Question 1

Key business processes supported by ERP systems include:

Accepted Answer

A)  Revenue, sales or order to cash. 
B)  Payments, purchases or purchase to pay. 
C)  Production, manufacturing or conversion. 
D)  All of the above. 
A)  Revenue, sales or order to cash. 
B)  Payments, purchases or purchase to pay. 
C)  Production, manufacturing or conversion. 
D)  All of the above.

Question 2

What is the main advantage of the cloud computing model?

Accepted Answer

A)  Cloud providers could claim immunity to service outages and internet slowdowns. 
B)  Cloud computing is perfectly secure, and the privacy of the cloud-based data is totally guaranteed. 
C)  In other words, as your business grows you can use more services as you need them. 
D)  None of the above. 
A)  Cloud providers could claim immunity to service outages and internet slowdowns. 
B)  Cloud computing is perfectly secure, and the privacy of the cloud-based data is totally guaranteed. 
C)  In other words, as your business grows you can use more services as you need them. 
D)  None of the above.

Question 3

An instance document:

Accepted Answer

A)  contains information about the organisation's financial statements at one instant in time. 
B)  contains contextual information such as monetary items, debit or credit, and balance sheet or income statement items. 
C)  can be used to store and transmit data between computers for various analyses, both internally and externally. 
D)  All of the above options are correct. 
A)  contains information about the organisation's financial statements at one instant in time. 
B)  contains contextual information such as monetary items, debit or credit, and balance sheet or income statement items. 
C)  can be used to store and transmit data between computers for various analyses, both internally and externally. 
D)  All of the above options are correct.

Question 4

How does XBRL contribute towards reduced data manipulation?

Accepted Answer

A)  XBRL takes every item that appears in a set of financial statements, including the discussion and analysis, and applies a tag to it. 
B)  XBRL eliminates the need to manipulate the data into different formats to suit different users' requirements. 
C)  XBRL eliminates the need for companies to maintain separate documents for each reporting requirement they are faced with. 
D)  All of the above. 
A)  XBRL takes every item that appears in a set of financial statements, including the discussion and analysis, and applies a tag to it. 
B)  XBRL eliminates the need to manipulate the data into different formats to suit different users' requirements. 
C)  XBRL eliminates the need for companies to maintain separate documents for each reporting requirement they are faced with. 
D)  All of the above.

Question 5

The XBRL tags in an accounting package are attached to the:

Accepted Answer

A)  chart of account codes. 
B)  general ledger codes. 
C)  financial account codes. 
D)  financial report codes. 
A)  chart of account codes. 
B)  general ledger codes. 
C)  financial account codes. 
D)  financial report codes.

Question 6

Which of the following statements relating to XBRL and industry-accepted standards is incorrect?

Accepted Answer

A)  There is only one version of XBRL. 
B)  There is much competition between XBRL standards. 
C)  XBRL standards have the support of the international and national accounting bodies. 
D)  Once XBRL standards are defined, they can be applied to different industries through the creation of different taxonomies. 
A)  There is only one version of XBRL. 
B)  There is much competition between XBRL standards. 
C)  XBRL standards have the support of the international and national accounting bodies. 
D)  Once XBRL standards are defined, they can be applied to different industries through the creation of different taxonomies.

Question 7

The major benefit of XBRL is:

Accepted Answer

A)  it is freely licensed and available to the public. 
B)  it is widely available in software applications. 
C)  it provides a computer-readable tag for each item of data. 
D)  a result of introducing a set of industry-accepted standards that provide consistency and comparability of financial information. 
A)  it is freely licensed and available to the public. 
B)  it is widely available in software applications. 
C)  it provides a computer-readable tag for each item of data. 
D)  a result of introducing a set of industry-accepted standards that provide consistency and comparability of financial information.

Question 8

Taxonomies are the:

Accepted Answer

A)  set of tags developed under XBRL. 
B)  dictionaries that define each accounting item that can be tagged in XBRL for external financial reporting purposes only. 
C)  dictionaries that define each accounting item that can be tagged in XBRL for both internal and external financial reporting purposes. 
D)  None of the options are correct. 
A)  set of tags developed under XBRL. 
B)  dictionaries that define each accounting item that can be tagged in XBRL for external financial reporting purposes only. 
C)  dictionaries that define each accounting item that can be tagged in XBRL for both internal and external financial reporting purposes. 
D)  None of the options are correct.

Question 9

Describe the five core modules of the SAP Business Suite ERP system.

Accepted Answer

(i) Financial accounting: (general ledge

Question 10

How may 'blockchain' impact on accounting as we currently know it?

Accepted Answer

A)  As transactions in the blockchain are verified, it eliminates the need for both parties to enter the transactions in their own ledger. 
B)  It may allow for transactions to be entered into the blockchain and both parties' ledgers. 
C)  Corrections to the transactions can be made and seen by all parties, but the transactions cannot be altered (falsified or manipulated). 
D)  All of the above options are correct. 
A)  As transactions in the blockchain are verified, it eliminates the need for both parties to enter the transactions in their own ledger. 
B)  It may allow for transactions to be entered into the blockchain and both parties' ledgers. 
C)  Corrections to the transactions can be made and seen by all parties, but the transactions cannot be altered (falsified or manipulated). 
D)  All of the above options are correct.

Question 11

A distributed decentralised ledger which records digital currency transactions is called a:

Accepted Answer

A)  bitcoin. 
B)  blockchain. 
C)  digital wallet. 
D)  distributed database. 
A)  bitcoin. 
B)  blockchain. 
C)  digital wallet. 
D)  distributed database.

Question 12

The key business processes bring together different functions or divisions in an organisation. The revenue process brings together:

Accepted Answer

A)  human resources 
B)  sales and marketing 
C)  accounts receivable 
D)  both b) and c) 
A)  human resources 
B)  sales and marketing 
C)  accounts receivable 
D)  both b) and c)

Question 13

What is the main reason for the design of ERP systems?

Accepted Answer

A)  ERP systems are designed to capture a wide range of information about all business transactions and processes related to the typical four major areas of an organisation. 
B)  ERP systems are designed to advance various functions of the business. 
C)  ERP systems are designed to have multi-facilities e.g. work in multi-currencies and multi-platforms. 
D)  None of the above. 
A)  ERP systems are designed to capture a wide range of information about all business transactions and processes related to the typical four major areas of an organisation. 
B)  ERP systems are designed to advance various functions of the business. 
C)  ERP systems are designed to have multi-facilities e.g. work in multi-currencies and multi-platforms. 
D)  None of the above.

Question 14

ERP systems link the major functions of an organisation and:

Accepted Answer

A)  the suppliers in the value chain. 
B)  human resources in the value chain. 
C)  the suppliers and customers in the value chain. 
D)  the customer relationship management in the value chain. 
A)  the suppliers in the value chain. 
B)  human resources in the value chain. 
C)  the suppliers and customers in the value chain. 
D)  the customer relationship management in the value chain.

Question 15

For internal users of business information, one of the prime motivations behind the development of XBRL was:

Accepted Answer

A)  the need to manipulate financial information into different formats for management. 
B)  the need to present financial information in the same format for the different users of that information. 
C)  the need to present different financial information in the same format to various regulators and government agencies. 
D)  the number of times in traditional financial reporting circles that different information needed to be supplied in different formats when commuting financial results to investors, regulators, government agencies and other stakeholders. 
A)  the need to manipulate financial information into different formats for management. 
B)  the need to present financial information in the same format for the different users of that information. 
C)  the need to present different financial information in the same format to various regulators and government agencies. 
D)  the number of times in traditional financial reporting circles that different information needed to be supplied in different formats when commuting financial results to investors, regulators, government agencies and other stakeholders.

Question 16

The four major areas of an organisation that ERP systems are designed to capture data for are:

Accepted Answer

A)  inventory, finance, manufacturing and human resources. 
B)  marketing, finance, inventory and human resources. 
C)  sales and marketing, finance, manufacturing and human resources. 
D)  sales and marketing, financial reporting, manufacturing and human resources. 
A)  inventory, finance, manufacturing and human resources. 
B)  marketing, finance, inventory and human resources. 
C)  sales and marketing, finance, manufacturing and human resources. 
D)  sales and marketing, financial reporting, manufacturing and human resources.

Question 17

What is the main feature of 'sparse data'?

Accepted Answer

A)  The end report shows all possible data values within a grouping, irrespective of whether they exist. 
B)  This is data generated from web services and sensor or environmental systems, but not every option on a page is accessed and only data that is accessed is recorded. 
C)  An empty value is used where no data exist. The cube stores the real data values and the empty values are easily addressable and query-able. 
D)  None of the above. 
A)  The end report shows all possible data values within a grouping, irrespective of whether they exist. 
B)  This is data generated from web services and sensor or environmental systems, but not every option on a page is accessed and only data that is accessed is recorded. 
C)  An empty value is used where no data exist. The cube stores the real data values and the empty values are easily addressable and query-able. 
D)  None of the above.

Question 18

XBRL is a significant step forward for business reporting because:

Accepted Answer

A)  it represents the collaboration of some of the leading industrialised nations and some of the largest commercial firms. 
B)  of the impact that it will have on users of financial information. 
C)  it enhances the ability to search for particular items of information. 
D)  All of the above. 
A)  it represents the collaboration of some of the leading industrialised nations and some of the largest commercial firms. 
B)  of the impact that it will have on users of financial information. 
C)  it enhances the ability to search for particular items of information. 
D)  All of the above.

Question 19

Which of the following statements is incorrect?

Accepted Answer

A)  There are two main ways to code the financial accounts using XBRL. 
B)  There is debate in the accounting information systems community as to where to tag data. 
C)  Attaching XBRL to the accounting system is currently the most common method used. 
D)  Coding accounts once they have been produced impacts on core processes and the data quality that will result. 
A)  There are two main ways to code the financial accounts using XBRL. 
B)  There is debate in the accounting information systems community as to where to tag data. 
C)  Attaching XBRL to the accounting system is currently the most common method used. 
D)  Coding accounts once they have been produced impacts on core processes and the data quality that will result.

Question 20

Which one of the following ERP systems is the dominant player in the ERP market?

Accepted Answer

A)  MYOB. 
B)  Epicor. 
C)  Infor. 
D)  SAP. 
A)  MYOB. 
B)  Epicor. 
C)  Infor. 
D)  SAP.

Key business processes supported by ERP systems include:

What is the main advantage of the cloud computing model?

An instance document:

How does XBRL contribute towards reduced data manipulation?

The XBRL tags in an accounting package are attached to the:

Which of the following statements relating to XBRL and industry-accepted standards is incorrect?

The major benefit of XBRL is:

Taxonomies are the:

Describe the five core modules of the SAP Business Suite ERP system.

How may 'blockchain' impact on accounting as we currently know it?

A distributed decentralised ledger which records digital currency transactions is called a:

The key business processes bring together different functions or divisions in an organisation. The revenue process brings together:

What is the main reason for the design of ERP systems?

ERP systems link the major functions of an organisation and:

For internal users of business information, one of the prime motivations behind the development of XBRL was:

The four major areas of an organisation that ERP systems are designed to capture data for are:

What is the main feature of 'sparse data'?

XBRL is a significant step forward for business reporting because:

Which of the following statements is incorrect?

Which one of the following ERP systems is the dominant player in the ERP market?

An Introduction to Accounting

The Recording Process

Accrual Accounting Concepts

Inventories

Reporting and Analysing Inventory

Accounting Information Systems

Reporting and Analysing Cash and Receivables

Reporting and Analysing Non-Current Assets

Reporting and Analysing Liabilities

Reporting and Analysing Equity

Statement of Cash Flows

Financial Statement Analysis and Decision Making

Analysing and Integrating Gaap

Introduction to Management Accounting

Cost Accounting Systems

Costvolumeprofit Relationships

Budgeting

Filters

Exam 14: Technology Concepts

Key business processes supported by ERP systems include:

What is the main advantage of the cloud computing model?

An instance document:

How does XBRL contribute towards reduced data manipulation?

The XBRL tags in an accounting package are attached to the:

Which of the following statements relating to XBRL and industry-accepted standards is incorrect?

The major benefit of XBRL is:

Taxonomies are the:

Describe the five core modules of the SAP Business Suite ERP system.

How may 'blockchain' impact on accounting as we currently know it?

A distributed decentralised ledger which records digital currency transactions is called a:

The key business processes bring together different functions or divisions in an organisation. The revenue process brings together:

What is the main reason for the design of ERP systems?

ERP systems link the major functions of an organisation and:

For internal users of business information, one of the prime motivations behind the development of XBRL was:

The four major areas of an organisation that ERP systems are designed to capture data for are:

What is the main feature of 'sparse data'?

XBRL is a significant step forward for business reporting because:

Which of the following statements is incorrect?

Which one of the following ERP systems is the dominant player in the ERP market?

An Introduction to Accounting

The Recording Process

Accrual Accounting Concepts

Inventories

Reporting and Analysing Inventory

Accounting Information Systems

Reporting and Analysing Cash and Receivables

Reporting and Analysing Non-Current Assets

Reporting and Analysing Liabilities

Reporting and Analysing Equity

Statement of Cash Flows

Financial Statement Analysis and Decision Making

Analysing and Integrating Gaap

Introduction to Management Accounting

Cost Accounting Systems

Costvolumeprofit Relationships

Budgeting

Filters