Question 1

XRLB reporting:

Accepted Answer

A)  must be used by banks to file required quarterly "Call Reports" 
B)  is used substantially both in the US and internationally. 
C)  facilitates the fulfillment of legal requirements stipulated in SOX. 
D)  All of the above. 
E)  None of the above. 
A)  must be used by banks to file required quarterly "Call Reports" 
B)  is used substantially both in the US and internationally. 
C)  facilitates the fulfillment of legal requirements stipulated in SOX. 
D)  All of the above. 
E)  None of the above.

Question 2

What is the XBRL Taxonomy?

Accepted Answer

XBRL taxonomies are classifica

Question 3

All of the following are elements of operational control decisions except

Accepted Answer

A)  determining the scope of the activity 
B)  setting operating standards 
C)  evaluating performance 
D)  taking corrective action when necessary 
A)  determining the scope of the activity 
B)  setting operating standards 
C)  evaluating performance 
D)  taking corrective action when necessary

Question 4

The responsibility center file is primarily used by the Financial Reporting System.

Accepted Answer

A) True 
 B)False

Question 5

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 6

__________________________ refers to the number of subordinates directly under a manager's control.

Accepted Answer

The answer of __________________________ refers to the number of subordinates...

Question 7

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

Accepted Answer

Information overload refers to a situati

Question 8

Financial statements are prepared from the

Accepted Answer

A)  trial balance 
B)  adjusted trial balance 
C)  general ledger 
D)  general journal 
A)  trial balance 
B)  adjusted trial balance 
C)  general ledger 
D)  general journal

Question 9

Which of the following statements is NOT true?

Accepted Answer

A)  XML stands for eXperimental Markup Language. 
B)  XML is a is a meta-language for describing markup languages. 
C)  Unlike HTML, XML is capable of storing data in relational form. 
D)  Any markup language can be created using XML 
A)  XML stands for eXperimental Markup Language. 
B)  XML is a is a meta-language for describing markup languages. 
C)  Unlike HTML, XML is capable of storing data in relational form. 
D)  Any markup language can be created using XML

Question 10

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 11

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 12

How does the management by Exception principle affect the Management Reporting System?

Accepted Answer

Reports should focus on differences betw

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Many financial reports produced by organizations are nondiscretionary-publicly traded firms have no choice but to prepare income statements, tax returns, etc. Management reporting is often called discretionary reporting because it is not mandated, as is financial reporting. Is this a valid statement? Why or why not?

Accepted Answer

It can be argued that an effective MRS i

Question 15

Discuss the primary advantage of XBRL over traditional HTML as a means of online reporting of financial information to users.

Accepted Answer

Online reporting of financial data has b

Question 16

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 17

What mechanism is used to convey to managers the standards by which their performance will be measured?

Accepted Answer

A)  the responsibility report 
B)  the scheduled report 
C)  the budget 
D)  all of the above 
A)  the responsibility report 
B)  the scheduled report 
C)  the budget 
D)  all of the above

Question 18

Risk exposures in the General Ledger and Financial Reporting Systems include all of the following except

Accepted Answer

A)  defective audit trail 
B)  unauthorized access to the general ledger 
C)  loss of physical assets 
D)  general ledger account out of balance with the subsidiary account 
A)  defective audit trail 
B)  unauthorized access to the general ledger 
C)  loss of physical assets 
D)  general ledger account out of balance with the subsidiary account

Question 19

Discuss inappropriate performance measures and how to avoid them.

Accepted Answer

When inappropriate performance measures

Question 20

All of the following are elements of problem structure except

Accepted Answer

A)  certainty 
B)  data 
C)  procedures 
D)  objectives 
A)  certainty 
B)  data 
C)  procedures 
D)  objectives

XRLB reporting:

What is the XBRL Taxonomy?

All of the following are elements of operational control decisions except

The responsibility center file is primarily used by the Financial Reporting System.

Short-range planning involves

__________________________ refers to the number of subordinates directly under a manager's control.

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

Financial statements are prepared from the

Which of the following statements is NOT true?

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

Which situation indicates an internal control risk in the General Ledger/Financial Reporting Systems (GL/FRS)?

How does the management by Exception principle affect the Management Reporting System?

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

Discuss the primary advantage of XBRL over traditional HTML as a means of online reporting of financial information to users.

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

What mechanism is used to convey to managers the standards by which their performance will be measured?

Risk exposures in the General Ledger and Financial Reporting Systems include all of the following except

Discuss inappropriate performance measures and how to avoid them.

All of the following are elements of problem structure except

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

XRLB reporting:

What is the XBRL Taxonomy?

All of the following are elements of operational control decisions except

The responsibility center file is primarily used by the Financial Reporting System.

Short-range planning involves

__________________________ refers to the number of subordinates directly under a manager's control.

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

Financial statements are prepared from the

Which of the following statements is NOT true?

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

Which situation indicates an internal control risk in the General Ledger/Financial Reporting Systems (GL/FRS)?

How does the management by Exception principle affect the Management Reporting System?

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

Discuss the primary advantage of XBRL over traditional HTML as a means of online reporting of financial information to users.

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

What mechanism is used to convey to managers the standards by which their performance will be measured?

Risk exposures in the General Ledger and Financial Reporting Systems include all of the following except

Discuss inappropriate performance measures and how to avoid them.

All of the following are elements of problem structure except

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