Question 1

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 2

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

Accepted Answer

record-keeping responsibility

Question 3

The decision to enter a new market is an example of

Accepted Answer

A)  strategic planning 
B)  tactical planning 
C)  management control 
D)  operational control 
A)  strategic planning 
B)  tactical planning 
C)  management control 
D)  operational control

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Describe at least three attributes of an effective report.

Accepted Answer

Effective reports tend to share several

Question 6

An income statement is an example of an XBRL instance document.

Accepted Answer

A) True 
 B)False

Question 7

Explain the phrase "span of control." What are the implications for the management reporting system of this principle?

Accepted Answer

A manager's span of control is the numbe

Question 8

Operational control decisions

Accepted Answer

A)  set the goals and objectives for the firm 
B)  involve motivating managers to use resources as productively as possible. 
C)  are more focused than tactical decisions 
D)  have a fairly high degree of uncertainty 
A)  set the goals and objectives for the firm 
B)  involve motivating managers to use resources as productively as possible. 
C)  are more focused than tactical decisions 
D)  have a fairly high degree of uncertainty

Question 9

What are the major exposures in the general ledger/financial reporting system?

Accepted Answer

The primary exposures are: a defective o

Question 10

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

Accepted Answer

have long time frames-create a need for

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

XBRL

Accepted Answer

A)  is the basic protocol that permits communication between Internet sites. 
B)  controls Web browsers that access the Web. 
C)  is the document format used to produce Web pages. 
D)  was designed to provide the financial community with a standardized method for preparing 
E)  is a low-level encryption scheme used to secure transmissions in higher-level (HTTP) format. 
A)  is the basic protocol that permits communication between Internet sites. 
B)  controls Web browsers that access the Web. 
C)  is the document format used to produce Web pages. 
D)  was designed to provide the financial community with a standardized method for preparing 
E)  is a low-level encryption scheme used to secure transmissions in higher-level (HTTP) format.

Question 13

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

Question 14

The level of management that makes tactical planning decisions is

Accepted Answer

A)  top management 
B)  middle management 
C)  operations management 
D)  front-line management 
A)  top management 
B)  middle management 
C)  operations management 
D)  front-line management

Question 15

There are two basic types of management reports-programmed and ad hoc. Describe each and give examples.

Accepted Answer

Programmed reports provide information t

Question 16

Designing an effective management reporting system does not require an understanding of the information managers need to deal with the problems they face.

Accepted Answer

A) True 
 B)False

Question 17

Individuals with access authority to general ledger accounts should not prepare journal vouchers.

Accepted Answer

A) True 
 B)False

Question 18

Operational control involves motivating managers at all levels to use resources, including materials, personnel, and financial assets, as productively as possible.

Accepted Answer

A) True 
 B)False

Question 19

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 20

Which statement is not true?

Accepted Answer

A)  The journal voucher is the only source of input into the general ledger. 
B)  A journal voucher can be used to represent summaries of similar transactions or a single unique transaction. 
C)  Journal vouchers are not used to make adjusting entries and closing entries in the general ledger. 
D)  Journal vouchers offer a degree of control against unauthorized general ledger entries. 
A)  The journal voucher is the only source of input into the general ledger. 
B)  A journal voucher can be used to represent summaries of similar transactions or a single unique transaction. 
C)  Journal vouchers are not used to make adjusting entries and closing entries in the general ledger. 
D)  Journal vouchers offer a degree of control against unauthorized general ledger entries.

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

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

The decision to enter a new market is an example of

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

Describe at least three attributes of an effective report.

An income statement is an example of an XBRL instance document.

Explain the phrase "span of control." What are the implications for the management reporting system of this principle?

Operational control decisions

What are the major exposures in the general ledger/financial reporting system?

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

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

XBRL

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

The level of management that makes tactical planning decisions is

There are two basic types of management reports-programmed and ad hoc. Describe each and give examples.

Designing an effective management reporting system does not require an understanding of the information managers need to deal with the problems they face.

Individuals with access authority to general ledger accounts should not prepare journal vouchers.

Operational control involves motivating managers at all levels to use resources, including materials, personnel, and financial assets, as productively as possible.

What is the implication for the Management Reporting System of an organization that implements the formalization of tasks principle?

Which statement is not true?

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: Financial Reporting, and Management Reporting Systems

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

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

The decision to enter a new market is an example of

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

Describe at least three attributes of an effective report.

An income statement is an example of an XBRL instance document.

Explain the phrase "span of control." What are the implications for the management reporting system of this principle?

Operational control decisions

What are the major exposures in the general ledger/financial reporting system?

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

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

XBRL

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

The level of management that makes tactical planning decisions is

There are two basic types of management reports-programmed and ad hoc. Describe each and give examples.

Designing an effective management reporting system does not require an understanding of the information managers need to deal with the problems they face.

Individuals with access authority to general ledger accounts should not prepare journal vouchers.

Operational control involves motivating managers at all levels to use resources, including materials, personnel, and financial assets, as productively as possible.

What is the implication for the Management Reporting System of an organization that implements the formalization of tasks principle?

Which statement is not true?

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