Question 1

Various budgets can be produced for planning and evaluating performance within an organization.The operating budget

Accepted Answer

A) compares estimated cash flows from operations with planned expenditures. 
B) shows cash inflows and outflows for each project. 
C) depicts planned revenues and expenditures for each organizational unit. 
D) is used for the purchase and retirement of property,plant,and equipment. 
A) compares estimated cash flows from operations with planned expenditures. 
B) shows cash inflows and outflows for each project. 
C) depicts planned revenues and expenditures for each organizational unit. 
D) is used for the purchase and retirement of property,plant,and equipment.

Question 2

Information about financing and investing activities for use in making general ledger entries is typically provided by the

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 3

Immediately after the adjusting entries are completed,the next step in the general ledger and reporting system is to prepare

Accepted Answer

A) an adjusted trial balance. 
B) a closing entry. 
C) a worksheet. 
D) the statement of cash flows. 
A) an adjusted trial balance. 
B) a closing entry. 
C) a worksheet. 
D) the statement of cash flows.

Question 4

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 5

Adjusting entries that reflect events that have already occurred but for which no cash flow has taken place and not previously entered into the accounts are called

Accepted Answer

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

Question 6

The general ledger system of an organization should be designed to serve the information requirements of both financial and nonfinancial users.This means that the system should

Accepted Answer

A) support producing regular periodic reports. 
B) support the real-time inquiry needs of all users. 
C) support producing regular periodic reports and respond to real-time inquiry needs. 
D) support access by investors and creditors of the organization to general ledger balances. 
A) support producing regular periodic reports. 
B) support the real-time inquiry needs of all users. 
C) support producing regular periodic reports and respond to real-time inquiry needs. 
D) support access by investors and creditors of the organization to general ledger balances.

Question 7

The preparation of financial statements is the third activity in the general ledger system.To properly complete the accounting cycle,financial statements are prepared in a certain sequence.Which statement is prepared last in the sequence?

Accepted Answer

A) the adjusted trial balance 
B) the income statement 
C) the balance sheet 
D) the statement of cash flows 
A) the adjusted trial balance 
B) the income statement 
C) the balance sheet 
D) the statement of cash flows

Question 8

Adjusting entries to the general ledger are typically provided by the

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 9

Bobby Burns,CEO of Maudlin Motors,walked into the office of Tom Sanchez,chief information officer."Tom," he said."We need some way of getting a better handle on our overall performance.The financial reports are all well and good,but we need to track customer satisfaction and other aspects of the business." Tom should recommend that Maudlin Motors

Accepted Answer

A) implement a data warehouse system. 
B) set up a data mining operation. 
C) use online analytical processing (OLAP.) 
D) implement balanced scorecard reporting. 
A) implement a data warehouse system. 
B) set up a data mining operation. 
C) use online analytical processing (OLAP.) 
D) implement balanced scorecard reporting.

Question 10

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message,"Your journal entry must be a numeric value.Please reenter." This message was the result 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 11

Adjusting entries that are made to adjust for the effects of errors made in previous entries are called

Accepted Answer

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

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

The first activity in the general ledger system is to update the general ledger.Updates come from the various accounting subsystems as well as from the treasurer.How is general ledger updating accomplished by the various accounting subsystems?

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

Concerning XBRL,which of the following statements is not true?

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 means accountants and systems professionals must know how to write XBRL code to take advantage of its benefits. 
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 means accountants and systems professionals must know how to write XBRL code to take advantage of its benefits.

Question 15

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

Accepted Answer

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

Question 16

Which of the following is not one of the basic principles that make bar charts easy to read?

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 17

The final activity in the general ledger and reporting system is the production of various managerial reports.The report that shows planned cash inflows and outflows for each project is the

Accepted Answer

A) journal voucher list. 
B) statement of cash flows. 
C) operating budget. 
D) capital expenditures budget. 
A) journal voucher list. 
B) statement of cash flows. 
C) operating budget. 
D) capital expenditures budget.

Question 18

Which statement below about data warehouses and data marts is true?

Accepted Answer

A) The typical size of a data warehouse is small. 
B) Data warehouses may replace the transaction processing databases of an organization. 
C) A data warehouse or data mart complements the other databases within the organization by providing support for strategic decision making. 
D) Data marts can be used for transaction processing. 
A) The typical size of a data warehouse is small. 
B) Data warehouses may replace the transaction processing databases of an organization. 
C) A data warehouse or data mart complements the other databases within the organization by providing support for strategic decision making. 
D) Data marts can be used for transaction processing.

Question 19

Bobby Burns,CEO of Maudlin Motors,walked into the office of Tom Sanchez,chief information officer."Tom," he said."We have tons of data about customers,vendors,production,everything,but I don't think we're using it as well as we could.I'm thinking that we could analyze the data and try to find any patterns or relationships that would help us plan for the future." Tom should recommend that Maudlin Motors

Accepted Answer

A) implement a data mining operation. 
B) set up an object linking and embedding function. 
C) use online analytical processing (OLAP.) 
D) implement balanced scorecard reorting. 
A) implement a data mining operation. 
B) set up an object linking and embedding function. 
C) use online analytical processing (OLAP.) 
D) implement balanced scorecard reorting.

Question 20

Cost center reports compare actual versus budget regarding __________ costs.

Accepted Answer

A) controllable 
B) noncontrollable 
C) fixed 
D) variable 
A) controllable 
B) noncontrollable 
C) fixed 
D) variable

Various budgets can be produced for planning and evaluating performance within an organization.The operating budget

Information about financing and investing activities for use in making general ledger entries is typically provided by the

Immediately after the adjusting entries are completed,the next step in the general ledger and reporting system is to prepare

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

Adjusting entries that reflect events that have already occurred but for which no cash flow has taken place and not previously entered into the accounts are called

The general ledger system of an organization should be designed to serve the information requirements of both financial and nonfinancial users.This means that the system should

The preparation of financial statements is the third activity in the general ledger system.To properly complete the accounting cycle,financial statements are prepared in a certain sequence.Which statement is prepared last in the sequence?

Adjusting entries to the general ledger are typically provided by the

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message,"Your journal entry must be a numeric value.Please reenter." This message was the result of a

Adjusting entries that are made to adjust for the effects of errors made in previous entries are called

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

The first activity in the general ledger system is to update the general ledger.Updates come from the various accounting subsystems as well as from the treasurer.How is general ledger updating accomplished by the various accounting subsystems?

Concerning XBRL,which of the following statements is not true?

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

Which of the following is not one of the basic principles that make bar charts easy to read?

The final activity in the general ledger and reporting system is the production of various managerial reports.The report that shows planned cash inflows and outflows for each project is the

Which statement below about data warehouses and data marts is true?

Cost center reports compare actual versus budget regarding __________ costs.

Accounting Information Systems

Overview of Business Processes

Systems Development and Documentation Techniques

Relational Databases

Computer Fraud and Security

Control and Accounting Information Systems

Infromation System Controls for Systems Reliability

Auditing Computer-Based Information Systems

Auditing Computer-Based Informtion Systems

The Revenue Cycle: Sales an Cash Collections

The Expenditure Cycle: Purchasing and Cash Disbursements

The Production Cycle

The Human Resources Managementpayroll Cycle

Data Modeling and Database Design

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 14: General Ledger and Reporting System

Various budgets can be produced for planning and evaluating performance within an organization.The operating budget

Information about financing and investing activities for use in making general ledger entries is typically provided by the

Immediately after the adjusting entries are completed,the next step in the general ledger and reporting system is to prepare

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

Adjusting entries that reflect events that have already occurred but for which no cash flow has taken place and not previously entered into the accounts are called

The general ledger system of an organization should be designed to serve the information requirements of both financial and nonfinancial users.This means that the system should

The preparation of financial statements is the third activity in the general ledger system.To properly complete the accounting cycle,financial statements are prepared in a certain sequence.Which statement is prepared last in the sequence?

Adjusting entries to the general ledger are typically provided by the

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message,"Your journal entry must be a numeric value.Please reenter." This message was the result of a

Adjusting entries that are made to adjust for the effects of errors made in previous entries are called

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

The first activity in the general ledger system is to update the general ledger.Updates come from the various accounting subsystems as well as from the treasurer.How is general ledger updating accomplished by the various accounting subsystems?

Concerning XBRL,which of the following statements is not true?

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

Which of the following is not one of the basic principles that make bar charts easy to read?

The final activity in the general ledger and reporting system is the production of various managerial reports.The report that shows planned cash inflows and outflows for each project is the

Which statement below about data warehouses and data marts is true?

Cost center reports compare actual versus budget regarding __________ costs.

Accounting Information Systems

Overview of Business Processes

Systems Development and Documentation Techniques

Relational Databases

Computer Fraud and Security

Control and Accounting Information Systems

Infromation System Controls for Systems Reliability

Auditing Computer-Based Information Systems

Auditing Computer-Based Informtion Systems

The Revenue Cycle: Sales an Cash Collections

The Expenditure Cycle: Purchasing and Cash Disbursements

The Production Cycle

The Human Resources Managementpayroll Cycle

Data Modeling and Database Design

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.