Exam 8: General Ledger, Financial Reporting, and Management Reporting Systems

For reports to be useful they must have information content.Describe a reporting objective which gives reports information content.

Which statement is not true?

Which situation indicates an internal control risk in the General Ledger/Financial Reporting Systems (GL/FRS)?

Explain the phrase "span of control." What are the implications for the management reporting system of this principle?

In most cases intangible decision criteria can be quantified.

Discuss the primary advantage of XBRL over traditional HTML as a means of on-line reporting of financial information to users.

XBRL taxonomies are classification schemes that are compliant with the XBRL specifications to accomplish a specific information exchange.

An inventory out-of-stock report is an example of a programmed,on-demand report.

Employees who are responsible for a task must have the __________________________ to make decisions within the limits of the responsibility delegated.

What account appears on the post closing trial balance?

A principle of responsibility accounting is that managers are responsible for controllable and uncontrollable costs.

Many financial reports produced by organizations are nondiscretionary-publicly traded firms have no choice but to prepare income statements,tax returns,etc.Applications that are part of the management reporting system are discretionary-they are optional.How does this characteristic affect the system?

Standards are the basis for evaluating actual performance.

What is information overload? How does it affect decision-making?

Financial statements are prepared from the

Which of the following management principles affects the management reporting system?

An advantage of a batch General Ledger System (GLS)is that

Risk exposures in the General Ledger and Financial Reporting Systems include all of the following except

Explain the three types of responsibility centers.

The control function entails evaluating a process against a standard and,if necessary,taking corrective action.