What is data?

Question $1$Answer

a$.$

$$Facts entered, stored, and processed by an information system.

b$.$

Processed output that is useful to decision makers

c$.$

Another word for information

d$.$

Quantitative facts that is not qualitative by nature

Which of the following is not a transaction cycle?

Question $2$Answer

a$.$

Revenue

b$.$

Expenditure

c$.$

Human Resources$/$Payroll

d$.$

General Ledger and Reporting

$$ Techniques used to obtain confidential information, often by tricking people are referred to as:

Question $3$Answer

a$.$

Social Engineering

b$.$

Pretexting

c$.$

Posting

d$.$

Identity Teft

Which of the following is not an example of computer fraud?

Question $4$Answer

a$.$

Theft of money by altering computer records.

b$.$

Obtain information illegally through the use of a computer

c$.$

Failure to perform preventative maintenance on a computer

d$.$

Unauthorized modification of a software program.

$$

Which document is used to establish a contract for the purchase of goods or service from a supplier?

Question $5$Answer

a$.$

Vendor Invoice

b$.$

Purchase Requisition

c$.$

Green Card

d$.$

Purchase Order

$$Which of the following is not one of the five components of the COSO's Internal Control Framework?

Question $6$Answer

a$.$

Risk Assessment

b$.$

Internal Control Policies

c$.$

Monitoring

d$.$

Information and Communication

$$ An internal environment consists of the following:

Question $7$Answer

a$.$

Management$$s philosophy, suppliers$$ philosophy and organizational structure

b$.$

The board of directors, suppliers$$ philosophy and organizational structure

c$.$

The board of directors, Management$$s philosophy and organizational structure

d$.$

Management$$s philosophy, human resource standards and customer loyalty

$$ Which of the following is not a part of the fraud triangle?

Question $8$Answer

a$.$

Opportunity

b$.$

Motive

c$.$

Rationalisation

d$.$

Insecurity

Able Corporation owns numerous businesses along the coast of Florida. The company's management has identified business interruption events as a potential risk resulting from storm damages caused by hurricanes. Management is so fearful of the possibility of storm damage that they elect to divest the company of virtually all properties on the Florida coast. Able's response to potential risks is known as:

Question $9$Answer

a$.$

Avoidance

b$.$

Reducing

c$.$

Acceptance

d$.$

Sharing

To achieve effective segregation of duties, certain functions must be separated. Which of the following is the correct listing of the accounting$-$related functions that must be segregated?

Question $10$Answer

a$.$

Control, recording, and monitoring

b$.$

Authorization, recording, and custody

c$.$

control, custody, and authorization

d$.$

monitoring, recording, and planning

The inclusion in reported information of everything material that is necessary for faithful representation of the relevant phenomena.$$ The preceding sentence defines which of the following?

Question $11$Answer

a$.$

Relevance

b$.$

Reliability

c$.$

Completeness

d$.$

Timeliness

$$ All of the following are examples of sales order entry system controls except?

Question $12$Answer

a$.$

Use of Signatures

b$.$

Credit Limits

c$.$

Approving invoices before paying

d$.$

Training

Which of the following is not a part of the Revenue Cycle?

Question $13$Answer

a$.$

Authorizing Credit

b$.$

Updating Accounts Receivable

c$.$

Paying Vendor Invoice

d$.$

Cash Collection

Having sufficient and adequate Information add value to every organization; information provides all of the following benefits except;

Question $14$Answer

a$.$

Reduce Uncertainty

b$.$

Increase Profit

c$.$

Improve Planning

d$.$

Improve Decision making

COBIT addresses control from three vantage points:

Question $15$Answer

a$.$

Business objectives, business goals and IT objectives

b$.$

Business objectives, business goals and IT resources

c$.$

IT processes, business goals and IT objectives

d$.$

$$IT processes, business objectives and IT resources

Which of the following in the most important, basic, and effective control to deter fraud.

Question $16$Answer

a$.$

Enforced vacations

b$.$

Logical access control

c$.$

Segregation of Duties

d$.$

periodic rotation of duties

Which of the following is a fraud in which later payments on account are used to pay off earlier payments that were stolen?

Question $17$Answer

a$.$

lapping

b$.$

Kiting

c$.$

Ponzi Scheme

d$.$

Chopping

Which of the following causes majority of computer security problems?

Question $18$Answer

a$.$

Human Errors

b$.$

Software errors

c$.$

Natural Disasters

d$.$

JPS POWER CUTS

Enterprise Resource planning $($ERP$)$ integrates an organization$$s information system into one overall AIS. Which of the following is not a benefit of ERP?

Question $19$Answer

a$.$

Data is captured once

b$.$

Better access control

c$.$

Time consuming to implement

d$.$

standardize business operating process

Which of the following is NOT a characteristic that makes information useful?

Question $20$Answer

a$.$

It is reliable

b$.$

It is timely

c$.$

It is relevant

d$.$

It is inexpensive