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Wiley CPA Examination Review Outlines And Study Guides Volume 1 - 2012-2013 39th Edition Patrick R. Delaney, O. Ray Whittington - Solutions
Where disk files are used, the grandfather-father-son updating backup concept is relatively difficult to implement because thea. Location of information points on disks is an extremely time-consuming task.b. Magnetic fields and other environmental factors cause off-site storage to be impractical.c.
Mill Co. uses a batch processing method to process its sales transactions. Data on Mill’s sales transaction tape are electronically sorted by customer number and are subjected to programmed edit checks in preparing its invoices, sales journals, and updated customer account balances. One of the
First Federal S & L has an online real-time system, with terminals installed in all of its branches. This system will not accept a customer’s cash withdrawal instructions in excess of $1,000 without the use of a “terminal audit key.”After the transaction is authorized by a supervisor, the
Able Co. uses an online sales order processing system to process its sales transactions. Able’s sales data are electronically sorted and subjected to edit checks. A direct output of the edit checks most likely would be aa. Report of all missing sales invoices.b. File of all rejected sales
Which of the following is not a characteristic of a batch processed computer system?a. The collection of like transactions which are sorted and processed sequentially against a master file.b. Keypunching of transactions, followed by machine processing.c. The production of numerous printouts.d. The
Misstatements in a batch computer system caused by incorrect programs or data may not be detected immediately becausea. Errors in some transactions may cause rejection of other transactions in the batch.b. The identification of errors in input data typically is not part of the program.c. There are
A manufacturer of complex electronic equipment such as oscilloscopes and microscopes has been shipping its products with thick paper manuals but wants to reduce the cost of producing and shipping this documentation. Of the following, the best medium for the manufacturer to use to accomplish this
Unauthorized alteration of online records can be prevented by employinga. Key verification.b. Computer sequence checks.c. Computer matching.d. Database access controls.
What technology is needed in order to convert a paper document into a computer file?a. Optical character recognition.b. Electronic data interchange.c. Bar-coding scanning.d. Joining and merging.
Client/server architecture may potentially involve a variety of hardware, systems software, and application software from many vendors. The best way to protect a client/server system from unauthorized access is througha. A combination of application and general access control techniques.b. Use of a
All of the following are methods for distributing a relational database across multiple servers except:a. Snapshot (making a copy of the database for distribution).b. Replication (creating and maintaining replica copies at multiple locations).c. Normalization (separating the database into logical
A company's management has expressed concern over the varied system architectures that the organization uses.Potential security and control concerns would include all of the following except:a. Users may have different user ID codes and passwords to remember for the several systems that they use.b.
User acceptance testing is more important in an objectoriented development process than in a traditional environment because of the implications of thea. Absence of traditional design documents.b. Lack of a tracking system for changes.c. Potential for continuous monitoring.d. Inheritance of
Users making database queries often need to combine several tables to get the information they want. One approach to combining tables is known asa. Joining.b. Merging.c. Projecting.d. Pointing.
Several language interfaces exist in a database management system. These typically include a data definition language(DDL), a data control language (DCL), a data manipulation language (DML), and a database query language(DQL). What language interface would a database administrator use to establish
A current day instruction to a computer such as “Extract all Customers where ‘Name’ is Smith” would most likely relate to aa. First generation programming language.b. Fourth generation programming language.c. Seventh generation programming language.d. Ninth generation programming language.
What is the hierarchy of data organization, from smallest to largest unit, for a relational database?a. Bit, byte, field, record, table, database.b. Byte, bit, record, field, table, database.c. Byte, bit, table, field, record, database.d. Database, table, field, record, byte, bit.
The online analytical processing term that represents a combination of systems that help aggregate, access, and analyze business data and assist in the business decisionmaking process isa. Artificial intelligence.b. Data mart.c. Decision support system.d. Business intelligence.
The 2nd generation programming language that is generally specific to a computer architecture (i.e., it is not portable) isa. Binary.b. Assembly language.c. COBOL.d. C++.
The wireless input device that is used for inventory control and similar to bar-codes technology but does not require line-of sight access isa. MICR.b. RFID.c. Touch screen.d. Point-of-sale recorders.
Another term for cloud-based storage isa. RAID.b. Solid state storage.c. Analog.d. Storage-as-a-Service.
What type of secondary storage device requires no moving parts for read/write operations?a. Magnetic tape.b. Compact discs.c. Solid State drives.d. RAID.
Which term below describes the technology that allows multiple operating systems to run simultaneously on a single computer?a. Client.b. Mainframe.c. Linux.d. Virtualization.
Most current computers process data using which of the following formats?a. Analog.b. Digital.c. Memory enhanced.d. Organic.
Which of the following is least likely to be considered an advantage of a database?a. Easy to store large quantities of information.b. Easy to retrieve information quickly.c. Easy to organize and reorganize information.d. Easy to distribute information to every possible user.
In a spreadsheet, which of the following is correct concerning rows and columns?Rows Columnsa. Numbered Numberedb. Numbered Letteredc. Lettered Numberedd. Lettered Lettered
In a spreadsheet, each specific cell may be identified by a specifica. Address.b. Column.c. Row.d. Diagonal.
Unix is a(n)a. Operating system.b. Singular disk drive.c. Central processing unit.d. Logic unit.
GUI is the abbreviation fora. Grandfather, Uncle, Individual.b. Graphical User Interface.c. Graphics Utilization Institutes.d. Grand Union Internet.
Which of the following compiles a complete translation of a program in a high-level computer language before the program is run for the first time?a. Visual Basic.b. Java.c. Algorithm.d. Compiler.
A set of step-by-step procedures used to accomplish a task is a(n)a. Algorithm.b. Compilation master.c. Linux.d. Transistor.
The most common type of primary storage in a computer is referred to asa. CMAN.b. RAM.c. ROM.d. Flash memory.
Analysis of data in a database using tools which look for trends or anomalies without knowledge in advance of the meaning of the data is referred to asa. Artificial intelligence.b. Data mining.c. Virtual reality.d. Transitory analysis.
Which computer application is most frequently used to analyze numbers and financial information?a. Computer graphics programs.b. WAN applications.c. Spreadsheets.d. Word processing programs.
Which computer application is most frequently used on mainframe computers?a. Databases.b. Graphics.c. Spreadsheets.d. Word processing.
Which of the following system implementation models has the advantage of achieving a full operational test of the new system before it is implemented?a. Parallel implementation.b. Plunge implementation.c. Pilot implementation.d. Phased implementation.B. Characteristics of Computer Systems—General
Samco Inc. is in the process of designing a new customer relations system. In which phase of the development life-cycle would a needs assessment most likely be performed?a. Analysis.b. Design.c. Development.d. Testing.
The Systems Development Life Cycle (SDLC) is the traditional methodology for developing information systems.In which phase of the SDLC would the activity of identifying the problem(s) that need to be solved most likely occur?a. Analysis.b. Implementaion.c. Planning.d. Development.
A general type of IT system that is designed to improve the productivity of daily office work is referred to as a(n)a. Office automation system.b. Transaction processing system.c. Decision support system.d. Executive information system.
Which of the following characteristics distinguishes computer processing from manual processing?a. Computer processing virtually eliminates the occurrence of computational error normally associated with manual processing.b. Errors or fraud in computer processing will be detected soon after their
Which of the following represents a type of applications software that a large client is most likely to use?a. Enterprise resource planning.b. Operating system.c. Central processing unit.d. Value-added network.
MIPS stands fora. Memory in protocol standards.b. Millions of instructions per second.c. Mitigating individualistic personnel standards.d. Multiple input physical savings.
Which of the following is not a part of the central processing unit?a. Control unit.b. Arithmetic unit.c. Logic unit.d. Printer unit.
Software that performs a variety of general technical computer-controlling operations is a(n)a. Integrated “suite.”b. Shareware.c. Database.d. Operating system.
An “office suite” of software is least likely to include a(n)a. Database.b. Operating system.c. Spreadsheet.d. Word processing.
The part of the computer that does most of the data processing is referred to as thea. Analyter.b. Compiler.c. CPU.d. Printer.
The most common output device is a(n)a. Mouse.b. Printer.c. Expert system.d. Keyboard.
Computer memory which is used to store programs that must be accessed immediately by the central processing unit isa. Primary storage.b. Secondary storage.c. Tertiary storage.d. Tape storage.
A software package that is used with a large set of organized data that presents the computer as an expert on a particular topic is referred to as a(n)a. Data mining.b. Expert system.c. Artificial intelligence.d. Virtual reality.
Kelly, Inc. is considering establishing an enterprise risk management system. Which of the following is not a limitation of such a system?a. Business objectives are not usually articulated.b. The system may break down.c. Collusion among two or more individuals can result in system failure.d.
Which of the following is not an advantage of establishing an enterprise risk management system within an organization?a. Reduces operational surprises.b. Provides integrated responses to multiple risks.c. Eliminates all risks.d. Identifies opportunities.
Devon Company is using an enterprise risk management system. Management of the company has set the company’s objectives, identified events, and assessed risks.What is the next step in the enterprise risk management process?a. Establish control activities to manage the risks.b. Monitor the
Which of the following is not a technique for identifying events in an enterprise risk management program?a. Process flow analysis.b. Facilitated workshops.c. Probabilistic models.d. Loss event data methodologies.
Management of Warren Company has decided to respond to a particular risk by hedging the risk with futures contracts. This is an example of riska. Avoidance.b. Acceptance.c. Reduction.d. Sharing.
In the COSO enterprise risk management framework, the term risk tolerance refers toa. The level of risk an organization is willing to accept.b. The acceptable variation with respect to a particular objective.c. The risk of an event after considering management’s response.d. Events that require no
Jarrett Corporation is considering establishing an enterprise risk management system. Which of the following is not a benefit of enterprise risk management?a. Helps the organization seize opportunities.b. Enhances risk response decisions.c. Improves the deployment of capital.d. Insures that the
According to COSO, which of the following components of enterprise risk management addresses an entity’s integrity and ethical values?a. Information and communication.b. Internal environment.c. Risk assessment.d. Control activities.
Which of the following would generally be entitled to a reward for whistle-blowing under the Dodd-Frank Act?a. An external auditor who discovers a violation while performing an audit of a company’s financial statement and internal control under SEC requirements.b. A customer of a company who
Which of the following is not required to be included in management’s report on internal control required under Section 404 of the Sarbanes-Oxley Act?a. A statement of management’s responsibility for establishing and maintaining adequate internal control over financial reporting.b. A statement
Which of the following is not a limitation of internal control?a. Human judgment in decision-making may be faulty.b. External forces may attack the system.c. Management may override internal control.d. Controls may be circumvented by collusion.
Management of Johnson Company is considering implementing technology to improve the monitoring component of internal control. Which of the following best describes how technology may be effective at improving monitoring?a. Technology can identify conditions and circumstances that indicate that
Which of the following is not a component in the COSO framework for internal control?a. Control environment.b. Segregation of duties.c. Risk assessment.d. Monitoring.
Which of the following components of internal control would encompass the routine controls over business processes and transactions?a. The control environment.b. Information and communication.c. Control activities.d. Risk assessment.
Which of the following is not a control environment factor?a. Integrity and ethical values.b. Board of directors or audit committee.c. Human resources policies and procedures.d. Control monitoring.
Which of the following is not a type of control under the control activity component of the COSO framework for internal control?a. Performance reviews.b. Physical controls.c. Monitoring controls.d. Segregation of duties.
According to COSO, the use of ongoing and separate evaluations to establish a new baseline after changes have been made can best be accomplished in which of the following stages of the monitoring-for-change continuum?a. Control baseline.b. Change identification.c. Change management.d. Control
According to COSO, key controls are those that often have which of the following characteristics?I. Their failure could materially affect the area’s objectives and other controls would not be expected to detect the failure on a timely basis.II. Their operation might prevent or detect other
According to the COSO framework, evaluators that monitor controls within an organization should have which of the following set of characteristics?a. Competence and objectivity.b. Respect and judgment.c. Judgment and objectivity.d. Authority and responsibility.
To be effective, the information and communication component of COSO must accomplish all of the following goals for transactions, except:a. Identify and record all valid transactions.b. Measure the value of the transactions properly.c. Revalue the transactions.d. Properly present and disclose
From the COSO Risk Assessment component standpoint, the implementation of a new information technology system would be considered a(n):a. Planned risk.b. Internal risk.c. External risk.d. Software risk.
Under the COSO framework of internal control, application controls consist of the following three types of controls:a. Segregation of duties, policies, and procedures.b. Input controls, processing controls, and output controls.c. Physical controls, segregation of duties, and accounting
Which of the following components is considered the foundation of the internal controls established by an organization?a. Control activities.b. Monitoring.c. The control environment.d. The audit committee.
According to the Sarbanes-Oxley Act of 2002, which of the following statements is correct regarding an issuer’s audit committee financial expert?a. The issuer’s current outside CPA firm’s audit partner must be the audit committee financial expert.b. If an issuer does not have an audit
Which of the following divisions of the SEC reviews corporate filings?a. The Office of the Chief Accountant.b. The Division of Enforcement.c. The Division of Corporate Disclosure.d. The Division of Corporate Finance.
Securities analysts act as one form of monitoring device from a corporate governance standpoint. What is a limitation that is often identified when considering the effectiveness of securities analysts in this regard?a. Conflicts of interest.b. Lack of competence.c. Use of only nonfinancial
Which of the following is not a section of the Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing?a. Performance Standards.b. Independence Standards.c. Implementation Standards.d. Attribute Standards.
According to the International Standards for the Professional Practice of Internal Auditinga. All internal audit seniors must be Certified Internal Auditors.b. The internal auditors must establish and maintain a system to monitor the disposition of audit results.c. Internal auditors must be
The Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing cover what two major types of internal auditing services?a. Assurance and consulting.b. Financial and operational.c. Compliance and taxation.d. Audit and review.
In setting priorities for internal audit activities, the chief audit executive shoulda. Use a risk-based approach.b. Use management’s priorities.c. Use an approach that cycles audit areas each year.d. Use a random approach to more likely detect fraud.
An important corporate governance mechanism is the internal audit function. For good corporate governance, the chief internal audit executive should have direct communication to the audit committee and report toa. The chief financial officer.b. The chief executive officer.c. The controller.d. The
Which of the following is most effective as an external monitoring device for a publicly held corporation than the others?a. Internal auditors.b. External auditors.c. The SEC.d. Attorneys.
Which of the following is not a requirement of the Wall Street Reform and Consumer Protection (Dodd-Frank) Act for publicly held corporations registered with the SEC?a. If it is decided that the CEO should also be appointed chairman of the board, the corporation must disclose why this decision was
Which of the following is necessary to be an audit committee financial expert according to the criteria specified in the Sarbanes-Oxley Act of 2002?a. An understanding of income tax law.b. An understanding of generally accepted accounting principles and financial statements.c. An understanding of
Which of the following is not a statutory requirement regarding the committees of the board of directors of publicly held corporations registered with the SEC?a. All members of the compensation committee must be independent.b. At least one member of the compensation committee must be a
The Sarbanes-Oxley Act provides that at least one member of the audit committee should bea. Independent.b. The chief financial officer of the company.c. A financial expert.d. A CPA.
Which of the following does not act as an external corporate governance mechanism?a. External auditors.b. The SEC.c. Credit analysts.d. Independent boards of directors.
Which of the following is not a requirement of the New York Stock Exchange regarding corporate governance of companies listed on the exchange?a. Have a majority of independent directors of the corporate board.b. Adopt and make publicly available a code of conduct.c. Prohibit the chief financial
Which of the following is a legal rule that prevents directors from being held liable for making bad decisions if they act with good faith, loyalty, and due care?a. The good faith rule.b. The business judgment rule.c. The due care rule.d. The director liability rule.
Which of the following is not a duty that is typically reserved for the board of directors of a corporation?a. Selection and removal of the chief executive officer.b. Determining executive compensation.c. Amending the articles of incorporation.d. Decisions regarding declaration of dividends.
Which of the following forms of compensation would encourage management to take on excessive risk?a. A fixed salary.b. A salary and bonuses based on current period net income.c. A salary plus stock options that cannot be exercised for 10 years.d. A salary plus restricted stock.
Which of the following forms of compensation would most likely align management’s behavior with the interests of the shareholders?a. A fixed salary.b. A salary plus a bonus based on current period net income.c. A salary plus stock options that cannot be exercised for 10 years.d. A salary plus
The articles of incorporation and bylaws of a corporation serve as a basis for the governance structure of a corporation.Which of the following items are normally included in the bylaws of the corporation as opposed to the articles of incorporation?a. Purpose of the corporation.b. Number of
Which of the following best identifies the reason that effective corporate governance is important?a. The separation of ownership from management.b. The goal of profit maximization.c. Excess management compensation.d. Lack of oversight by boards of directors.
A corporate stockholder is entitled to which of the following rights?a. Elect officers.b. Receive annual dividends.c. Approve dissolution.d. Prevent corporate borrowing.
Which of the following is correct with respect to the rights of stockholders in a corporation?a. Stockholders have no right to manage their corporation unless they are also directors or officers.b. Stockholders have a right to receive dividends.c. Stockholders have no right to inspect the books and
To which of the following rights is a stockholder of a public corporation entitled?a. The right to have annual dividends declared and paid.b. The right to vote for the election of officers.c. The right to a reasonable inspection of corporate records.d. The right to have the corporation issue a new
Which of the following actions normally requires shareholder approval?a. Appointing the chief executive officer.b. Issuing a dividend.c. The corporate strategic plan.d. Changing the nature of the corporation.
Which of the following is not a right of the shareholder of a corporation?a. Right to inspect the books and records.b. Right to share in dividends if declared.c. Right to determine the mission of the corporation.d. Right to sue on behalf of the corporation if the officers and directors fail to
Which of the following is not true concerning corporations?a. Directors owe a fiduciary duty to the corporation.b. All shareholders owe a fiduciary duty to the corporation.c. Officers owe a fiduciary duty to the corporation.d. Directors who act in good faith may use the business judgment rule as a
Which of the following is not generally a power of the board of directors of a corporation?a. Selecting officers.b. Declaring dividends.c. Determining management compensation.d. Amending the Articles of Incorporation.
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