Question 1

Adjusting entries that are made to recognize revenue that has been received but not yet earned are classified as

Accepted Answer

A) estimates. 
B) deferrals. 
C) accruals. 
D) revaluations. 
A) estimates. 
B) deferrals. 
C) accruals. 
D) revaluations.

Question 2

Budgets used for internal planning purposes and performance evaluation should be developed on the basis of

Accepted Answer

A) responsibility accounting. 
B) generally accepted accounting principles. 
C) financial accounting standards. 
D) managerial accounting standards. 
A) responsibility accounting. 
B) generally accepted accounting principles. 
C) financial accounting standards. 
D) managerial accounting standards.

Question 3

True or False: The SEC requires U.S.companies to use XBRL when submitting their filings.

Accepted Answer

A) True 
 B)False

Question 4

When updating the general ledger,sales,purchases,and production are examples of ________ entries,and issuance or retirement of debt and the purchase or sale of investment securities are examples of ________ entries.

Accepted Answer

A) adjusting; controller originated 
B) accounting subsystem; treasurer originated 
C) adjusting; special journal 
D) controller generated; special journal 
A) adjusting; controller originated 
B) accounting subsystem; treasurer originated 
C) adjusting; special journal 
D) controller generated; special journal

Question 5

What is responsibility accounting?

Accepted Answer

Responsibility accounting involves the r

Question 6

Which of the following is not one of the principles of proper graph design for bar charts?

Accepted Answer

A) Include data values with each element. 
B) Use 3-D rather than 2-D bars to make reading easier. 
C) Use colors or shades instead of patterns to represent different variables. 
D) Use titles that summarize the basic message. 
A) Include data values with each element. 
B) Use 3-D rather than 2-D bars to make reading easier. 
C) Use colors or shades instead of patterns to represent different variables. 
D) Use titles that summarize the basic message.

Question 7

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 8

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 code. 
B) XML. 
C) pdf file. 
D) XBRL. 
A) HTML code. 
B) XML. 
C) pdf file. 
D) XBRL.

Question 9

Departments that mostly provide services to other units and charge those units for services rendered should be evaluated as ________ centers.

Accepted Answer

A) cost 
B) profit 
C) investment 
D) revenue 
A) cost 
B) profit 
C) investment 
D) revenue

Question 10

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 11

Adjusting entries that are made to counteract the effects of errors found in the general ledger are called

Accepted Answer

A) accruals. 
B) corrections. 
C) deferrals. 
D) estimates. 
A) accruals. 
B) corrections. 
C) deferrals. 
D) estimates.

Question 12

How is an audit trail used in the general ledger and reporting system?

Accepted Answer

An audit trail shows the path of a trans

Question 13

Discuss the value and role of budgets as managerial reports.

Accepted Answer

Budgets are managerial reports that can

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

Question 15

Explain the benefits of XBRL.

Accepted Answer

XBRL (Extensible Business Reporting Lang

Question 16

Which of the following statements is not true about an XBRL instance document?

Accepted Answer

A) An instance document includes instruction code as to how the document should be physically arranged and displayed. 
B) An instance document contains facts about specific financial statement line items. 
C) An instance document uses separate tags for each specific element. 
D) An instance document can be used to tag financial and nonfinancial elements. 
A) An instance document includes instruction code as to how the document should be physically arranged and displayed. 
B) An instance document contains facts about specific financial statement line items. 
C) An instance document uses separate tags for each specific element. 
D) An instance document can be used to tag financial and nonfinancial elements.

Question 17

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 18

The balanced scorecard attempts to solve what major issue associated with traditional accounting reports?

Accepted Answer

A) Traditional accounting reports focus too narrowly on financial performance. 
B) Traditional accounting reports are not easily understood by non-accountants. 
C) Traditional accounting reports are expensive to produce. 
D) Traditional accounting reports are produced too slowly to provide value. 
A) Traditional accounting reports focus too narrowly on financial performance. 
B) Traditional accounting reports are not easily understood by non-accountants. 
C) Traditional accounting reports are expensive to produce. 
D) Traditional accounting reports are produced too slowly to provide value.

Question 19

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 20

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

Exam 16: General Ledger and Reporting System

Adjusting entries that are made to recognize revenue that has been received but not yet earned are classified as

Budgets used for internal planning purposes and performance evaluation should be developed on the basis of

True or False: The SEC requires U.S.companies to use XBRL when submitting their filings.

When updating the general ledger,sales,purchases,and production are examples of ________ entries,and issuance or retirement of debt and the purchase or sale of investment securities are examples of ________ entries.

What is responsibility accounting?

Which of the following is not one of the principles of proper graph design for bar charts?

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

Departments that mostly provide services to other units and charge those units for services rendered should be evaluated as ________ centers.

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

Adjusting entries that are made to counteract the effects of errors found in the general ledger are called

How is an audit trail used in the general ledger and reporting system?

Discuss the value and role of budgets as managerial reports.

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

Explain the benefits of XBRL.

Which of the following statements is not true about an XBRL instance document?

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

The balanced scorecard attempts to solve what major issue associated with traditional accounting reports?

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.

IFRS is an acronym for what?

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

When updating the general ledger,sales,purchases,and production are examples of entries,and issuance or retirement of debt and the purchase or sale of investment securities are examples of entries.