Question 1

Which of the following controls can minimize the threat of inaccurate or invalid general ledger data?

Accepted Answer

A) Training and experience in applying IFRS and XBRL. 
B) Responsibility accounting. 
C) Backup and disaster recovery procedures. 
D) Restriction of access to general ledger. 
A) Training and experience in applying IFRS and XBRL. 
B) Responsibility accounting. 
C) Backup and disaster recovery procedures. 
D) Restriction of access to general ledger. D

Question 2

Which of the following statements is not true regarding XBRL?

Accepted Answer

A) XBRL is a variant of XML. 
B) XBRL is specifically designed for use in communicating the content of financial data. 
C) XBRL creates unique tags for each data item. 
D) XBRL's adoption will require accountants and systems professionals tag data for their clients. 
A) XBRL is a variant of XML. 
B) XBRL is specifically designed for use in communicating the content of financial data. 
C) XBRL creates unique tags for each data item. 
D) XBRL's adoption will require accountants and systems professionals tag data for their clients. D

Question 3

A type of data entry control that would ensure that adjusting entries are posted to existing general ledger accounts is called a(n)________ check.

Accepted Answer

A) validity 
B) existence 
C) closed loop verification 
D) reasonableness 
A) validity 
B) existence 
C) closed loop verification 
D) reasonableness A

Question 4

Which of the following is true about accounting for fixed assets?

Accepted Answer

A) Depreciation expense under IFRS will likely be higher than under GAAP, because acquisitions of assets with multiple components must be separately depreciated under IFRS, whereas under GAAP assets could be bundled and depreciated over the longest of the useful life for any of the components. 
B) IFRS doesn't allow capitalization of any asset that separately accounts for less than 20% of total assets. 
C) Depreciation expense under IFRS will likely be less than under GAAP, because standards for depreciable lives on asset classes are much longer than under GAAP. 
D) IFRS and GAAP account for fixed assets in much the same way. 
A) Depreciation expense under IFRS will likely be higher than under GAAP, because acquisitions of assets with multiple components must be separately depreciated under IFRS, whereas under GAAP assets could be bundled and depreciated over the longest of the useful life for any of the components. 
B) IFRS doesn't allow capitalization of any asset that separately accounts for less than 20% of total assets. 
C) Depreciation expense under IFRS will likely be less than under GAAP, because standards for depreciable lives on asset classes are much longer than under GAAP. 
D) IFRS and GAAP account for fixed assets in much the same way.

Question 5

Organizations should set their balanced scorecard targets to reflect industry benchmark values.

Accepted Answer

A) True 
 B)False

Question 6

The SEC requires U.S.companies to use XBRL when submitting their filings.

Accepted Answer

A) True 
 B)False

Question 7

A listing of journal vouchers by numerical sequence,account number,or date is an example of

Accepted Answer

A) a general ledger control report. 
B) a budget report. 
C) a batch to be processed. 
D) responsibility accounting. 
A) a general ledger control report. 
B) a budget report. 
C) a batch to be processed. 
D) responsibility accounting.

Question 8

Which of the following balanced scorecard dimensions provides measures on how well the organization is generating sales?

Accepted Answer

A) Financial. 
B) Internal operations. 
C) Innovation and learning. 
D) Customer. 
A) Financial. 
B) Internal operations. 
C) Innovation and learning. 
D) Customer.

Question 9

Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information.Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis tools.The ideal solution to solve these problems and efficiently transmit financial information via the Internet is to use

Accepted Answer

A) HTML. 
B) XML. 
C) ACH. 
D) XBRL. 
A) HTML. 
B) XML. 
C) ACH. 
D) XBRL.

Question 10

Which of the following user groups generally receive information produced by the general ledger and reporting system?

Accepted Answer

A) internal users 
B) external users 
C) inquiry processing by internal or external users 
D) all of the above 
A) internal users 
B) external users 
C) inquiry processing by internal or external users 
D) all of the above

Question 11

Which of the following controls can minimize the threat of poorly designed reports and graphs?

Accepted Answer

A) Training and experience in applying IFRS and XBRL. 
B) Responsibility accounting. 
C) Backup and disaster recovery procedures. 
D) Restriction of access to general ledger. 
A) Training and experience in applying IFRS and XBRL. 
B) Responsibility accounting. 
C) Backup and disaster recovery procedures. 
D) Restriction of access to general ledger.

Question 12

Marina Filimena is an accountant at Jasmina Hair Products.Marina received the following error message while making an adjusting entry to the general ledger: "The data you have entered does not include a source reference code.Please enter this data before saving." This is an example of a

Accepted Answer

A) validity check. 
B) field check. 
C) zero-balance check. 
D) completeness test. 
A) validity check. 
B) field check. 
C) zero-balance check. 
D) completeness test.

Question 13

What is responsibility accounting?

Accepted Answer

Responsibility accounting involves the r

Question 14

As responsibility reports are rolled up into reports for higher level executives,they

Accepted Answer

A) become less detailed. 
B) become more detailed. 
C) become narrower in scope. 
D) become wider in scope. 
A) become less detailed. 
B) become more detailed. 
C) become narrower in scope. 
D) become wider in scope.

Question 15

Variances for variable costs will be misleading when the planned output differs from budgeted output.A solution to this problem would be

Accepted Answer

A) to use a stricter budgeting process. 
B) to use flexible budgeting. 
C) to better predict the final output. 
D) to allow more judgement involve in the budgeting process. 
A) to use a stricter budgeting process. 
B) to use flexible budgeting. 
C) to better predict the final output. 
D) to allow more judgement involve in the budgeting process.

Question 16

Describe three threats in the general ledger and reporting system and identify corresponding controls for each threat.

Accepted Answer

THREAT 1: Errors in updating the general

Question 17

Which of the following balanced scorecard dimensions provides measures on how efficiently and effectively the organization is performing key business processes?

Accepted Answer

A) Financial. 
B) Internal operations. 
C) Innovation and learning. 
D) Customer. 
A) Financial. 
B) Internal operations. 
C) Innovation and learning. 
D) Customer.

Question 18

The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports.

Accepted Answer

A) business transactions; updating; processing 
B) data processing; business transactions for; printing 
C) information processing; updating; creating 
D) business transactions; data processing; preparing 
A) business transactions; updating; processing 
B) data processing; business transactions for; printing 
C) information processing; updating; creating 
D) business transactions; data processing; preparing

Question 19

Identify one way "rainbow tables" are often used.

Accepted Answer

A) To discover plaintext passwords associated with a hash. 
B) To integrate different tables into one, master table. 
C) To perform a zero-balance check. 
D) To ensure referential integrity of all the associated tables. 
A) To discover plaintext passwords associated with a hash. 
B) To integrate different tables into one, master table. 
C) To perform a zero-balance check. 
D) To ensure referential integrity of all the associated tables.

Question 20

Explain the benefits of XBRL.

Accepted Answer

XBRL (Extensible Business Reporting Lang

Exam 16: General Ledger and Reporting System

Which of the following controls can minimize the threat of inaccurate or invalid general ledger data?

Which of the following statements is not true regarding XBRL?

A type of data entry control that would ensure that adjusting entries are posted to existing general ledger accounts is called a(n)________ check.

Which of the following is true about accounting for fixed assets?

Organizations should set their balanced scorecard targets to reflect industry benchmark values.

The SEC requires U.S.companies to use XBRL when submitting their filings.

A listing of journal vouchers by numerical sequence,account number,or date is an example of

Which of the following balanced scorecard dimensions provides measures on how well the organization is generating sales?

Which of the following user groups generally receive information produced by the general ledger and reporting system?

Which of the following controls can minimize the threat of poorly designed reports and graphs?

Marina Filimena is an accountant at Jasmina Hair Products.Marina received the following error message while making an adjusting entry to the general ledger: "The data you have entered does not include a source reference code.Please enter this data before saving." This is an example of a

What is responsibility accounting?

As responsibility reports are rolled up into reports for higher level executives,they

Variances for variable costs will be misleading when the planned output differs from budgeted output.A solution to this problem would be

Describe three threats in the general ledger and reporting system and identify corresponding controls for each threat.

Which of the following balanced scorecard dimensions provides measures on how efficiently and effectively the organization is performing key business processes?

The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports.

Identify one way "rainbow tables" are often used.

Explain the benefits of XBRL.

Conceptual Foundations of Accounting Information Systems

Overview of Transaction Processing and Enterprise Resource Planning Systems

Systems Documentation Techniques

Relational Databases

Computer Fraud

Computer Fraud and Abuse Techniques

Control and Accounting Information Systems

Controls for Information Security

Confidentiality and Privacy Controls

Processing Integrity and Availability Controls

Auditing Computer-Based Information Systems

The Revenue Cycle: Sales to Cash Collections

The Expenditure Cycle: Purchasing to Cash Disbursements

The Production Cycle

The Human Resources Management and Payroll Cycle

Database Design Using the Rea Data Model

Implementing an Rea Model in a Relational Database

Special Topics in Rea Modeling

Introduction to Systems Development and Systems Analysis

Ais Development Strategies

Systems Design, implementation, and Operation

Filters

The general ledger and reporting system consists of the involved in the general ledger and reports.