Question 1

Discuss the value and role of budgets as managerial reports.

Accepted Answer

The answer of Discuss the value and role of budgets...

Question 2

When updating the general ledger,sales,purchases,and production are examples of __________ entries,and issuance or retirement of debt and the purchase or sale of investment securities are examples of __________ entries.

Accepted Answer

A) adjusting; controller originated 
B) accounting subsystem; treasurer originated 
C) adjusting; special journal 
D) controller generated; special journal

Question 3

A financial data warehouse provides support for strategic decision making because it

Accepted Answer

A) consolidates current financial data. 
B) contains both current and historical financial data. 
C) contains current financial and operational data. 
D) summarizes historical data.

Question 4

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message,"The account number referenced in your journal entry does not exist.Do you want to create a new account?" This message was the result of a

Accepted Answer

A) validity check. 
B) field check. 
C) zero-balance check. 
D) completeness test.

Question 5

Describe three threats in the general ledger and reporting system and identify corresponding controls for each threat.

Accepted Answer

The answer of Describe three threats in the general ledger...

Question 6

Which one of the following four general ledger activities is not concerned with the preparation of traditional financial statements?

Accepted Answer

A) Post adjusting entries 
B) Produce managerial reports 
C) Update general ledger 
D) Prepare financial statements

Question 7

What is data mining? Give an example of how it is used.

Accepted Answer

The answer of What is data mining? Give an example...

Question 8

Adjusting entries that are made to counteract the effects of errors found in the general ledger are called

Accepted Answer

A) accruals. 
B) corrections. 
C) deferrals. 
D) estimates.

Question 9

What is responsibility accounting?

Accepted Answer

The answer of What is responsibility accounting?...

Question 10

Which of the following techniques is not used in data mining?

Accepted Answer

A) statistical analysis 
B) artificial intelligence 
C) expert systems 
D) neural networks

Question 11

Business intelligence refers to the

Accepted Answer

A) use of industrial espionage to capture data about competitors. 
B) use of data contained in a data warehouse for strategic planning. 
C) publications provided by industry consultants and news letters. 
D) systematic application of online search engines like Google to identify industry-specific trends and benchmarks.

Question 12

Explain the benefits of XBRL.

Accepted Answer

The answer of Explain the benefits of XBRL.
...

Question 13

Which of the following is the most common violation of the principles of good graph design?

Accepted Answer

A) Showing data in reverse chronological order 
B) Starting the horizontal axis at a value other than zero 
C) Starting the vertical axis at a value other than zero 
D) Use of titles that do not accurately describe the data that is plotted on the graph.

Question 14

A type of edit check that would ensure that entries are made to existing general ledger accounts is called a(n)__________ check.

Accepted Answer

A) validity 
B) existence 
C) closed loop verification 
D) field

Question 15

There are four basic activities performed in the general ledger and reporting system.Several of these activities represent the basic steps in the accounting cycle.In what step is the adjusted trial balance prepared?

Accepted Answer

A) update the general ledger 
B) post adjusting entries 
C) prepare financial statements 
D) produce managerial reports

Question 16

A listing of journal vouchers by numerical sequence,account number,or date is an example of

Accepted Answer

A) a general ledger control report. 
B) a budget report. 
C) a batch to be processed. 
D) responsibility accounting.

Question 17

When a manager performs tests of hypothesized relationships by querying a database,she is using

Accepted Answer

A) data mining. 
B) object linking and embedding (OLE.) 
C) data marting. 
D) online analytical processing (OLAP.)

Question 18

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message when she tried to save her entry,"The data you have entered does not include a source reference code.Please enter this data before saving." This message was the result of a

Accepted Answer

A) validity check. 
B) field check. 
C) zero-balance check. 
D) completeness test.

Question 19

One way of ensuring that recurring adjusting journal entries that are needed each month are in fact made each month would be

Accepted Answer

A) to make all the entries a month in advance. 
B) to rotate the responsibility among the accounting staff. 
C) to program the entries to be made automatically. 
D) to create a standard adjusting journal entry file.

Question 20

The process of accessing the data contained in a data warehouse and using it for strategic decision making is often referred to as:

Accepted Answer

A) artificial intelligence 
B) business intelligence 
C) data mart 
D) data warehousing

Exam 14: General Ledger and Reporting System

Discuss the value and role of budgets as managerial reports.

When updating the general ledger,sales,purchases,and production are examples of entries,and issuance or retirement of debt and the purchase or sale of investment securities are examples of entries.

A financial data warehouse provides support for strategic decision making because it

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message,"The account number referenced in your journal entry does not exist.Do you want to create a new account?" This message was the result of a

Describe three threats in the general ledger and reporting system and identify corresponding controls for each threat.

Which one of the following four general ledger activities is not concerned with the preparation of traditional financial statements?

What is data mining? Give an example of how it is used.

Adjusting entries that are made to counteract the effects of errors found in the general ledger are called

What is responsibility accounting?

Which of the following techniques is not used in data mining?

Business intelligence refers to the

Explain the benefits of XBRL.

Which of the following is the most common violation of the principles of good graph design?

A type of edit check that would ensure that entries are made to existing general ledger accounts is called a(n) __________ check.

There are four basic activities performed in the general ledger and reporting system.Several of these activities represent the basic steps in the accounting cycle.In what step is the adjusted trial balance prepared?

A listing of journal vouchers by numerical sequence,account number,or date is an example of

When a manager performs tests of hypothesized relationships by querying a database,she is using

One way of ensuring that recurring adjusting journal entries that are needed each month are in fact made each month would be

The process of accessing the data contained in a data warehouse and using it for strategic decision making is often referred to as: