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business
accounting information systems

Questions and Answers of Accounting Information Systems

Use of a payroll service bureau or a PEO provides which of the following benefits?a. fewer staff needed to processb. lower cost of processing payrollc. less need for developing and maintaining
For good internal control over customer remittances, the mailroom clerk should separate the checks from the remittance advices and send the customer payments to which
Excel Project.REQUIREDa. Create a spreadsheet that contains the following data:b. On the same worksheet, but to the right of the data above, create the following table to show calls made by each
The following table presents the results of using a CAAT tool to interrogate the XYZ Company’s ERP system for revenue cycle activities. It shows the number of times each employee performed a
Gifts given by suppliers to purchasing agents for the purpose of influencing their choice of suppliers are referred to asa. Kickbacks.b. Bribes.c. Invoices.
Match the threats in the left column to appropriate control procedures in the right column. More than one control may be applicable. - - - Threat 1. Failing to take available purchase discounts
Segregation of duties can help minimize the risk of inventory theft. Employees who are responsible for controlling physical access to inventory should not be able to adjust records without review and
Which of the following is true?a. It is easier to verify the accuracy of invoices for purchases of services than invoices for purchases of raw materials.b. Setting up petty cash as an imprest fund
The combination of the supplier invoice and associated supporting documentation creates aa. Voucher package.b. Double bill.c. Nonvoucher system.
The just-in-time inventory system attempts to minimize, if not totally eliminate, finished goods inventory by purchasing and producing goods in response to forecast, rather than actual
The following table presents the results of using a CAAT tool to interrogate the XYZ Company’s ERP system for expenditure cycle activities. It shows the number of times each employee performed a
Which of the following expenditure cycle activities can be eliminated through the use of IT or reengineering?a. Ordering goodsb. Approving vendor invoicesc. Receiving goodsd. Cash disbursements
What is the best control procedure to prevent paying the same invoice twice?a. Segregate check-preparation and check-signing functions.b. Prepare checks only for invoices that have been matched to
Match the terms in the left column with their definitions from the right column: 1. Bill of materials 2. Operations list 3. Master production schedule 4. Lean manufacturing 5. Production order 6.
For good internal control, who should sign checks?a. Cashierb. Accounts payablec. Purchasing agentd. Controller
Which of the following procedures is designed to prevent the purchasing agent from receiving kickbacks?a. Maintaining a list of approved suppliers and requiring all purchases to be made from
Which document is used to record adjustments to accounts payable based on the return of unacceptable inventory to the supplier?a. Receiving reportb. Credit memoc. Debit memod. Purchase order
The production cycle information system integrates both operational and financial datafrom many sources.a. True b. False
Which of the following is an advantage of bar-coding over RFID?a. Speed b. Accuracyc. Costd. Safety
What is not a known threat of the production cycle activities?a. The loss or alteration of productionb. The unauthorized disclosure ofc. The risk of inaccurate or invalid master data datad. The
Name the similarities in MRP-II manufacturing and lean manufacturing. When is theuse of MRP-II most suitable for a company?
Which document captures information about labor used in production?a. Move ticketb. Job-time ticketc. Operations listd. Bill of materials
The production cycle is a recurring set of business activities and related information processing operations associated with the manufacture of products. What is its second step?a. Product
Lean manufacturing is also referred to asa. Pull manufacturingb. Push manufacturing
Which system is most likely to be used by a company that mass-produces large batches of standard items in anticipation of customer demand?a. MRP-IIb. Lean manufacturingc. Activity-based
The development of an MPS would be most effective in preventing which of the following threats?a. Recording and posting errorsb. Loss of inventoryc. Production of poor-quality goodsd. Excess
Which control procedure is probably least effective in reducing the threat of inventory loss?a. Limiting physical access to inventoryb. Documenting all transfers of inventory within the
What is the number of good units produced in a given period of time called?a. Productive capacityb. Productive processing timec. Yieldd. Throughput
Match the terms in the left column with the appropriate definition from the right column. - - 1. Payroll service bureau 2. Payroll clearing account 3. Earnings statement 4. Payroll register . 5. Time
Which of the following is not a task performed by the human resource management/payroll cycle?a. Recruiting and hiring new employeesb. Trainingc. Job assignmentd. Access right management
A payroll service bureau maintains the payroll master data for each of its clients and processes payroll for them. A professional employer organization (PEO) not only processes payroll but also
Which of the following is not a general threat to the HRM/payroll cycle?a. Inaccurate employee master datab. Unauthorized disclosure of sensitivec. The loss or destruction of master datad. Poor
Which document lists the current amount and year-to-date totals of gross pay, deductions, and net pay for one employee?a. Payroll registerb. Time cardc. Paycheckd. Earnings statement
The HRM department is responsible for updating the payroll master database for internallyinitiated changes related to employment.a. True b. False
Many companies use a __________ to record daily arrival and departure times of employees, who are paid on an hourly basis.a. Time cardb. Time sheetc. Punch cardd. Entry card
To maximize effectiveness of internal controls over payroll, which of the following persons should be responsible for distributing employee paychecks?a. Departmental secretaryb. Payroll
Where should unclaimed paychecks be returned?a. HRM departmentb. Cashierc. Payroll departmentd. Absent employee’s supervisor
Which of the following is an important supporting document to authorize the transfer of funds to the payroll bank account?a. Earnings statementb. Time cardc. Payroll registerd. W-2 form
Each year companies release new software tools designed to simplify the process of interacting with XBRL. Obtain a free trial (demo) version of two of the following tools and write a brief report
Which department should have responsibility for authorizing pay-rate changes?a. Timekeepingb. Payrollc. HRMd. Accounting
From where do adjusting entries usually come?a. Treasurerb. Controllerc. Various accounting cycle subsystems, such as sales order entryd. Unit managers
Accounting magazines such as Journal of Accountancy and Strategic Finance periodically publish reviews of accounting software. Obtain a copy of a recent software review article, and read its comments
Errors in financial statements provided to creditors, investors, and government agencies can cause those stakeholders to make wrong decisions. This threat is referred to asa. Inaccurate or invalid
Traditional graphs (bar charts, line graphs, pie charts) help decision makers see patterns and relationships in data contained in typical spreadsheets. However, more advanced virtualization
The audit trail is a traceable path that shows how a transaction flows through the information system to affect general ledger account balances. Access to the audit trail is typically restricted
The journal voucher file contains the information that would be found in the general journal in a manual accounting system. What individual journal entries are not used to update its general
Which of the following is an important part of the audit trail?a. Journal vouchersb. Flexible budgetsc. Trial balanced. Data warehouse
The number of orders shipped per warehouse worker each day is a metric that would most likely appear in which part of the balanced scorecard?a. Innovation and learningb. Customerc. Internal
An adjusting journal entry to record interest revenue that has been earned but not yet received is an example of which of the following?a. Accrualb. Deferralc. Estimated. Revaluation
What of the following checks is not an input edit and processing control needed to ensure journal entries made by the treasurer are accurate and complete?a. A validity checkb. Field (format)
Which of the following is designed primarily to improve the efficiency of financial reporting?a. XMLb. XBRLc. IFRSd. The balanced scorecard
Which of the following graph design principles is most important for ensuring that financial data are accurately interpreted?a. Including a title that summarizes the point of the graphb. Attaching
Download the spreadsheet from the course website and perform the following tasks.CustomerRegionSalespersonBalanceInvoice DateAge
Match the terms with their definitions: 1. inherent risk 2. general authorization 3. control environment 4. corrective controls d. 5. risk appetite e. 6. application controls f. 7. systems
The chapter discusses common data problems related to GIGO, overfitting, extrapolation, and not respecting variation inherent in model predictions. Describe a situation different from is the ones
Figure 7.2 lists the best chart type for each visualization purpose. Select a chart type and describe why it is less than ideal for the other purposes listed in Figure 7.2. FIGURE
In what circumstances is data visualization better than using text explanations and tables of numeric data? In what situations is it worse? Justify your reasoning.
You have been asked to review the process through which cash collections are handled in a small business. You observe that a staff member in the accounts receivable department receives all incoming
Invoice less billing has been adopted by many large businesses for business-to-business transactions. What are the barriers, if any, to its use in sales to consumers?
A Stockholm-based medicine company wishes to reduce kickbacks. For kickbacks to make economic sense, the supplier must find a way recover the money spent on it. This usually is accomplished inflating
A petty cash fund should be set up as an imprest fund. Name the two characteristics of such a fund.
Cash disbursement, the final step of the expenditure cycle, faces a number of threats including cash flow problems. Why is it to monitor this problem? What is the best way to mitigate this
You are auditing a local pharmaceutical company. One of the newly appointed purchasing staff is an old school friend of yours. During lunch one day he tells you that the company’s purchasing
How should one go about choosing suppliers for a preferred supplier list? How should information systems be updated once a supplier is selected as preferred supplier for a specific product?
Firms often have to spend many hours on finding suppliers for the materials they require and find high demand items every time their inventory reaches reorder level. Having preferred suppliers for
Why are access control and appropriate user rights included in integrated ERP potential threats, and how can they be mitigated?
Discuss the two outputs created by product design. What do these documents describe, and what are they used for?
Which internal control procedure(s) would best prevent or detect the following threats?a. A company has developed a unique product that is rather complex to manufacture and that contains a large
List the similarities between MRP-II manufacturing and lean manufacturing. When is athe use of MRP-II most suitable for a company?
Discuss how an ERP system can provide integration to enable accurate production planning. Use a practical example to support your discussion.
You are the accountant at a production company and you are asked for advice on proposed improvements to the processes in the company. The scrap rate of the current production process is 12% and
Learn how to use VLOOKUP.REQUIREDa. Download the worksheet for this problem from the website.b. Create a formula to calculate taxes, using the following rate table:If gross pay is less than $500,
Acme Manufacturing currently employs 13 people in its receiving department. Each receiving dock clerk earns $50,000 per year. Each employee can unload up to 200 pallets of inventory per day. It
Many organizations outsource their HRM functions to reduce organizational overhead, have access to a wider range of benefits, and free up computing resources. What are the potential pitfalls that
An important step in the payroll cycle is to validate each employee’s time and attendance data. How an employee’s and attendance data is collected differs depending on her pay status.
Sales staff are often paid in a different manner compared to other employees. Explain how the payment of sales staff can differ from the other staff, such as secretarial staff.
What threats should each of these control procedures mitigate?a. Make use of EFT to pay employees.b. Use hash totals of employee numbers.c. Make use of a zero-balance check.d. Distribute an earnings
Practice examining iXBRL financial statements to identify use of extension taxonomies.REQUIREDa. Access the iXBRL reports from the SEC for two companies in the same industry (your instructor may
Dennie’s is a small chips shop located near the local university’s soccer field. Dennie’s serves walk-in customers only. The shop carries 15 different menu options. When a customer pays for an
In Italy, it is mandatory for unlisted companies to utilize XBRL extensions to financial statement notes. Use reputable sources determine the advantages and the disadvantages of this
The trial balance lists the balances for all general ledger accounts. If all activities have been properly recorded, the total of all balances in various accounts should equal the total of all
You are working at a Trident Steel, a steel solution provider that manufactures steel for several industries, including construction, mining, and automotive industries. One of your immediate tasks is
No matter what basis is used to prepare a unit’s budgetary performance report, the method used to calculate the budget is crucial. The easiest approach is to establish fixed targets for each unit,
The general ledger and reporting system has a major role in the accounting information system of a company. Briefly explain what information the general ledger and reporting system receives from the
Which controls would be most appropriate to address the following problems?a. Users other than the treasurer can create journal entries.b. A manager used his computer to post adjusting entries to
Describe some of the basic attributes used to define each element in an XBRL schema.
XBRL stands for eXtensible Business Reporting Language. It is a programming language designed specifically to facilitate the communication of business information. The SEC requires U.S public
You are given the Inventory, Sales, and Sales-Inventory tables and their associated attributes from a company’s database:Discuss why the Inventory table does not have a “current quantity on
Prescott Dolls sells porcelain dolls exclusively at antique shows. Prescott Dolls purchases inventory from individuals at garage sales, flea markets, antique malls, and estate sales. Each time the
What is the purpose of cardinalities in the REA data model How are they determined? Give an example of possible cardinalities that can be found in an REA data model and explain how they are
Describe the basic types of entities that one would find in an REA data model, giving an example of each and how they should relate to one another.
Xola’s curios shop has expanded to the point where he now needs to buy additional equipment and fixed assets. Xola is a businessman and, at this stage, he orders single pieces of equipment or fixed
Xola only purchases finished products from suppliers and pays his vendors in full when he purchases his items. He keeps track possible suppliers, in case he cannot obtain products from his usual
Xola has a curios shop where he sells traditional handmade crockery and utensils to customers. All customers, walk-in as well as corporate, pay for their purchases in full at the time of the sale.
Auditors (both internal and external) often need to obtain audit evidence from relational databases. A tool called the REA data model is used to design and document an AIS. What does REA stand for?
Dennie, the owner of the chips shop, purchases frozen foods from two vendors. Over the years, he has developed good relationships with both vendors so that they allow him to pay them biweekly for all
Discuss the strategies often used to determine requirements for a proposed AIS.
For each of the following items, discuss which of the four data gathering methods would be most appropriate and why.a. Eliciting 300 employees’ opinions on a new incentive program to replace the
One of the main issues to consider during systems development is to determine the feasibility of the proposed project. Discuss the purpose of a feasibility study, and discuss examples of different
Why is it important that systems development is properly planned? Refer to the advantages of planning systems development in your discussion.

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