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business
accounting information systems

Questions and Answers of Accounting Information Systems

Explore and test various browser privacy settings.a. Open your favorite browser and print a screenshot of your current settings.b. Go to www.cisecurity.org and obtain the recommended best practices
Match the following terms with the appropriate definition or example: - - 1. Business continuity plan (BCP) 2. Completeness check 3. Hash total 4. Incremental daily backup 5. Archive 6. Field
Which of the following can organizations use to protect the privacy of a customer’s personal information when giving programmers a realistic data set with which to test a new
Explain why digital certificates for enterprises are more important than for individuals. What types of digital certificates are usually issued by commercial certificate authorities, such as Thawte
Explore the power of the :bcc feature to protect privacy.a. Write a message and send it to yourself plus use the :cc feature to send it to a set of people, including one of your other e-mail
Batch totals summarize numeric values for a batch of input records. Name three commonly applied batch totals, and explain how they are used.
Which of the following measures the amount of data that might be potentially lost as a result of a system failure?a. Recovery time objective (RTO)b. Recovery point objective (RPO)c. Disaster
What is the difference between using check digit verification and using a validity check to test the accuracy of an account number entered on a transaction record?
Pre-numbering of all source documents is a mitigating control to preserve processing integrity at what stage of the process?a. Inputb. Processingc. Output
Automated controls supplement manual safeguards in checking source documents for reasonableness and propriety. Which of the following is not a data entry control?a. A sign checkb. A range
Use the numbers 10 to 19 to show why transposition errors are always divisible by 9.
A reasonableness test checks the validity of the logical relationship between two data items. It is an application control that verifies that an account number entered in a transaction record matches
The ABC Company is considering the following options for its backup plan: 1. Daily full backups: Time to perform backup = 60 minutes • Size of backup = 50 GB • Time to restore from backup = 30
Which of the following statements is true?a. Incremental daily backups are faster to perform than differential daily back- ups, but restoration is slower and more complex.b. Incremental daily
A transposition error results when numbers of two adjacent columns are inadvertently exchanged (for example, 64 is written instead of 46). It can be mitigated witha. Input controls.b. Processing
Which of the following is an example of the kind of batch total called a hash total?a. The sum of the purchase amount fieldb. The sum of the purchase order numberc. The number of completed
Which of the following statements is true?a. Virtualization significantly reduces RTO for hardware problems.b. Cloud computing reduces the risk that a single catastrophe from either a natural
For each of the following scenarios, determine whether the company’s current backup procedures enable it to meet its recovery objectives, and explain why: a. Scenario 1: • Recovery point
What is the name of the basic option for replacing IT infrastructure that is an empty building, prewired for necessary telephone and Internet access, plus a contract with one or more vendors to
Organizations also need to implement controls designed to minimize the risk of data transmission errors. When data is transmitted, the sending device can calculate a hash of the file, called
An audit is planned so that the most of it focuses on the areas with the highest risk factors. The risk that auditors and their audit procedures will fail to detect a material error or misstatement
Auditing is the systematic process of obtaining and evaluating evidence regarding assertions about economic actions and events in order to determine how well they correspond to the established
Reperformance of calculations is part of the collection of the evidence process.a. Trueb. False
The mayor of Groningen in the Netherlands has been accused of using government funding for private lessons in Spanish. He took this course because he wanted to find a new job in Spain. This has been
At what step in the audit process do the concepts of reasonable assurance and materiality enter into the auditor’s decision process?a. Planningb. Evidence collectionc. Evidence
Employees with access to cash should not have the responsibility for recording or authorizing transactions involving its receipt. Name the pair of duties that should be segregated in this regard.
Which of the following revenue cycle activities can potentially be eliminated by technology?a. Sales order entryb. Shippingc. Billingd. Cash collections
Customers typically pay according to each invoice with thea. Open-invoice method.b. Balance-forward method.c. Monthly statement.
Replacing bar codes with radio-frequency identification tags can eliminate which kinds of threats?
A document authorizing the purchase or production of items that is created when there is insufficient inventory to meet customer orders is referred to asa. A back order.b. A picking ticket.
An ERP can be used as a mitigation tool for threats to the revenue cycle concerning the loss or destruction of master data.a. Trueb. False
If AOE decides to begin selling directly to individual consumers, what changes will it need to make in its business processes?
The integrated database underlying an ERP system results in which of the following general threats to the revenue cycle?a. Inaccurate or invalid master datab. Unauthorized disclosure of sensitive
Which document is used to authorize the release of merchandise from inventory control (warehouse) to shipping?a. Picking ticketb. Packing slipc. Shipping orderd. Sales invoice
Which of the following provides a means both to improve the efficiency of processing customer payments and also to enhance control over those payments?a. CRMb. Lockboxesc. Aging accounts
For good internal control, who should approve credit memos?a. Credit managerb. Sales managerc. Billing managerd. Controller
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?

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