Question 1

How does the Management by Exception principle affect the Management Reporting System?

Accepted Answer

Reports should focus on differences betw

Question 2

The journal voucher is the document that authorizes entries to be made to the general ledger.

Accepted Answer

A) True 
 B)False

Question 3

Long-range planning involves

Accepted Answer

A)  planning the marketing and promotion for a product 
B)  presenting department heads with budgetary goals for the next year 
C)  preparing a work force utilization budget for the next quarter 
D)  deciding the optimum size of the firm 
A)  planning the marketing and promotion for a product 
B)  presenting department heads with budgetary goals for the next year 
C)  preparing a work force utilization budget for the next quarter 
D)  deciding the optimum size of the firm

Question 4

What is XBRL?

Accepted Answer

XBRL (Extensible Business Reporting Lang

Question 5

Which of the following budgeting processes is least likely to motivate managers toward organizational goals?

Accepted Answer

A)  setting budget targets at attainable levels 
B)  participation by subordinates in the budgetary process 
C)  use of management by exception 
D)  holding subordinates accountable for the items they control 
E)  having top management set budget levels 
A)  setting budget targets at attainable levels 
B)  participation by subordinates in the budgetary process 
C)  use of management by exception 
D)  holding subordinates accountable for the items they control 
E)  having top management set budget levels

Question 6

Which of the following best describes a profit center:

Accepted Answer

A)  authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply. 
B)  authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply, and significant control over the amount of invested capital. 
C)  authority to make decisions over the most significant costs of operations, including the power to choose the sources of supply. 
D)  authority to provide specialized support to other units within the organization. 
E)  responsibility for combining the raw materials, direct labor, and other factors of production into a final product. 
A)  authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply. 
B)  authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply, and significant control over the amount of invested capital. 
C)  authority to make decisions over the most significant costs of operations, including the power to choose the sources of supply. 
D)  authority to provide specialized support to other units within the organization. 
E)  responsibility for combining the raw materials, direct labor, and other factors of production into a final product.

Question 7

A firm with a wide span of control tends to have relatively more layers of management.

Accepted Answer

A) True 
 B)False

Question 8

How does management by exception help to alleviate information overload by a manager?

Accepted Answer

The principle of management by exception

Question 9

List,in order,the steps in the Financial Accounting Process.

Accepted Answer

1.Capture the transaction on source docu

Question 10

What type of data is found in the general ledger master file?

Accepted Answer

A)  a chronological record of all transactions 
B)  the balance of each account in the chart of accounts 
C)  budget records for each account in the chart of accounts 
D)  subsidiary details supporting a control account 
A)  a chronological record of all transactions 
B)  the balance of each account in the chart of accounts 
C)  budget records for each account in the chart of accounts 
D)  subsidiary details supporting a control account

Question 11

What mechanism is used to convey to managers the standards by which their performance will be measured?

Accepted Answer

A)  the responsibility report 
B)  the scheduled report 
C)  the budget 
D)  all of the above 
A)  the responsibility report 
B)  the scheduled report 
C)  the budget 
D)  all of the above

Question 12

A fundamental principle of responsibility accounting is that

Accepted Answer

A)  managers are accountable only for items they control 
B)  a manager's span of control should not exceed eight people 
C)  structured reports should be prepared weekly 
D)  the information flow is in one direction, top-down 
A)  managers are accountable only for items they control 
B)  a manager's span of control should not exceed eight people 
C)  structured reports should be prepared weekly 
D)  the information flow is in one direction, top-down

Question 13

There are two basic types of management reports-programmed and ad hoc.Describe each and give examples.

Accepted Answer

Programmed reports provide information t

Question 14

All of the following are characteristics of the strategic planning process except the

Accepted Answer

A)  emphasis on both the short and long run. 
B)  review of the attributes and behavior of the organization's competition. 
C)  analysis of external economic factors. 
D)  analysis of consumer demand. 
A)  emphasis on both the short and long run. 
B)  review of the attributes and behavior of the organization's competition. 
C)  analysis of external economic factors. 
D)  analysis of consumer demand.

Question 15

Why do many firms no longer use a general journal? What has taken its place?

Accepted Answer

Many firms have replaced a traditional g

Question 16

Describe at least three attributes of an effective report.

Accepted Answer

Effective reports tend to share several

Question 17

What is XML?

Accepted Answer

XML (eXtensible Markup Language)is a met

Question 18

Which statement is not correct?

Accepted Answer

A)  the post-closing trial balance reports the ending balance of each account in the general ledger 
B)  one purpose of preparing the unadjusted trial balance is to ensure that debits equal credits 
C)  financial statements are prepared based on the unadjusted trial balance 
D)  the unadjusted trial balance reports control account balances but omits subsidiary ledger detail 
A)  the post-closing trial balance reports the ending balance of each account in the general ledger 
B)  one purpose of preparing the unadjusted trial balance is to ensure that debits equal credits 
C)  financial statements are prepared based on the unadjusted trial balance 
D)  the unadjusted trial balance reports control account balances but omits subsidiary ledger detail

Question 19

All of the following are elements of problem structure except

Accepted Answer

A)  certainty 
B)  data 
C)  procedures 
D)  objectives 
A)  certainty 
B)  data 
C)  procedures 
D)  objectives

Question 20

Explain the purpose and contents of the general ledger master file.

Accepted Answer

The general ledger master file is the ma

How does the Management by Exception principle affect the Management Reporting System?

The journal voucher is the document that authorizes entries to be made to the general ledger.

Long-range planning involves

What is XBRL?

Which of the following budgeting processes is least likely to motivate managers toward organizational goals?

Which of the following best describes a profit center:

A firm with a wide span of control tends to have relatively more layers of management.

How does management by exception help to alleviate information overload by a manager?

List,in order,the steps in the Financial Accounting Process.

What type of data is found in the general ledger master file?

What mechanism is used to convey to managers the standards by which their performance will be measured?

A fundamental principle of responsibility accounting is that

There are two basic types of management reports-programmed and ad hoc.Describe each and give examples.

All of the following are characteristics of the strategic planning process except the

Why do many firms no longer use a general journal? What has taken its place?

Describe at least three attributes of an effective report.

What is XML?

Which statement is not correct?

All of the following are elements of problem structure except

Explain the purpose and contents of the general ledger master file.

The Information System: An Accountant’s Perspective

Introduction to Transaction Processing

Ethics, Fraud, and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

The Conversion Cycle

Database Management Systems

The REA Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Construct, Deliver, and Maintain Systems Projects

IT Controls : Sarbanes-Oxley and IT Governance

IT Controls : Security and Access

IT Controls : Systems Development Program Changes and Application Controls

Filters

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

How does the Management by Exception principle affect the Management Reporting System?

The journal voucher is the document that authorizes entries to be made to the general ledger.

Long-range planning involves

What is XBRL?

Which of the following budgeting processes is least likely to motivate managers toward organizational goals?

Which of the following best describes a profit center:

A firm with a wide span of control tends to have relatively more layers of management.

How does management by exception help to alleviate information overload by a manager?

List,in order,the steps in the Financial Accounting Process.

What type of data is found in the general ledger master file?

What mechanism is used to convey to managers the standards by which their performance will be measured?

A fundamental principle of responsibility accounting is that

There are two basic types of management reports-programmed and ad hoc.Describe each and give examples.

All of the following are characteristics of the strategic planning process except the

Why do many firms no longer use a general journal? What has taken its place?

Describe at least three attributes of an effective report.

What is XML?

Which statement is not correct?

All of the following are elements of problem structure except

Explain the purpose and contents of the general ledger master file.

The Information System: An Accountant’s Perspective

Introduction to Transaction Processing

Ethics, Fraud, and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

The Conversion Cycle

Database Management Systems

The REA Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Construct, Deliver, and Maintain Systems Projects

IT Controls : Sarbanes-Oxley and IT Governance

IT Controls : Security and Access

IT Controls : Systems Development Program Changes and Application Controls

Filters