Question 1

The starting point for an audit trail of a production department might be the purchase of raw materials.

Accepted Answer

A) True 
 B)False  True

Question 2

Because accountants are not normally computer programmers working within the information processing subsystem, it is unnecessary for them to understand the capabilities and limitations of computers.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of these would be considered suspicious activities under current SAR rules?

Accepted Answer

A) Money laundering 
B) Bribing officials 
C) Transferring money to suspected terrorists 
D) all of these 
A) Money laundering 
B) Bribing officials 
C) Transferring money to suspected terrorists 
D) all of these D

Question 4

FINTRAC's mandate requires detailed reporting on certain financial transactions of banks, insurance companies, mutual funds, broker dealers, commodity traders, money service business, casinos, and card clubs.

Accepted Answer

A) True 
 B)False

Question 5

The acronym ERP stands for "enterprise reporting system."

Accepted Answer

A) True 
 B)False

Question 6

The acronym ERP stands for "electronic reporting plan."

Accepted Answer

A) True 
 B)False

Question 7

Which of the following best describes "predictive analytics"?

Accepted Answer

A) It is a method auditors use to predict when managers might have a weak internal control system 
B) It is a technique that uses data stored in data warehouses to create systems that allow managers to use their data to improve performance 
C) It is a method used to prevent managers from overriding internal controls 
D) none of the above 
A) It is a method auditors use to predict when managers might have a weak internal control system 
B) It is a technique that uses data stored in data warehouses to create systems that allow managers to use their data to improve performance 
C) It is a method used to prevent managers from overriding internal controls 
D) none of the above

Question 8

Some possible career opportunities for AIS majors or minors include consulting positions, computerized auditing, or system computer auditing positions.

Accepted Answer

A) True 
 B)False

Question 9

The managerial accounting component of the accounting subsystem contains all but which one of the following functions:

Accepted Answer

A) Cost accounting 
B) Financial accounting 
C) Budgeting 
D) Systems study 
A) Cost accounting 
B) Financial accounting 
C) Budgeting 
D) Systems study

Question 10

Which of the following best describes assurance services?

Accepted Answer

A) Auditors are desperate to offer assurance services so that they will still have business in the future 
B) Assurance and auditing are closely related 
C) Assurance is a guarantee that there is no fraud in a company 
D) Assurance services usually require expertise in information technology 
A) Auditors are desperate to offer assurance services so that they will still have business in the future 
B) Assurance and auditing are closely related 
C) Assurance is a guarantee that there is no fraud in a company 
D) Assurance services usually require expertise in information technology

Question 11

Accountants are usually classified as "line workers" within business organizations.

Accepted Answer

A) True 
 B)False

Question 12

An example of an assurance service for a company engaged in electronic commerce is:

Accepted Answer

A) XBRL 
B) Canada Trust 
C) CA Trust 
D) CICA Webtrust Services 
A) XBRL 
B) Canada Trust 
C) CA Trust 
D) CICA Webtrust Services

Question 13

Despite the CICA requirement to maintain auditor independence during consulting engagements, there are still many areas in which CA firms provide consulting services to their clients.

Accepted Answer

A) True 
 B)False

Question 14

As a result of computerized information processing systems in many organizations today, the need for accountants in these organizations has significantly declined.

Accepted Answer

A) True 
 B)False

Question 15

Sections of the Bill C-26 mandate suspicious activity reporting.

Accepted Answer

A) True 
 B)False

Question 16

The P in the acronym KPI stands for:

Accepted Answer

A) Processing 
B) Performance 
C) Planning 
D) Personnel 
E) none of these 
A) Processing 
B) Performance 
C) Planning 
D) Personnel 
E) none of these

Question 17

The CISA is an acronym for a professional accounting certification.

Accepted Answer

A) True 
 B)False

Question 18

One major difference between financial accounting and managerial accounting is that financial accountants prepare financial statements for external investors while managerial accountants prepare financial statements for internal managers.

Accepted Answer

A) True 
 B)False

Question 19

The designation for a licensed information systems audit professional is:

Accepted Answer

A) CPA 
B) CA 
C) CIA 
D) CISA 
A) CPA 
B) CA 
C) CIA 
D) CISA

Question 20

The certified information systems auditor certification is sponsored by:

Accepted Answer

A) ISACA 
B) AICPA 
C) ITA 
D) none of these 
A) ISACA 
B) AICPA 
C) ITA 
D) none of these

The starting point for an audit trail of a production department might be the purchase of raw materials.

Because accountants are not normally computer programmers working within the information processing subsystem, it is unnecessary for them to understand the capabilities and limitations of computers.

Which of these would be considered suspicious activities under current SAR rules?

FINTRAC's mandate requires detailed reporting on certain financial transactions of banks, insurance companies, mutual funds, broker dealers, commodity traders, money service business, casinos, and card clubs.

The acronym ERP stands for "enterprise reporting system."

The acronym ERP stands for "electronic reporting plan."

Which of the following best describes "predictive analytics"?

Some possible career opportunities for AIS majors or minors include consulting positions, computerized auditing, or system computer auditing positions.

The managerial accounting component of the accounting subsystem contains all but which one of the following functions:

Which of the following best describes assurance services?

Accountants are usually classified as "line workers" within business organizations.

An example of an assurance service for a company engaged in electronic commerce is:

Despite the CICA requirement to maintain auditor independence during consulting engagements, there are still many areas in which CA firms provide consulting services to their clients.

As a result of computerized information processing systems in many organizations today, the need for accountants in these organizations has significantly declined.

Sections of the Bill C-26 mandate suspicious activity reporting.

The P in the acronym KPI stands for:

The CISA is an acronym for a professional accounting certification.

One major difference between financial accounting and managerial accounting is that financial accountants prepare financial statements for external investors while managerial accountants prepare financial statements for internal managers.

The designation for a licensed information systems audit professional is:

The certified information systems auditor certification is sponsored by:

Information Technology and Aiss

Data Modeling

Organizing and Manipulating the Data in Databases

Database Forms and Reports

Documenting Accounting Information Systems

Accounting Information Systems and Business Processes: Part I

Accounting Information Systems and Business Processes: Part II

Introduction to Internal Control Systems

Computer Controls for Organizations and Accounting Information Systems

Computer Crime, Fraud, Ethics, and Privacy

Information Technology Auditing

Developing and Implementing Effective Accounting Information Systems

Accounting on the Internet

Accounting and Enterprise Software

Filters

Exam 1: Accounting Information Systems and the Accountant

The starting point for an audit trail of a production department might be the purchase of raw materials.

Because accountants are not normally computer programmers working within the information processing subsystem, it is unnecessary for them to understand the capabilities and limitations of computers.

Which of these would be considered suspicious activities under current SAR rules?

FINTRAC's mandate requires detailed reporting on certain financial transactions of banks, insurance companies, mutual funds, broker dealers, commodity traders, money service business, casinos, and card clubs.

The acronym ERP stands for "enterprise reporting system."

The acronym ERP stands for "electronic reporting plan."

Which of the following best describes "predictive analytics"?

Some possible career opportunities for AIS majors or minors include consulting positions, computerized auditing, or system computer auditing positions.

The managerial accounting component of the accounting subsystem contains all but which one of the following functions:

Which of the following best describes assurance services?

Accountants are usually classified as "line workers" within business organizations.

An example of an assurance service for a company engaged in electronic commerce is:

Despite the CICA requirement to maintain auditor independence during consulting engagements, there are still many areas in which CA firms provide consulting services to their clients.

As a result of computerized information processing systems in many organizations today, the need for accountants in these organizations has significantly declined.

Sections of the Bill C-26 mandate suspicious activity reporting.

The P in the acronym KPI stands for:

The CISA is an acronym for a professional accounting certification.

One major difference between financial accounting and managerial accounting is that financial accountants prepare financial statements for external investors while managerial accountants prepare financial statements for internal managers.

The designation for a licensed information systems audit professional is:

The certified information systems auditor certification is sponsored by:

Information Technology and Aiss

Data Modeling

Organizing and Manipulating the Data in Databases

Database Forms and Reports

Documenting Accounting Information Systems

Accounting Information Systems and Business Processes: Part I

Accounting Information Systems and Business Processes: Part II

Introduction to Internal Control Systems

Computer Controls for Organizations and Accounting Information Systems

Computer Crime, Fraud, Ethics, and Privacy

Information Technology Auditing

Developing and Implementing Effective Accounting Information Systems

Accounting on the Internet

Accounting and Enterprise Software

Filters