Question 1

The intent of the Sarbanes-Oxley Act of 2002 is to:

Accepted Answer

A)  protect investors by improving the accuracy and reliability of corporate disclosures 
B)  establish who is responsible for financial reporting 
C)  strengthen internal control 
D)  All of the above

Question 2

Typically, you would expect general ledger updates for periodic adjusting entries to be fed to the GL/BR process by:

Accepted Answer

A)  the controller 
B)  the treasurer 
C)  the chief executive officer (CEO) 
D)  one of the AIS feeder systems

Question 3

Limitations of the general ledger approach include the following:

Accepted Answer

A)  combining of financial and non-financial information 
B)  purging of detailed event level data 
C)  use of a chart of accounts 
D)  inability to conform to GAAP

Question 4

GAAP based financial statements are sent by:

Accepted Answer

A)  the controller 
B)  the treasurer 
C)  the financial reporting officer 
D)  the managerial reporting officer

Question 5

Often, performance reports are part of a managerial reporting system known as a(n) ______________________________ system.

Accepted Answer

The answer of Often, performance reports are part of a...

Question 6

As we move toward an enterprise system environment, the chart of accounts becomes increasingly more important.

Accepted Answer

A) True 
 B)False

Question 7

The financial statements contain detailed information of all of an organization's business event data.

Accepted Answer

A) True 
 B)False

Question 8

Changing account numbers and account structure can raise a significant information use problem called ______________________________.

Accepted Answer

The answer of Changing account numbers and account structure can...

Question 9

The intent of the Sarbanes-Oxley Act of 2002 is to protect the company by improving the accuracy and reliability of all corporate disclosures made pursuant to the securities laws.

Accepted Answer

A) True 
 B)False

Question 10

The financial reporting officer is responsible for reporting GAAP financial statements.

Accepted Answer

A) True 
 B)False

Question 11

The ______________________________ process comprises preparing external financial statements, ensuring they conform to GAAP, generating Web-based forms of key financial statement and related business reporting information via the Internet, and supporting the generation of both ad hoc and predetermined business reports.

Accepted Answer

The answer of The ______________________________ process comprises preparing external financial...

Question 12

The source code field of each GL entry provides a beginning point of reference for developing a proper audit trail.

Accepted Answer

A) True 
 B)False

Question 13

The source code field of each GL entry provides a beginning point of reference for developing a proper ______________________________.

Accepted Answer

The answer of The source code field of each GL...

Question 14

Which of the following usually would be responsible for preparing operating center performance reports?

Accepted Answer

A)  managerial reporting officer 
B)  budgeting department manager 
C)  financial reporting officer 
D)  operating line managers

Question 15

The ______________________________ is a list of all the accounts in the general ledger.

Accepted Answer

The answer of The ______________________________ is a list of all...

Question 16

Tracing back to individual business events that have been aggregated into account balances is done by means of a(n):

Accepted Answer

A)  electronic reference service 
B)  general ledger account 
C)  audit trail 
D)  data dictionary

Question 17

Convergence implies that GAAP and IFRS standards will blend together, with differences reconciled, and ultimately we will have one set of standards that can be used world-wide.

Accepted Answer

A) True 
 B)False

Question 18

XBRL is an XML-based language consisting of a set of tags that are used to unify the presentation of business reporting information into a single format that can be easily read by almost any software package and can be easily searched by Web browsers.

Accepted Answer

A) True 
 B)False

Question 19

In the balanced scorecard methodology the ______________________________ component monitors and assesses how the organization is continuing to improve and how it is creating additional value.

Accepted Answer

The answer of In the balanced scorecard methodology the ______________________________...

Question 20

The ______________________________ officer possesses expertise in preparing internal management reports.

Accepted Answer

The answer of The ______________________________ officer possesses expertise in preparing...

Exam 16: The General Ledger and Business Reporting GLBR Process

The intent of the Sarbanes-Oxley Act of 2002 is to:

Typically, you would expect general ledger updates for periodic adjusting entries to be fed to the GL/BR process by:

Limitations of the general ledger approach include the following:

GAAP based financial statements are sent by:

Often, performance reports are part of a managerial reporting system known as a(n) ______________________________ system.

As we move toward an enterprise system environment, the chart of accounts becomes increasingly more important.

The financial statements contain detailed information of all of an organization's business event data.

Changing account numbers and account structure can raise a significant information use problem called ______________________________.

The intent of the Sarbanes-Oxley Act of 2002 is to protect the company by improving the accuracy and reliability of all corporate disclosures made pursuant to the securities laws.

The financial reporting officer is responsible for reporting GAAP financial statements.

The source code field of each GL entry provides a beginning point of reference for developing a proper audit trail.

The source code field of each GL entry provides a beginning point of reference for developing a proper ______________________________.

Which of the following usually would be responsible for preparing operating center performance reports?

The ______________________________ is a list of all the accounts in the general ledger.

Tracing back to individual business events that have been aggregated into account balances is done by means of a(n) :

Convergence implies that GAAP and IFRS standards will blend together, with differences reconciled, and ultimately we will have one set of standards that can be used world-wide.

XBRL is an XML-based language consisting of a set of tags that are used to unify the presentation of business reporting information into a single format that can be easily read by almost any software package and can be easily searched by Web browsers.

In the balanced scorecard methodology the ______________________________ component monitors and assesses how the organization is continuing to improve and how it is creating additional value.

The ______________________________ officer possesses expertise in preparing internal management reports.