Question 1

What is the implication for the management reporting system of an organization that implements the formalization of tasks principle?

Accepted Answer

Information requirements are defined by

Question 2

What is information overload? How does it affect decision-making?

Accepted Answer

Information overload refers to a situati

Question 3

XBRL taxonomies are classification schemes that are compliant with the XBRL specifications to accomplish a specific information exchange.

Accepted Answer

A) True 
 B)False

Question 4

Describe at least three attributes of an effective report.

Accepted Answer

Effective reports tend to share several

Question 5

What three elements must be present for a problem to be "structured?"

Accepted Answer

data,proce

Question 6

For reports to be useful they must have information content.Describe a reporting objective which gives reports information content.

Accepted Answer

Reports must reduce the level

Question 7

When evaluating decision alternatives,one option is to take no action.

Accepted Answer

A) True 
 B)False

Question 8

Which situation indicates an internal control risk in the general ledger/financial reporting systems (GL/FRS)?

Accepted Answer

A) the employee who maintains the cash journal computes depreciation expense 
B) the cash receipts journal voucher is approved by the Treasurer 
C) the cash receipts journal vouchers are prenumbered and stored in a locked safe 
D) the employee who maintains the cash receipts journal records transactions in the accounts receivable subsidiary ledger 
A) the employee who maintains the cash journal computes depreciation expense 
B) the cash receipts journal voucher is approved by the Treasurer 
C) the cash receipts journal vouchers are prenumbered and stored in a locked safe 
D) the employee who maintains the cash receipts journal records transactions in the accounts receivable subsidiary ledger

Question 9

A principle of responsibility accounting is that managers are responsible for controllable and uncontrollable costs.

Accepted Answer

A) True 
 B)False

Question 10

Define and discuss the journal voucher.

Accepted Answer

The source of input to the general ledge

Question 11

Firms use prescriptive analytics to recommend the best action to take in response to a specific question.

Accepted Answer

A) True 
 B)False

Question 12

List two duties that individuals with access authority of GL accounts should not have.

Accepted Answer

record-keeping responsibility

Question 13

The responsibility center file is primarily used by the financial reporting system.

Accepted Answer

A) True 
 B)False

Question 14

Why is the audit trail necessary?

Accepted Answer

The audit trail is needed for several re

Question 15

In contrast to tactical planning decisions,management control decisions,and operational control decisions,strategic planning decisions usually

Accepted Answer

A) are more focused 
B) have a shorter time frame 
C) are unstructured 
D) have a high degree of certainty 
A) are more focused 
B) have a shorter time frame 
C) are unstructured 
D) have a high degree of certainty

Question 16

All of the following are examples of programmed reports except

Accepted Answer

A) cash flow reports for Division B 
B) year-to-date local income tax payments made by all employees living in City X and working in City Y 
C) inventory exception reports for Division G 
D) equipment utilization reports for Plant M 
A) cash flow reports for Division B 
B) year-to-date local income tax payments made by all employees living in City X and working in City Y 
C) inventory exception reports for Division G 
D) equipment utilization reports for Plant M

Question 17

Describe at least three characteristics of strategic planning decisions and their information requirements.

Accepted Answer

have long time frames-create a need for

Question 18

Explain the purpose and contents of the general ledger master file.

Accepted Answer

The general ledger master file is the ma

Question 19

Which statement is not correct? The general ledger master file

Accepted Answer

A) is based on the firm's chart of account 
B) contains a record for control accounts 
C) is an output of the financial reporting system (FRS) 
D) supplies information for management decision making 
A) is based on the firm's chart of account 
B) contains a record for control accounts 
C) is an output of the financial reporting system (FRS) 
D) supplies information for management decision making

Question 20

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

Accepted Answer

A) a chronological record of all transactions 
B) the balance of each account in the chart of accounts 
C) budget records for each account in the chart of accounts 
D) subsidiary details supporting a control account 
A) a chronological record of all transactions 
B) the balance of each account in the chart of accounts 
C) budget records for each account in the chart of accounts 
D) subsidiary details supporting a control account

What is the implication for the management reporting system of an organization that implements the formalization of tasks principle?

What is information overload? How does it affect decision-making?

XBRL taxonomies are classification schemes that are compliant with the XBRL specifications to accomplish a specific information exchange.

Describe at least three attributes of an effective report.

What three elements must be present for a problem to be "structured?"

For reports to be useful they must have information content.Describe a reporting objective which gives reports information content.

When evaluating decision alternatives,one option is to take no action.

Which situation indicates an internal control risk in the general ledger/financial reporting systems (GL/FRS)?

A principle of responsibility accounting is that managers are responsible for controllable and uncontrollable costs.

Define and discuss the journal voucher.

Firms use prescriptive analytics to recommend the best action to take in response to a specific question.

List two duties that individuals with access authority of GL accounts should not have.

The responsibility center file is primarily used by the financial reporting system.

Why is the audit trail necessary?

In contrast to tactical planning decisions,management control decisions,and operational control decisions,strategic planning decisions usually

All of the following are examples of programmed reports except

Describe at least three characteristics of strategic planning decisions and their information requirements.

Explain the purpose and contents of the general ledger master file.

Which statement is not correct? The general ledger master file

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

The Information System: an Accountants Perspective

Introduction to Transaction Processing

Ethics,fraud,and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

The Conversion Cycle

Database Management Systems

The Rea Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Auditing It Controls Part I: Sarbanes-Oxley and It Governance

Auditing It Controls Part II: Security and Access

Auditing It Controls Part III: Systems Development, program Changes, and Application Auditing

Filters

Exam 8: Financial Reporting,and Management Reporting Systems

What is the implication for the management reporting system of an organization that implements the formalization of tasks principle?

What is information overload? How does it affect decision-making?

XBRL taxonomies are classification schemes that are compliant with the XBRL specifications to accomplish a specific information exchange.

Describe at least three attributes of an effective report.

What three elements must be present for a problem to be "structured?"

For reports to be useful they must have information content.Describe a reporting objective which gives reports information content.

When evaluating decision alternatives,one option is to take no action.

Which situation indicates an internal control risk in the general ledger/financial reporting systems (GL/FRS)?

A principle of responsibility accounting is that managers are responsible for controllable and uncontrollable costs.

Define and discuss the journal voucher.

Firms use prescriptive analytics to recommend the best action to take in response to a specific question.

List two duties that individuals with access authority of GL accounts should not have.

The responsibility center file is primarily used by the financial reporting system.

Why is the audit trail necessary?

In contrast to tactical planning decisions,management control decisions,and operational control decisions,strategic planning decisions usually

All of the following are examples of programmed reports except

Describe at least three characteristics of strategic planning decisions and their information requirements.

Explain the purpose and contents of the general ledger master file.

Which statement is not correct? The general ledger master file

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

The Information System: an Accountants Perspective

Introduction to Transaction Processing

Ethics,fraud,and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

The Conversion Cycle

Database Management Systems

The Rea Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Auditing It Controls Part I: Sarbanes-Oxley and It Governance

Auditing It Controls Part II: Security and Access

Auditing It Controls Part III: Systems Development, program Changes, and Application Auditing

Filters