1.(Competency 3: Learning Objective 1-4) Describe an effective accounting information system and explain management's role in it.

answer:

2.(Competency3: Learning Objectives 1) Computerized accounting systems consist of accounting software, computer files, computers, and related peripheral equipment such as scanners.

a.True

b.False

3.(Competency3: Learning Objectives 2) Failure to implement adequate _____________________ can result in financial statement fraud and _________________.

a.internal controls; embezzlement.

b.accounting systems, embezzlement.

c.GAAP, progress.

d.GAAP, lack of progress.

4.Competency3: Learning Objectives 2) Segregation of duties is when employees share responsibility for an unrelated transaction so that one employee's work serves as a check on the work of another employee.

a.True

b. False

5.(Competency3: Learning Objectives 4) The following is considered as a computer control within an accounting system.

a.Management signs on and off for an employee to enter financial transactions.

b.Employees with service for more than one year override store returns more than $50.

c.Employees use fingerprints to clock in and out of work.

d.All the above are considered computer controls.