Exam 6: Overview of Transaction Processing and Financial Reporting Systems

Which system produces information used for inventory valuation,budgeting,cost control,performance reporting,and make-buy decisions?

Discuss three audit implications of XBRL

Directing work-in-process through its various stages of manufacturing is part of the conversion cycle.

What are the major exposures in the general ledger/financial reporting system?

The box symbol represents a temporary file.

List two duties that the general ledger clerk should not perform.

What factor influences the decision to employ real-time data collection with batch updating rather that purely real-time processing? Explain.

The most significant characteristic of direct access files is access speed.

Which report is not an output of the Financial Reporting System (FRS)?

How are computer system flowcharts and program flowcharts related?

Batch processing of accounts common to many concurrent transactions reduces operational efficiency.

Give one advantages of real-time data collection.

Which symbol represents a decision?

Which statement is not correct?

Which document is not a type of source document?

The most important advantage of an alphabetic code is that

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

Document flowcharts are used to represent systems at different levels of detail.

For a given field size,a system that uses alphabetic codes can represent far more situations than a system with that uses numeric codes.

Why is the audit trail important?