What systems are part of the expenditure cycle? | Cash disbursements, payroll and purchases/accounts payable |
| What system is NOT part of the expenditure cycle? | Production planning/control |
| What documents are examples of source documents? | Sales order, employee time card and sales return receipt |
| What document is NOT a type of source document? | Paycheck |
| What do data flow diagrams do? | Depict logical tasks that are being performed but not who is performing them |
| What do system flowcharts do? | Represent logical relationship between key elements of both manual and computer systems |
| The coding scheme most appropriate for a chart of accounts is what? | Block code |
| True or False, do all general accounts have subsidiary ledgers? | False |
| In a computerized environment, where would a list of authorized suppliers be found? | Reference file |
| Which ethical principle states that the benefit from a decision must outweigh the risks, and that there is no alternative decision that provides the same or greater benefit with less risk | Proportionality |
| Individuals who acquire some level of skill and knowledge in the field of computer ethics are involved in which level of computer ethics? | Para computer ethics |
| What is not a factor of the fraud triangle? | Materiality of the assets |
| What are the three factors of the fraud triangle? | Ethical behavior of an individual, Pressure exerted on an individual at home and job related, and Opportunity to gain access to assets |
| What is not a required condition in an action being considered fraudulent? | Poor judgement |
| What are conditions required in an action being called fraudulent? | Intent to deceive, False representation and Injury or Loss |
| What is one characteristic of employee fraud? | It involves the direct conversion of cash or other assets to the employee's personal benefit |
| What is the description lapping? | Applying cash receipts to a different customer's account in an attempt to conceal previous thefts of funds |
| What does skimming involve? | Stealing cash from an organization before it is recorded |
| Who is responsible for establish and maintaining the internal control system? | Management |
| What type of control is a well-designed purchase order an example of? | Preventive Control |
| What is giving, receiving, offering or soliciting something of value because of an official act that has been taken | An illegal gratuity |
| What is not an internal control procedure? | Management's operating style |
| What are examples of internal control procedures? | Accounting records, Independent Verification, and Authorization (TSSAAI) |
| What is the decision to extend credit beyond the normal credit limit an example of? | Authorization |
| A shell company fraud involves what? | Manufacturing false purchase orders, receiving reports, and invoices |
| What is not a condition for Fraud? | Material reliance |
| What are conditions for Fraud? | False representation, intent and injury or loss (JFIIM) |
| What is not part of the COSO framework? | Certification by management |
| What are parts of the COSO framework? | Risk assessment, Monitoring and Control activities (CRIME) |
| Which piece of legislation requires management of public companies to assess the effectiveness of an organization's internal controls? | SOX 404 |
| True or false, the warehouse is responsible for updating the inventory subsidiary ledger? | False |
| How many systems does the revenue cycle consist of? | Two subsystems - Sales order processing and cash receipts |
| The reconciliation that occurs in the shipping department is intended to ensure what? | That the goods shipped match the goods ordered |
| What document triggers the revenue cycle? | The customer purchase order |
| What can a copy of the sales order NOT be used for? | Purchase order |
| What is a copy of a sales order used for? | Packing slip, credit authorization and shipping notice |
| What is the customer open filed used for? | To respond to customer queries |
| What does the shipping notice do? | Informs the billing department of the quantities shipped |
| What function that occurs in the mailroom should be segregated from this other function? | Opening the mail and making the journal entry to record cash receipts |
| What functions don't need to be segregated? | Providing information on inventory levels and reconciling the bank statement, authorizing credit and determining order quantities, and maintaining subsidiary ledgers and handling customer queries |
| Which department prepares the bill of lading? | Shipping |
| What type of control is considered a compensating control? | Supervision |
Created by:
Erika.Meakins
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