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accounting information systems
Questions and Answers of
Accounting Information Systems
Why do you think budgeting is described as a cycle? How is that related to the control of the business?
Can you think of some circumstances where the budget or the budget-setting process might demotivate rather than motivate employees?
Why should a business consider sustainability in its budget?
Wivenhoe Wines is based in the Brisbane Valley and makes boutique wines sold online to customers on credit (70% of sales)and to customers visiting the vineyard and purchasing bottles of wine at the
Refer to 3-24. Jaime’s business policy is to plan to end each month with an ending inventory equal to 20 per cent of the next month’s projected sales. Jaime’s pays $8 for each hat that it
Refer to Question 3-24. Assume Jaime’s ended the first quarter of this financial year with 60 hats on hand.Required:a Notice that Jaime’s ended the first quarter with less than 20 per cent of
Refer to Question 3-24. Jaime’s Hat Shop expects to incur the following expenses for each month of the second quarter of this financial year:In April, Jaime’s had prepaid the rent for the whole
Refer to Questions 3-24 to 3-27. Jaime’s Hat Shop ended September with a cash balance of $10 343.Required:Prepare a cash budget for the second quarter of this financial year.Question 3-24Jaime’s
Refer to Questions 3-24 to 3-27.Required:Prepare a projected income statement for the second quarter of this financial year.Question 3-24Jaime’s Hat Shop sells hats with school logos on them for
Helena’s Chocolates is preparing a sales budget for the quarter (3 months) April–June 202X for their gift chocolate box product and a schedule of cash collections. The majority of their sales are
Refer to 3-37.Required:Prepare a projected income statement for Well Feed for February. How do you explain the differences between the income statement and the cash budget?Question 3-37Well Feed
Taylor Pty Ltd is based in Brisbane and sells ’glamping’ yurt tents imported from China at a cost of $150 each plus import duties and other costs of $60. These purchase and import costs are paid
The owner of the small business Wivenhoe Wines has completed a report analysing the results of the business for the quarter ended 31st December. He has compared the actual results with the original
Based on SOX, which of the following sections is about assessing internal controls?a. 302b. 401c. 404d. 906
SOX requires companies to use COSO or COSO ERM as the framework in evaluating internal controls.a. Trueb. False
Controls that are designed to prevent, detect, or correct errors in transactions as they are processed through a specific subsystem are referred to asa. general controls.b. application controls.c.
Prenumbering of source documents helps to verify thata. multiple types of source documents have a unique identifier.b. all transactions have been recorded because the numerical sequence serves as a
A field check is a(n)a. preventive control.b. detective control.c. corrective control.d. general control.e. output control.
Which is not an example of a batch total?a. Record countb. Financial totalc. Hash totald. Exception total
Backup is a preventive control.a. Trueb. False
The computer sums the first four digits of a customer number to calculate the value of the fifth digit and then compares that calculation to the number typed during data entry. This is an example of
Which of the following statements is correct?a. SOX requires all public companies to use the COSO ERM framework to meet the requirements of section 404.b. Regarding IT control and governance, the
What are the objectives and components of the COSO ERM 2004 framework?
The COSO 2013 internal control framework codifies 17 relevant principles associated with the five components of internal control. Match the following principles with the five components. COSO
Match the following internal controls with the categories of control activities. Internal Controls a. Separate handling cash (receipt and deposit) func- tions from recordkeeping functions (recording
Match the following control frameworks with their main purposes. Purposes a. Expand internal controls to provide a broader view on risk management to maximize firm value. b. Provide management an
Authentication is the process by which thea. system verifies that the user is entitled to enter the transaction requested.b. system verifies the identity of the user.c. user identifies him- or
Data processing activities may be classified in terms of three stages or processes: input, processing, and output. An activity that is not normally associated with the input stage isa. batching.b.
To authenticate the message sender in an asymmetric-key encryption system, which of the following keys is required to decrypt the received message?a. Sender’s private keyb. Sender’s public keyc.
Incentive to commit fraud usually will include all of the following, excepta. inadequate segregation of duties.b. financial pressure.c. personal habits and lifestyle.d. feelings of resentment.e.
An information technology director collected the names and locations of key vendors, current hardware configuration, names of team members, and an alternative processing location. What is the
A message digest is the result of hashing. Which of the following statements about the hashing process is true?a. It is reversible.b. Comparing the hashing results can ensure confidentiality.c.
Why would a company need a SOC report?a. The external auditor needs to know the effectiveness of internal controls of the company’s service provider(s).b. The company wants to use it for marketing
Which of the following statements regarding SOC is correct?a. SOC 1 report is prepared for the general public to use.b. SOC 2 report is focused on the impact of the service provider’s controls on
Which of the following frameworks could be used for SOC cybersecurity?a. NISTb. HIPPAc. PCI-DSSd. All of these options are correct.e. Two of these options are correct.
Using an uninterruptible power supply is aa. preventive control.b. detective control.c. corrective control.
Implementing a redundant array of independent devices (RAID) is a preventive control.a. Trueb. False
Match the descriptions with each encryption method. Descriptions a. Good for large datasets b. Slow in processing c. Convenient for key distribution and key management d. Each user has a public key
Match correct statement(s) with each term regarding system availability. Internal Controls a. Activities required to keep a firm running during a period of displacement or interruption of normal
Identify the main components of vulnerability management and assessment. Component a. Prioritize vulnerabilities b. Design a risk response plan c. Monitor vulnerabilities d. Establish policy and
Match correct purposes, contents, and users regarding SOC reports. Purposes/Contents/Users a. Easy to read by the general public in a summary format on security, availability, processing integrity,
A local area network (LAN) is best described as a(n)a. computer system that connects computers of all sizes, workstations, terminals, and other devices within a limited proximity.b. system that
Which of the following network components is set up to serve as a security measure that prevents unauthorized traffic between different segments of the network?a. Switchb. Routerc. Firewalld. Virtual
Unauthorized alteration of records in a database system would impair which of the following components of the CIA (related to security)?a. Confidentialityb. Integrityc. Availabilityd. Authorization
Which of the following is not a task performed by an operating system?a. Translate high-level languages to machine-level language.b. Manage job scheduling and multiprogramming.c. Support applications
Managers at a consumer products company purchased personal computer software from only recognized vendors and prohibited employees from installing nonauthorized software on their personal computers
Unauthorized alteration of records in a database system can be prevented by employinga. key verification.b. computer matching.c. regular review of audit trails.d. database access controls.
An organization is planning to replace its wired networks with wireless networks.Which of the following approaches provides the most secure wireless network?a. Implement wired equivalent privacy
The vice president of human resources has requested an audit to identify payroll overpayments for the previous year. Which would be the best audit technique to use in this situation?a. Test datab.
Which of the following statements about CAATs is not correct?a. Parallel simulation attempts to simulate or reproduce the firm’s actual processing results.b. The test data technique uses a set of
Which of the following audit techniques should an IS auditor use to detect duplicate invoice records within an invoice master file?a. Test datab. Generalized audit softwarec. Integrated test
Match the descriptions with each type of network. Descriptions a. This computer network covers a broad area (e.g., includes any network whose communications link cross metropolitan, regional, or
Match the continuous auditing alarms to flag the fraud schemes. Fraud Scheme a. Operating expenses were illegitimately reclassified as capital expenditures, which improved the
Identify the key features of a continuous audit and the common techniques to implement the audit.
A subset of a data warehouse is called aa. small data warehouse.b. data mart.c. data martian.d. business intelligence.
A data lake may includea. an XBRL style sheet.b. process diagrams.c. a digital dashboard.d. both structured and unstructured data.
American Airlines may use business intelligence toa. track the cost of snacks on its airplanes.b. monitor the cost of its pilots and flight attendants.c. track the cost of its airplane fuel.d.
The computer-based technique to accumulate and analyze data to learn about a competitor is calleda. business intelligence.b. data warehouse.c. digital dashboard.d. XBRL.
The steps in business intelligence includea. analyze data for patterns, gather information, make decision.b. create data warehouse, query data warehouse, make decision.c. query data warehouse, create
A digital dashboard tracks, in a user-friendly way:a. automobile speed.b. critical business failures.c. critical business processes.d. critical business markets.
The first person to propose using XML as a means to electronically deliver financial information wasa. Albert Gore.b. Charles Hoffman.c. Robert Byrd.d. Herb Hackett.
XBRL GL, or XBRL Global Ledger Taxonomy, is different from XBRL U.S. GAAP because it facilitatesa. efficient communication between the firm and external parties.b. efficient communication within a
The stated advantages of XBRL GL do not includea. reporting independence.b. system independence.c. scalability.d. flexibility.
How would Coca-Cola use business intelligence to monitor Pepsi Cola’s operations in Argentina? What sources of data need to be gathered? How would they be analyzed?
Find the XBRL element (tag) name and description for Cost of Goods and Services Sold and Dividends in the 2022 XBRL taxonomy using the Search Command.Steps: 1. Open a web browser, and go to
Find the XBRL element (tag) name and description for Current Liabilities and Cash in the 2022 XBRL taxonomy using the Search Command.Steps: 1. Open a web browser, and go to xbrlview.fasb.org. 2.
Visit the websites of major accounting firms. Search for what they are doing with AI/machine learning. How do you think this will affect the accounting profession over the next 10 years?
Give examples of process automation applications.
Which of the following is not a Balanced Scorecard perspective?a. Learning and growthb. Customerc. Business processd. Financiale. All of these are Balanced Scorecard perspectives.
Which of the following is not a type of business process in the Balanced Scorecard framework?a. Operations managementb. Customer managementc. Innovationd. Regulatory and sociale. All of these are
Which of the following describes the purpose of a strategy map?a. A graphical description of expected cause-and-effect linkages among Balanced Scorecard perspectivesb. A list of the company’s
Which of the following does not describe a step in the Balanced Scorecard management process?a. Formulate the strategyb. Translate the strategy into strategic objectivesc. Link objectives to
Which of the following do not describe characteristics of enterprise IT?a. Enhance individual worker productivityb. Automate transaction processingc. Integrate processesd. Provide general customer
Which of the following is an example of function IT?a. Spreadsheetsb. Emailc. ERP systemsd. CRM systemse. None of these options
Which of the following is not a role of IT in the Balanced Scorecard management process?a. Strategy development supportb. Long-term budget forecastingc. Transaction processingd. Reportinge. All are
What is one reason a Balanced Scorecard might be considered “balanced”?a. It includes four perspectives.b. It includes both leading and lagging performance indicators.c. It includes a large
Which of the following is the ultimate objective for the financial perspective in for-profit organizations?a. Brand imageb. Productivityc. Growthd. Shareholder valuee. None of these is the ultimate
Use the company that you selected for problem 6. Identify ways that they use information technology in each building block of the canvas. Structure your answer like table 16.4 and be as specific as
Use the company that you selected for problem 6. Find a direct competitor of that company. Develop a business model canvas that describes the competitor’s business. Start by defining their value
Which of the following is a question that companies should answer when preparing the business case for an IT investment?a. How much will it cost?b. What are the risks?c. What are the alternatives?d.
What is the first step in the economic justification process?a. Identify potential solutions.b. Assess the value proposition.c. Assess business requirements.d. Estimate costs.e. All of these.
Which of the following is a not an example of a complementary change necessary to allow an IT initiative to achieve its goals?a. Outsource the IT initiative.b. Retrain employees.c. Redefine job
Which of the following are examples of direct costs of acquiring and implementing an IT investment?a. Cost of hiring consultants to assess system requirementsb. Personnel costs of the project teamc.
Which of the following are not examples of operating costs for an IT investment?a. Costs of routine hardware replacements over timeb. Cost of contract for help desk supportc. Costs of disposal of
If an IT project costs $150,000 and returns net cash flows of $100,000 per year, what is the accounting rate of return?a. 33 percentb. 50 percentc. 67 percentd. 75 percente. None of these.
Which methodology of systems development requires one phase be completed before the next phase begins?a. Agile modelb. Waterfall modelc. Scrum modeld. Sequential model
The IFAC suggested 10 core principles of effective information technology planning. Which of the following is not one of those 10 core principles?a. Achievabilityb. Justifiable costc. Reassessmentd.
Projects are considered challenged if they:a. are late, are over budget, or do not have the required features and functions.b. are canceled prior to completion.c. are delivered but never used.d.
The triple constraints of project management do not include the constraint of:a. technical issues.b. time.c. cost.d. scope.
The 100% rule suggests that before a PERT chart is done, a project manager must:a. make sure 100 percent of the project is funded.b. make sure the project team is devoted solely, or 100 percent, to
The critical path in a PERT chart represents:a. the sequencing of tasks.b. the most important tasks of the whole project.c. the longest path of tasks needed for project completion.d. the tasks that
The Sarbanes–Oxley Act’s section 404 reports require management and auditors to report on:a. the financial condition of the firm.b. the quality of the project management planning.c. the
Which phase of the systems development life cycle would include describing in detail the desired features of the system?a. Analysis phaseb. Design phasec. Planning phased. Maintenance phasee.
Brainstorm a list of reasons why 84 percent (including 53 percent challenged plus 31 percent failed) of the information technology projects either failed or were challenged in 2021. Consider
We discussed 10 core effective information technology planning principles.Match the description of each with its respective principle. 1. The resulting plan that comes out of the planning phase
Accounting information systemsa. are always computerized.b. report only financially related information.c. are information systems that record, process, and report on transactions to provide
The correct order of events in the value chain isa. Inbound logistics ➛ Operations ➛ Service.b. Inbound logistics ➛ Outbound logistics ➛ Marketing and sales.c. Inbound logistics ➛
Which system contributes information on direct labor to a cost accounting system?a. Supply chain management system (SCMS)b. Financial reporting system (FRS)c. Customer Relational Management System
A supply chaina. supplies jewelry chains.b. refers to the flow of materials, information, payments, and services.c. is similar in function and purpose to the value chain.d. does not apply to a
An information system that measures and records accounting transactions and reports them in the financial statements is called aa. financial reporting system (FRS).b. enterprise system (ES).c.
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