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accounting information systems
Accounting Information Systems 3rd International Edition Vernon Richardson - Solutions
Based on SOX, which of the following sections is about corporate responsibility for financial reports?a. 101b. 201c. 302d. 404
Based on COSO 2013, which of the following statements is not correct?a. Employees at any level of an organization play a role in internal control.b. Internal controls can provide reasonable assurance only.c. Internal control is a process consisting of ongoing tasks and activities.d. The
Which of the following is not one of the five essential components in the COSO 2013 framework?a. Control environmentb. Control assessmentc. Control activitiesd. Monitoring activities
Access control to ensure only authorized personnel have access to a firm’s network is a:a. General control.b. Process control.c. Output control.d. Input control.
The ISO 27000 series are a framework for:a. IT governance.b. IT general controls.c. Data management.d. Information security management.
Segregation of duty is a:a. Preventive control.b. Detective control.c. Corrective control.d. Personnel general control.
The responsibility of enterprise risk management belongs to:a. Internal auditors.b. External auditors.c. Controller.d. Management.
Most input controls are designed to assess one field only. Which of the following input controls will need to examine a record to determine the control is effective or not?a. Range checkb. Size checkc. Completeness checkd. Validity check
Which of the following is a correct statement about COBIT 2019 framework?a. It is a framework for enterprise risk management.b. It focuses on providing guidance for information security.c. It is designed for information and technology governance and management.d. It is a framework for IT audit
Which of the following is a correct statement about COSO ERM 2017 framework?a. It is a framework developed by the IT audit profession.b. It stresses the importance of having one department responsible for risk management.c. It focuses on evaluating effectiveness of internal controls.d. It enhances
To ensure confidentiality in an asymmetric-key encryption system, knowledge of which of the following keys is required to decrypt the receive message?I. PrivateII. Publica. Ib. IIc. Both I and IId. Neither I nor II
To ensure the data sent over the internet are protected, which of the following keys is required to encrypt the data (before transmission) using an asymmetric-key encryption method?a. Sender’s private keyb. Sender’s public keyc. Receiver’s private keyd. Receiver’s public key
Which of the following groups/laws was the earliest to encourage auditors to incorporate fraud examination into audit programs?a. COSOb. COBITc. PCAOBd. SAS No. 99e. Sarbanes-Oxley Act
What are the differences between authentication and authorization?
Which one of the following vulnerabilities would create the most serious risk to a firm?a. Using open source software (downloaded for free) on the firm’s networkb. Employees recording passwords in Excel filesc. Employees writing instant messages with friends during office hoursd. Unauthorized
Which of the following statements is correct?a. A spam will send a network packet that appears to come from a source other than its actual source.b. Multi-factor authentication is less secure than requiring a user always entering a password to access a network.c. Fault tolerance uses redundant
Which of the following can be considered as a good alternative to back up data and applications?a. Continuous monitoringb. Disaster recovery planningc. Business continuity managementd. Cloud computing
A digital certificate:a. Is used to certify public-key and private-key pairs.b. Is a trusted entity to certify and revoke Certificate Authorities (CA).c. Indicates that the subscriber identified has sole control and access to the private key.d. Ensures that the symmetric-key encryption method
The symmetric-key encryption method:a. Is slow.b. Is not appropriate for encrypting large data sets.c. Solves problems in key distribution and key management.d. Uses the same key for both senders and receivers for encryption and decryption.
The fraud triangle indicates which of the following condition(s) exist for a fraud to be perpetrated?a. Rationalizationb. Pressurec. Legal environmentd. Only a and b are correct.e. a, b, and c are correct.
To prevent repudiation in conducting e-business, companies must be able to authenticate their trading partners. Which of the following encryption methods can be used for authentication purpose?a. Symmetric-key encryption methodb. Asymmetric-key encryption methodc. Both symmetric-key and
Regarding GDPR, which of the following statements is/are correct?a. It is a regulation enforced by EU.b. It is to protect EU citizens’ personal data.c. It is not relevant to the companies in the United States.d. a and b are correct.e. a, b, and c are all correct.
Which organization created the Reporting on an Entity’s Cybersecurity Risk Management Program and Controls: Attestation Guide in 2017?a. SECb. AICPAc. U.S. Congressd. Department of Homeland Security
Match correct descriptions with each network device. COSO ERM Principles a. Using IP address to transport packets b. Using MAC address to transport packets c. Using rules to screen incoming and outgoing packets d. Do not use source or destination addresses to transport packets e. Always used for
Business continuity management is a:a. Preventive control.b. Detective control.c. Corrective control.d. Two of the above are correct.
Encryption is a:a. Preventive control.b. Detective control.c. Corrective control.d. Two of the above are correct.
What is fault tolerance?a. A policy allowing employees to make mistakesb. Using redundant units to continue functioning when a system is failingc. An application that can detect mistakes and correct mistakes automaticallyd. Two of the above are correct.
Comparing encryption with hashing,a. Hashing process is reversible.b. Encryption is used to ensure data integrity.c. Hashing results are large data.d. Encryption results are called cyphertext.
Disaster recovery plan is a:a. Preventive control.b. Detective control.c. Corrective control.d. Two of the above are correct.
Select a correct statement describing encryption or hashing process.a. Encryption process is reversible.b. Hashing results are called message digests.c. Hashing process is used to obtain a digital signature.d. Encryption process is to maintain confidentiality.e. All of the above are correct.
Select a correct statement regarding encryption methods.a. Most companies prefer using asymmetric-key encryption method for data transmission.b. Symmetric-key encryption method is used to authenticate trading partners.c. Only asymmetric-key encryption method can ensure confidentiality.d.
What are the main reasons for using a VPN?
A group of computers, printers, and other devices connected to the same network and covering a limited geographic range is called a:a. LAN.b. VAN.c. VPN.d. WAN.
The most common security threats for wireless LANs include:a. Man-in-the-middle.b. System malfunction.c. Social engineering.d. Virus.
The test data technique uses:a. A programmed audit module that is added to the system under review.b. A computer program to reprocess the firm’s actual data for a past period to generate simulated results.c. A set of input data to validate system integrity.d. An automated technique that enables
Which of the following is not one of the main purposes for a WAN?a. Provide remote access to employees and/or customersb. Link two or more geographically dispersed sites within a companyc. Provide corporate access to the internetd. Securely connect a network to distant offices in a building by
An operational database:a. Contains data that are volatile.b. Covers the data of current and previous fiscal years.c. Is updated before transactions are processed.d. Contains data that are uploaded from a data warehouse.
What is the main purpose of using VPN today?a. Secure the data transmission between e-business trading partners.b. Examine the internet traffic and to prevent from DoS attacks.c. Maintain a secured data transmission or communication for remote access.d. None of the above is correct.
Select the correct statement(s) regarding network devices.a. Firewalls are used to screen and secure data transmitted among internal networks.b. Routers use IP addresses for data transmission over the internet.c. Hubs are used for transmitting packets over internal networks.d. a and b are
Select a correct statement regarding routers.a. Routers are used for data transmission over internal networks.b. Routers use MAC addresses to pass the packets over the internet.c. Routers and hubs using the same approach in transmitting packets.d. None of the above is correct.
Select a correct statement regarding database systems.a. Data mining are often used to analyze data in the data warehouse.b. A data warehouse is the operational database.c. A company’s ERP system is often the same as the data warehouse.d. Two of the above are correct.
Which of the following is not a generalized audit software (GAS)?a. ACLb. SAPc. IDEA
Which of the following would be an example of network IT?a. Spreadsheetsb. Emailc. ERP systemsd. CRM systemse. None of the above
Which of the following is part of an organization’s value proposition?a. Product priceb. Product qualityc. Product availabilityd. Brand imagee. All of these are part of the value proposition.
Consider a large, Fortune 500 company. They are probably too complicated for one business model canvas. What advice would you give them about how to divide up their business into multiple business model canvases?
Which of the following is a typical key performance indicator for the financial perspective?a. Process costb. Satisfactionc. New customer acquisition rated. Return on equitye. Change readiness
Name a company that sells to a mass market customer segment. What are some characteristics of that company’s products?
Which of the following is a typical key performance indicator for the customer perspective?a. Process costb. Satisfactionc. Process qualityd. Return on equitye. Change readiness
Information capital can include which of the following?a. Employee ability to use technologyb. Communications networksc. Accounting systemsd. Computing hardwaree. All of these are information capital.
Which of the following is the best description of Val IT?a. A Balanced Scorecard systemb. A customer relationship management systemc. An enterprise resource planning systemd. A structured IT investment management systeme. None of these describe Val IT.
Which one of the following is not one of the four major questions that Val IT focuses on?a. Doing the right thingb. Doing things differentlyc. Doing things welld. Doing things the right waye. Getting the benefits
In the Val IT framework, a program is which of the following?a. An IT governance practiceb. An individual IT investmentc. The description of a portfoliod. A collection of interdependent projectse. All of these are programs.
In the Val IT framework, portfolio management includes which of the following?a. Establishing strategic prioritiesb. Determining required characteristics of the portfolioc. Monitoring performance of the portfoliod. Setting program priorities under funding constraintse. All of these are portfolio
In the Val IT framework, investment management includes which of the following?a. Governs the Val IT frameworkb. Establishes strategic prioritiesc. Monitors portfolio performanced. Executes projects within authorized programse. None of these are investment management.
Val IT is designed to work in concert with COBIT. Which of the following is true with respect to the roles of these two frameworks?a. Val IT focuses on delivering business value; COBIT focuses on managing risk.b. Val IT focuses on IT; COBIT does not.c. Val IT focuses on portfolio management; COBIT
Which of the following is the first step in implementing Val IT?a. Forming programs of IT investmentsb. Making specific IT investmentsc. Recognizing problems with prior IT investmentsd. Assessing the readiness to changee. None of these is the first step.
Which of the following is the second step in implementing Val IT?a. Defining the ideal future state for IT investmentsb. Making specific IT investmentsc. Recognizing problems with prior IT investmentsd. Assessing the readiness to changee. None of these is the second step.
Which of the following is the third step in implementing Val IT?a. Defining the ideal future state for IT investmentsb. Making specific IT investmentsc. Recognizing problems with prior IT investmentsd. Assessing the readiness to changee. None of these is the third step.
Which of the following is the fourth step in implementing Val IT?a. Defining the ideal future state for IT investmentsb. Taking action to redefine processes, roles, and responsibilitiesc. Recognizing problems with prior IT investmentsd. Assessing the readiness to changee. None of these is the
Which of the following is not integrated in a business model?a. Internal controlsb. Business Strategyc. Information technologyd. Organizational structuree. None of these
In the business model canvas, a description of the value proposition should answer which of the following questions?a. What do we do for our customers?b. How do we produce our products?c. How much does it cost to produce our products?d. How do we reach our customers?e. How do we interact with our
In the business model canvas, a description of the revenue streams should answer which of the following questions?a. What do we do for our customers?b. How much do we make by serving our customers?c. How much does it cost to produce our products?d. How do we reach our customers?e. How do we
In the business model canvas, a description of the cost structure should answer which of the following questions?a. What do we do for our customers?b. How do we produce our products?c. How much does it cost to produce our products?d. How do we reach our customers?e. How do we interact with our
In the business model canvas, a description of the key resources should answer which of the following questions?a. What do we need to produce our products?b. How do we produce our products?c. How much does it cost to produce our products?d. How do we reach our customers?e. How do we interact with
In the business model canvas, a description of the key partners should answer which of the following questions?a. How do we produce our products?b. How much does it cost to produce our products?c. How do we reach our customers?d. Who helps us produce our products?e. How do we interact with our
In the business model canvas, a description of the channels should answer which of the following questions?a. How do we produce our products?b. How much does it cost to produce our products?c. How do we reach our customers?d. How do we interact with our customers?e. How do we get our products to a
A firm is considering two projects. Both have an initial investment of $1,000,000 and pay off over the next 5 years in this fashion. The cost of capital is 8 percent.a. Which of these has a faster payback period?b. Which of these options has a higher net present value?c. Which of these options has
Which of the following is not an example of benefits of an IT investment?a. Increased revenues from access to new marketsb. Decreased costs from automating manual tasksc. Facilitating employee work-from-home arrangementsd. Allowing compliance with new federal regulationse. Reducing the number of
Which of the following can be used to quantify benefits on an IT investment?a. Gathering expert opinionsb. Benchmarking against competitor performancec. Comparing against the probability of future benefits if investment is forgoned. Conducting simulationse. All of the above
Use Microsoft Excel to assess the internal rate of return for an IT initiative. Suppose the initial investment is $60,000. The returns on investment in dollars for the following 5 years are (a) $10,000, (b) $12,000, (c) $15,000, (d) $21,000, (e) $26,000. Use the IRR
Consider two projects. Project 1 costs $262,000 and returns $60,000 per year for 8 years. Project 2 costs $390,000 and returns $70,000 per year. Project 2 is determined to be less risky, so your company only requires an 8 percent minimum annual return compared to 10 percent for project 1. What is
Which of the following is not a category of IT initiative risk?a. Alignmentb. Technologicalc. Financial misstatementd. Solutione. All of the above are examples of IT initiative risk.
Congratulations. You’ve won the state lottery. You have a choice of three options: (a) $12 million 5 years from now, (b) $2.15 million at the end of each year for 5 years, (c) $7 million today, (d) $10 million 3 years from now. Assuming you can invest at 8 percent, which
If an IT project costs $150,000 and returns net cash flows of $100,000 per year, what is the payback period?a. 1 yearb. 1.5 yearsc. 2 yearsd. 2.5 yearse. None of the above
What is the order of events for the economic justification process?a. Identify potential solutions → Assess business requirements → Estimate costs → Assess valueb. Assess business requirements → Estimate costs → Identify potential solutions → Assess valuec.
Which of the following would be considered direct acquisition costs when estimating costs associated with an IT initiative?a. Networking and communicationsb. Business disruptionc. Employee downtimed. Help desk supporte. None of the above
Which of the following would be considered indirect acquisition costs when estimating costs associated with an IT initiative?a. Networking and communicationsb. Business disruptionc. Ongoing trainingd. Software upgradese. None of the above
What type of IT initiative risk is it if top management does not have active support for the project?a. Alignment riskb. Solution riskc. Financial riskd. Project riske. Technological risk
What type of IT initiative risk is it if hardware/software vendors do not meet system requirements?a. Alignment riskb. Solution riskc. Financial riskd. Project riske. Technological risk
According to the 2015 Standish Report, the percentage of IT projects that either fail or are challenged is:a. 52 percent.b. 19 percent.c. 71 percent.d. 29 percent.
Brainstorm a list of reasons why 71 percent (including 52 percent challenged plus 19 percent failed) of the information technology projects either failed or were challenged in 2015. Consider specifics of each of the elements of the triple constraints model and any other common delays, including the
Which member of the project team will take responsibility for the success of the project?a. IT leadb. Project managerc. Project sponsord. CEOe. None of the above
In this chapter, projects are defined as:a. A series of tasks performed in a defined sequence.b. Turning raw talent into an NFL-quality quarterback.c. Turning blueprints from an architect into a completed building.d. Merging two databases into one.
The technology acceptance model addresses:a. Intention to adopt mobile technology.b. Perceived ease of use.c. Perceived usage.d. Perceived ability to address technical difficulties.e. None of the above.
Which term defines the broadening of a project that occurs after the project begins?a. Project planningb. Scope creepc. Cost overrund. 15-15 rulee. None of the above
Ben goes to his bank to wire transfer $1,000 to his sister Jennifer. The role of the bank in this transaction is best described as:a. Miner.b. Blockchain.c. Middleman.d. Consensus.
Bitcoin was introduced in 2009. The total Bitcoin amount that exists today is much more than the total Bitcoin amount in 2009 or 2010. How can this happen?
Which of the following statements is true?a. Because blockchain transactions are stored in chronological order, you may trace a block from an earlier transaction block to the most recent block in the blockchain.b. Both permissioned and public blockchains need miners to determine which transaction
Since Bitcoin uses blockchain technology and is cheaper than the traditional way of doing business, why is Bitcoin not accepted by many government agencies?
Which feature cannot be found in Bitcoin?a. Double spendb. Anyone can join and leave the Bitcoin network at any timec. Immutable history of transactionsd. A new block is added every 10 minutes
Why is Ethereum a better choice over Bitcoin for business-related applications?
In the Ethereum network:a. Transaction fees are higher than Bitcoin.b. Mining of Ether occurs at a constant rate.c. Because a smart contract describes business rules and is also flexible for different industries, it can be modified to fit the business after a block is inserted to the Ethereum
What are the three types of blockchain? What are major differences among these blockchains?
A selected set of organizations may run a blockchain node separately for keeping the transaction records. Administrators from the organizations establish the access rights and permissions for each participant. This type of blockchain is often called:a. Public blockchain.b. Permissionless
You have been tasked with forming an audit and assurance team to work with companies that have adopted blockchain technology. What skill sets will you emphasize when choosing your team members and why?
Which of the following statements is false?a. A distributed ledger contains many copies of the same ledger.b. A distributed ledger stores the same set of transaction records.c. Because a distributed ledger exists in a blockchain network, a computer consisting of all transaction records may crash
Recently, more than 20 percent of companies surveyed indicated they were testing or considering artificial intelligence applications in their business, but only 4 percent were actively using AI. Why do you think companies (a) are interested in AI and (b) are having trouble implementing AI?
Which of the following statements is false?a. Hyper ledger is an open source blockchain platform created by the Linux foundation.b. Hyper ledger is a permissioned blockchain with capabilities of handling smart contracts.c. The main objective of Hyper ledger is to achieve cross-industry
Review the five basic questions that AI/machine learning can answer. Develop additional business questions for each question.
Which of the following statements is false?a. Private blockchain requires permission to join the network.b. Bitcoin uses smart contract to specify the business rules.c. In Ethereum, a new block is added every 12 to 15 seconds.d. Blockchain transactions are immutable.
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