Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Which of the following statements is true about the chart below?

Accepted Answer

A)  The x-axis is in reverse chronological order, which violates a principle of proper graph design. 
B)  The chart appears to conform to the principles of proper graph design. 
C)  The vertical axis doesn't appear to start at the origin (zero). 
D)  The chart used 2-D bars instead of 3-D, which violates a principle of proper graph design. 
A)  The x-axis is in reverse chronological order, which violates a principle of proper graph design. 
B)  The chart appears to conform to the principles of proper graph design. 
C)  The vertical axis doesn't appear to start at the origin (zero). 
D)  The chart used 2-D bars instead of 3-D, which violates a principle of proper graph design.

Question 3

Which of the following is not a perspective reflected in the balanced scorecard?

Accepted Answer

A)  customer perspective 
B)  internal operations perspective 
C)  financial perspective 
D)  efficiency and effectiveness perspective 
A)  customer perspective 
B)  internal operations perspective 
C)  financial perspective 
D)  efficiency and effectiveness perspective

Question 4

Explain the purpose of a journal voucher file.

Accepted Answer

A journal voucher is a form on which jou

Question 5

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 6

Discuss the value and role of budgets as managerial reports.

Accepted Answer

Budgets are managerial reports that can

Question 7

IFRS is an acronym for what?

Accepted Answer

A)  International Financial Reporting Standards 
B)  Internal Forensic Response System 
C)  Input and Financial Reporting Standards 
D)  Internal Fault Recovery System 
A)  International Financial Reporting Standards 
B)  Internal Forensic Response System 
C)  Input and Financial Reporting Standards 
D)  Internal Fault Recovery System

Question 8

Recording interest earned on an investment is an example of which type of adjusting journal entry?

Accepted Answer

A)  accrual entry 
B)  deferral entry 
C)  revaluation entry 
D)  correcting entry 
A)  accrual entry 
B)  deferral entry 
C)  revaluation entry 
D)  correcting entry

Question 9

Identify the year the SEC will require American companies to switch from U.S.-based GAAP to IFRS as the basis for preparing financial statements.

Accepted Answer

A)  2016 
B)  2018 
C)  2020 
D)  At this point it is unclear when the SEC will require American companies to implement IFRS, though the SEC remains committed to requiring U.S. companies use IFRS at some point. 
A)  2016 
B)  2018 
C)  2020 
D)  At this point it is unclear when the SEC will require American companies to implement IFRS, though the SEC remains committed to requiring U.S. companies use IFRS at some point.

Question 10

Periodic account reconciliations are a control that can be used to reduce the risk of employees creating unauthorized adjusting entries.

Accepted Answer

A) True 
 B)False

Question 11

XBRL stands for

Accepted Answer

A)  extensible business reporting language. 
B)  extreme business reporting ledgers. 
C)  external business reporting language. 
D)  extensive business report logic. 
A)  extensible business reporting language. 
B)  extreme business reporting ledgers. 
C)  external business reporting language. 
D)  extensive business report logic.

Question 12

Who generally is responsible for providing the accounting department with information about financing and investing activities to create the appropriate general ledger journal entries?

Accepted Answer

A)  budget department 
B)  controller 
C)  treasurer 
D)  chief executive officer 
A)  budget department 
B)  controller 
C)  treasurer 
D)  chief executive officer

Question 13

Identify the most correct statement with regard to how the various accounting subsystems update the general ledger.

Accepted Answer

A)  Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours. 
B)  Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger. 
C)  The controller or treasurer must approve accounting subsystem journal entries before any updating may occur. 
D)  Nonroutine transactions are entered into the system by the treasurer's office. 
A)  Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours. 
B)  Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger. 
C)  The controller or treasurer must approve accounting subsystem journal entries before any updating may occur. 
D)  Nonroutine transactions are entered into the system by the treasurer's office.

Question 14

What control procedure(s)should be used to reduce the risk of unauthorized disclosure of the financial statements?

Accepted Answer

A)  multifactor authentication 
B)  physical security 
C)  encryption 
D)  all of the above 
A)  multifactor authentication 
B)  physical security 
C)  encryption 
D)  all of the above

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

Which of the following statements is true about the chart below?

Which of the following is not a perspective reflected in the balanced scorecard?

Explain the purpose of a journal voucher file.

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

Discuss the value and role of budgets as managerial reports.

IFRS is an acronym for what?

Recording interest earned on an investment is an example of which type of adjusting journal entry?

Identify the year the SEC will require American companies to switch from U.S.-based GAAP to IFRS as the basis for preparing financial statements.

Periodic account reconciliations are a control that can be used to reduce the risk of employees creating unauthorized adjusting entries.

XBRL stands for

Who generally is responsible for providing the accounting department with information about financing and investing activities to create the appropriate general ledger journal entries?

Identify the most correct statement with regard to how the various accounting subsystems update the general ledger.

What control procedure(s)should be used to reduce the risk of unauthorized disclosure of the financial statements?

Accounting Information Systems: an Overview

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

Exam 16: General Ledger and Reporting System

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

Which of the following statements is true about the chart below?

Which of the following is not a perspective reflected in the balanced scorecard?

Explain the purpose of a journal voucher file.

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

Discuss the value and role of budgets as managerial reports.

IFRS is an acronym for what?

Recording interest earned on an investment is an example of which type of adjusting journal entry?

Identify the year the SEC will require American companies to switch from U.S.-based GAAP to IFRS as the basis for preparing financial statements.

Periodic account reconciliations are a control that can be used to reduce the risk of employees creating unauthorized adjusting entries.

XBRL stands for

Who generally is responsible for providing the accounting department with information about financing and investing activities to create the appropriate general ledger journal entries?

Identify the most correct statement with regard to how the various accounting subsystems update the general ledger.

What control procedure(s)should be used to reduce the risk of unauthorized disclosure of the financial statements?

Accounting Information Systems: an Overview

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