Accounting Systems

Accounting Systems 3110 test 1

The Committee of Sponsoring Organizations of the Treadway Commission on Fraudulent Financial Reporting framework includes _____.

A) control activities and the control environment

B) information and communication

C) risk assessment and monitoring

D) all of the above

E) A and C, only

Question 2 5 / 5 points

Examples of internal control include _____.

A) bank reconciliation and user training

B) restrictive endorsement and daily deposit of checks

C) separation of duties and document matching.

D) all of the above

E) A and C, only

Question 3 5 / 5 points

The expectancy that effort will lead to success is a function of _____.

A) instrumentality (will success be rewarded)

B) valence (is the reward valued)

C) both A and B

D) either A or B, but not both

E) neither A nor B

Question 4 5 / 5 points

The financial activity on the accrual basis for a period of time is found in the _____.

A) balance sheet

B) income statement

C) retained earnings statement

D) statement of cash flows

E) none of the above

Question 5 5 / 5 points

Steps in the accounting cycle that occur Steps that occur at the end of the fiscal year include to _____.

A) prepare financial statements and record and post-closing entries

B) prepare post-closing trial balance

C) record and post adjusting entries and to prepare an adjusted trial balance

D) all of the above

E) A and C, only

Question 6 5 / 5 points

Business process management is a systematic approach to analyzing, redesigning, improving and managing a specific process.

A) true

B) false: it does not include redesigning a specific

C) false: it is unrelated to managing a specific process

D) both B and C

E) none of the above

Question 7 5 / 5 points

Internal control can be defined as a process, effected by an entity’s board of directors, management and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting and compliance with applicable laws and regulations.

A) True

B) Internal control is not a process but rather the end result

C) False: internal control is not effected by an entity’s board of directors

D) both B and C

E) none of the above

Question 8 5 / 5 points

The accounting cycle includes steps completed each period to _____.

A) identify recordable transactions

B) measure related dollar amounts

C) prepare general purpose financial statements

D) record transactions in the AIS

E) all of the above

Question 9 0 / 5 points

Examples of internal control include _____.

A) biometric access to IT assets and video surveillance

B) forced vacations and job rotation

C) password policies and forced vacations

D) all of the above

E) B and C, only

Question 10 5 / 5 points

An accounting information system is a set of interrelated _____.

A) Activities

B) Documents

C) Technologies

D) all of the above

E) A and B, only

Question 11 0 / 5 points

A deterministic question _____.

A) has multiple right answers

B) has one right answer

C) is exemplified by, “What is the journal entry to record a cash sale of services?”

D) A and C, only

E) B and C, only

Question 12 5 / 5 points

One important component of critical thinking is the ability to _____.

A) find needed information

B) recognize when information is needed

C) use information for decisions

D) all of the above

E) none of the above

Question 13 5 / 5 points

An example of an internal control is _____.

A) adequate documentation

B) physical controls

C) separation of duties

D) all of the above

E) A and C, only

Question 14 5 / 5 points

The conceptual framework was _____.

A) designed to provide some structure and guidance for the development of future accounting principles

B) developed by the FASB in 1977

C) required by Sarbanes-Oxley Act of 2002

D) A and B

E) A and C

Question 15 0 / 5 points

_____ organizations determine their internal controls by thinking about their risk exposures.

A) All

B) Many

C) Some

D) Few

E) no

Question 16 5 / 5 points

In the risk assessment component of an enterprise risk management system, risks are assessed on _____ basis.

A) an inherent

B) a residual

C) both A and B

D) either A or B, but not both

E) neither A nor B

Question 17 0 / 5 points

Reasonable assurance _____.

A) considers the cost-benefit constraint

B) does not consider the cost-benefit constraint

C) is unrelated to the cost-benefit constraint

D) must not consider the cost-benefit constraint

E) none of the above

Question 18 5 / 5 points

The purpose of _____ entries is to account for timing differences between cash flow and accrual basis revenue and expense.

A) adjusting

B) closing

C) journal

D) opening

E) none of the above

Question 19 5 / 5 points

An accounting information system is designed to _____.

A) collect data

B) process data

C) report information

D) all of the above

E) A and B, only

Question 20 5 / 5 points

Systems risk and human error risk are examples of _____ risk.

A) financial

B) hazard

C) operational

D) strategic

E) none of the above

Question 21 5 / 5 points

A purpose of internal control purposes is to _____.

A) encourage compliance with management directives

B) ensure reliable financial reporting

C) promote operating efficiency

D) safeguard assets

E) all of the above

Question 22 5 / 5 points

A cost form associated with an accounting information system is _____.

A) behavioral

B) financial

C) psychological

D) all of the above

E) A and C, only

Question 23 5 / 5 points

A non-deterministic question _____.

A) has multiple right answers

B) has one right answer

C) is exemplified by, “What is the journal entry to record a cash sale of services?”

D) A and C, only

E) B and C, only

Question 24 0 / 5 points

Internal control ensures _____.

A) compliance with management directives

B) operating efficiency

C) reliable financial reporting

D) all of the above

E) A and B, only

Question 25 5 / 5 points

Legal risk, regulatory risk, and business strategy risk examples of _____ risk.

A) financial

B) hazard

C) operational

D) strategic

E) none of the above

Question 26 5 / 5 points

Bookkeeping is _____.

A) communicating economic information to permit Informed judgments and decisions by users of the information

B) part of accounting

C) the totality of accounting

D) unrelated to accounting

E) none of the above

Question 27 5 / 5 points

Market risk, credit risk, and liquidity risk are examples of _____ risk.

A) financial

B) hazard

C) operational

D) strategic

E) none of the above

Question 28 5 / 5 points

Expectance theory _____ accounting information systems.

A) can be applied to the implementation and application of

B) is the only component of

C) is based on the principle that all people are lazy and must be constantly monitored in order to implement and apply an

D) unrelated to

E) none of the above

Question 29 5 / 5 points

The importance of AIS is that it

A) gives a “big picture” view of accounting

B) is needed in all organizations

C) offers opportunity for developing critical thinking skills

D) touches virtually every other area of accounting

E) all of the above

Question 30 5 / 5 points

Accounting Information Systems have generic elements including _____.

A) inputs and outputs

B) internal controls

C) processes and storage

D) all of the above

E) A and C, only

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