Question 1

Entries into the General Ledger System (GLS)can be made using information from

Accepted Answer

A)  the general journal 
B)  a journal voucher which represents a summary of similar transactions 
C)  a journal voucher which represents a single,unusual transaction 
D)  all of the above 
A)  the general journal 
B)  a journal voucher which represents a summary of similar transactions 
C)  a journal voucher which represents a single,unusual transaction 
D)  all of the above D

Question 2

The Management Reporting System is a nondiscretionary system.

Accepted Answer

A) True 
 B)False  False

Question 3

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

Accepted Answer

data,procedures,objectives

Question 4

One benefit of the Management Reporting System is that it can alert management to delays in project implementation.

Accepted Answer

A) True 
 B)False

Question 5

The control function entails evaluating a process against a standard and,if necessary,taking corrective action.

Accepted Answer

A) True 
 B)False

Question 6

What is the XBRL Taxonomy?

Accepted Answer

XBRL taxonomies are classifica

Question 7

Which statement is not true? The manager's span of control

Accepted Answer

A)  is narrow for routine and repetitive tasks 
B)  is related to the number of layers of management 
C)  affects the amount of detail provided to a manager 
D)  can affect employee morale and motivation 
A)  is narrow for routine and repetitive tasks 
B)  is related to the number of layers of management 
C)  affects the amount of detail provided to a manager 
D)  can affect employee morale and motivation

Question 8

Which of the following performance measures cannot result in dysfunctional behavior?

Accepted Answer

A)  price variance 
B)  quotas 
C)  ROI 
D)  net income 
E)  all of the above can result in dysfunctional behavior 
A)  price variance 
B)  quotas 
C)  ROI 
D)  net income 
E)  all of the above can result in dysfunctional behavior

Question 9

Which file has as its primary purpose to present comparative financial reports on a historic basis?

Accepted Answer

A)  journal voucher history file 
B)  budget master file 
C)  responsibility file 
D)  general ledger history file 
A)  journal voucher history file 
B)  budget master file 
C)  responsibility file 
D)  general ledger history file

Question 10

A fundamental principle of responsibility accounting is that

Accepted Answer

A)  managers are accountable only for items they control 
B)  a manager's span of control should not exceed eight people 
C)  structured reports should be prepared weekly 
D)  the information flow is in one direction,top-down 
A)  managers are accountable only for items they control 
B)  a manager's span of control should not exceed eight people 
C)  structured reports should be prepared weekly 
D)  the information flow is in one direction,top-down

Question 11

Explain the three types of responsibility centers.

Accepted Answer

Cost centers are organizational units wi

Question 12

Which best describes a batch process General Ledger System (GLS)

Accepted Answer

A)  paper documents are eliminated 
B)  the general ledger master file is updated each night 
C)  there is a time lag between transaction processing and posting to the general ledger 
D)  no direct access or querying of the General Ledger is possible 
A)  paper documents are eliminated 
B)  the general ledger master file is updated each night 
C)  there is a time lag between transaction processing and posting to the general ledger 
D)  no direct access or querying of the General Ledger is possible

Question 13

What is XBRL?

Accepted Answer

XBRL (Extensible Business Reporting Lang

Question 14

Which statement is not correct?

Accepted Answer

A)  the post-closing trial balance reports the ending balance of each account in the general ledger 
B)  one purpose of preparing the unadjusted trial balance is to ensure that debits equal credits 
C)  financial statements are prepared based on the unadjusted trial balance 
D)  the unadjusted trial balance reports control account balances but omits subsidiary ledger detail 
A)  the post-closing trial balance reports the ending balance of each account in the general ledger 
B)  one purpose of preparing the unadjusted trial balance is to ensure that debits equal credits 
C)  financial statements are prepared based on the unadjusted trial balance 
D)  the unadjusted trial balance reports control account balances but omits subsidiary ledger detail

Question 15

All of the following are characteristics of the strategic planning process except the

Accepted Answer

A)  emphasis on both the short and long run. 
B)  review of the attributes and behavior of the organization's competition. 
C)  analysis of external economic factors. 
D)  analysis of consumer demand. 
A)  emphasis on both the short and long run. 
B)  review of the attributes and behavior of the organization's competition. 
C)  analysis of external economic factors. 
D)  analysis of consumer demand.

Question 16

A characteristic of the Management Reporting System (MRS)is

Accepted Answer

A)  the MRS operates in conformity with generally accepted accounting principles 
B)  it is a legal requirement that the MRS be installed and functioning properly 
C)  the MRS is developed by implementing SEC requirements 
D)  the MRS focuses on internal decision-making information 
A)  the MRS operates in conformity with generally accepted accounting principles 
B)  it is a legal requirement that the MRS be installed and functioning properly 
C)  the MRS is developed by implementing SEC requirements 
D)  the MRS focuses on internal decision-making information

Question 17

Management reporting is often called discretionary reporting because it is not mandated as is financial reporting.

Accepted Answer

A) True 
 B)False

Question 18

With a limited work force and a desire to maintain strong internal control,which combination of duties performed by a single individual presents the least risk exposure?

Accepted Answer

A)  maintaining the inventory ledger and recording the inventory journal voucher in the general ledger 
B)  recording the inventory journal voucher in the general ledger and maintaining custody of inventory 
C)  maintaining the cash disbursements journal and recording direct labor costs applied to specific jobs 
D)  preparing the accounts payable journal voucher and recording it in the general ledger 
A)  maintaining the inventory ledger and recording the inventory journal voucher in the general ledger 
B)  recording the inventory journal voucher in the general ledger and maintaining custody of inventory 
C)  maintaining the cash disbursements journal and recording direct labor costs applied to specific jobs 
D)  preparing the accounts payable journal voucher and recording it in the general ledger

Question 19

Short-range planning involves

Accepted Answer

A)  setting goals and objectives of the firm 
B)  planning the production schedule for the next quarter 
C)  planning the growth of the firm 
D)  deciding on the degree of diversification among the firm's products 
A)  setting goals and objectives of the firm 
B)  planning the production schedule for the next quarter 
C)  planning the growth of the firm 
D)  deciding on the degree of diversification among the firm's products

Question 20

What account appears on the post closing trial balance?

Accepted Answer

A)  income summary 
B)  machinery 
C)  rent expense 
D)  interest income 
A)  income summary 
B)  machinery 
C)  rent expense 
D)  interest income

Entries into the General Ledger System (GLS)can be made using information from

The Management Reporting System is a nondiscretionary system.

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

One benefit of the Management Reporting System is that it can alert management to delays in project implementation.

The control function entails evaluating a process against a standard and,if necessary,taking corrective action.

What is the XBRL Taxonomy?

Which statement is not true? The manager's span of control

Which of the following performance measures cannot result in dysfunctional behavior?

Which file has as its primary purpose to present comparative financial reports on a historic basis?

A fundamental principle of responsibility accounting is that

Explain the three types of responsibility centers.

Which best describes a batch process General Ledger System (GLS)

What is XBRL?

Which statement is not correct?

All of the following are characteristics of the strategic planning process except the

A characteristic of the Management Reporting System (MRS)is

Management reporting is often called discretionary reporting because it is not mandated as is financial reporting.

With a limited work force and a desire to maintain strong internal control,which combination of duties performed by a single individual presents the least risk exposure?

Short-range planning involves

What account appears on the post closing trial balance?

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

Construct,deliver,and Maintain Systems Projects

IT Controls Part I: Sarbanes-Oxley and It Governance

IT Controls Part II: Security and Access

IT Controls Part III: Systems Development, program Changes, and Application Controls

Filters

Exam 8: General Ledger,financial Reporting,and Management Reporting Systems

Entries into the General Ledger System (GLS)can be made using information from

The Management Reporting System is a nondiscretionary system.

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

One benefit of the Management Reporting System is that it can alert management to delays in project implementation.

The control function entails evaluating a process against a standard and,if necessary,taking corrective action.

What is the XBRL Taxonomy?

Which statement is not true? The manager's span of control

Which of the following performance measures cannot result in dysfunctional behavior?

Which file has as its primary purpose to present comparative financial reports on a historic basis?

A fundamental principle of responsibility accounting is that

Explain the three types of responsibility centers.

Which best describes a batch process General Ledger System (GLS)

What is XBRL?

Which statement is not correct?

All of the following are characteristics of the strategic planning process except the

A characteristic of the Management Reporting System (MRS)is

Management reporting is often called discretionary reporting because it is not mandated as is financial reporting.

With a limited work force and a desire to maintain strong internal control,which combination of duties performed by a single individual presents the least risk exposure?

Short-range planning involves

What account appears on the post closing trial balance?

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

Construct,deliver,and Maintain Systems Projects

IT Controls Part I: Sarbanes-Oxley and It Governance

IT Controls Part II: Security and Access

IT Controls Part III: Systems Development, program Changes, and Application Controls

Filters