Question 1

How is a balanced scorecard used to assess organizational performance?

Accepted Answer

The balanced scorecard contains four per

Question 2

Corrections are entries made to correct errors found in ________.

Accepted Answer

A)  all journals 
B)  special journals 
C)  the general ledger 
D)  the financial statements 
A)  all journals 
B)  special journals 
C)  the general ledger 
D)  the financial statements

Question 3

How is general ledger updating accomplished by the various accounting subsystems?

Accepted Answer

A)  Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours. 
B)  Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger. 
C)  The controller or treasurer must approve accounting subsystem journal entries before any updating may occur. 
D)  Nonroutine transactions are entered into the system by the treasurer's office. 
A)  Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours. 
B)  Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger. 
C)  The controller or treasurer must approve accounting subsystem journal entries before any updating may occur. 
D)  Nonroutine transactions are entered into the system by the treasurer's office.

Question 4

Immediately after the adjusting entries are posted,the next step in the general ledger and reporting system is to prepare

Accepted Answer

A)  an adjusted trial balance. 
B)  closing entries. 
C)  financial statements. 
D)  an unadjusted trial balance. 
A)  an adjusted trial balance. 
B)  closing entries. 
C)  financial statements. 
D)  an unadjusted trial balance.

Question 5

The managerial report that shows planned cash inflows and outflows for major investments or acquisitions is the

Accepted Answer

A)  journal voucher list. 
B)  statement of cash flows. 
C)  operating budget. 
D)  capital expenditures budget. 
A)  journal voucher list. 
B)  statement of cash flows. 
C)  operating budget. 
D)  capital expenditures budget.

Question 6

The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports.

Accepted Answer

A)  business transactions; updating; processing 
B)  data processing; business transactions for; printing 
C)  information processing; updating; creating 
D)  business transactions; data processing; preparing 
A)  business transactions; updating; processing 
B)  data processing; business transactions for; printing 
C)  information processing; updating; creating 
D)  business transactions; data processing; preparing

Question 7

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message when she tried to save her entry,"The amounts debited and credited are not equal.Please correct and try again." This message was the result of a

Accepted Answer

A)  validity check. 
B)  field check. 
C)  zero-balance check. 
D)  completeness test. 
A)  validity check. 
B)  field check. 
C)  zero-balance check. 
D)  completeness test.

Question 8

A listing of journal vouchers by numerical sequence,account number,or date is an example of

Accepted Answer

A)  a general ledger control report. 
B)  a budget report. 
C)  a batch to be processed. 
D)  responsibility accounting. 
A)  a general ledger control report. 
B)  a budget report. 
C)  a batch to be processed. 
D)  responsibility accounting.

Question 9

Describe three threats in the general ledger and reporting system and identify corresponding controls for each threat.

Accepted Answer

THREAT 1: Errors in updating the general

Question 10

Variances for variable costs will be misleading when the planned output differs from budgeted output.A solution to this problem would be

Accepted Answer

A)  calling all costs fixed. 
B)  to use flexible budgeting. 
C)  better prediction of output. 
D)  to eliminate the budgeting process. 
A)  calling all costs fixed. 
B)  to use flexible budgeting. 
C)  better prediction of output. 
D)  to eliminate the budgeting process.

Question 11

What is responsibility accounting?

Accepted Answer

Responsibility accounting involves the r

Question 12

The general ledger and reporting system is designed to provide information for which of the following user groups?

Accepted Answer

A)  internal users 
B)  external users 
C)  inquiry processing by internal or external users 
D)  all of the above 
A)  internal users 
B)  external users 
C)  inquiry processing by internal or external users 
D)  all of the above

Question 13

As responsibility reports are rolled up into reports for higher level executives,they

Accepted Answer

A)  become less detailed. 
B)  become more detailed. 
C)  become narrower in scope. 
D)  look about the same. 
A)  become less detailed. 
B)  become more detailed. 
C)  become narrower in scope. 
D)  look about the same.

Question 14

The benefits of XBRL include:

Accepted Answer

A)  organizations can publish financial information only once, using standard XBRL tags. 
B)  tagged data is readable and interpretable by computers, so users don't need re-enter data into order to work with it. 
C)  Both are benefits of XBRL. 
D)  Neither are benefits of XBRL. 
A)  organizations can publish financial information only once, using standard XBRL tags. 
B)  tagged data is readable and interpretable by computers, so users don't need re-enter data into order to work with it. 
C)  Both are benefits of XBRL. 
D)  Neither are benefits of XBRL.

Question 15

One way of ensuring that recurring adjusting journal entries are made each month would be to

Accepted Answer

A)  make all the entries a month in advance. 
B)  rotate the responsibility among the accounting staff. 
C)  program the entries to be made automatically. 
D)  create a standard adjusting journal entry file. 
A)  make all the entries a month in advance. 
B)  rotate the responsibility among the accounting staff. 
C)  program the entries to be made automatically. 
D)  create a standard adjusting journal entry file.

Question 16

Which of the following are appropriate controls for the general ledger and reporting system?

Accepted Answer

A)  using well-designed documents and records 
B)  online data entry with the use of appropriate edit checks 
C)  prenumbering documents and accounting for the sequence numbers 
D)  All of the above are appropriate. 
A)  using well-designed documents and records 
B)  online data entry with the use of appropriate edit checks 
C)  prenumbering documents and accounting for the sequence numbers 
D)  All of the above are appropriate.

Question 17

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message when she tried to save her entry,"The data you have entered does not include a source reference code.Please enter this data before saving." This message was the result of a

Accepted Answer

A)  validity check. 
B)  field check. 
C)  zero-balance check. 
D)  completeness test. 
A)  validity check. 
B)  field check. 
C)  zero-balance check. 
D)  completeness test.

How is a balanced scorecard used to assess organizational performance?

Corrections are entries made to correct errors found in ________.

How is general ledger updating accomplished by the various accounting subsystems?

Immediately after the adjusting entries are posted,the next step in the general ledger and reporting system is to prepare

The managerial report that shows planned cash inflows and outflows for major investments or acquisitions is the

The general ledger and reporting system consists of the involved in the general ledger and reports.

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message when she tried to save her entry,"The amounts debited and credited are not equal.Please correct and try again." This message was the result of a

A listing of journal vouchers by numerical sequence,account number,or date is an example of

Describe three threats in the general ledger and reporting system and identify corresponding controls for each threat.

Variances for variable costs will be misleading when the planned output differs from budgeted output.A solution to this problem would be

What is responsibility accounting?

The general ledger and reporting system is designed to provide information for which of the following user groups?

As responsibility reports are rolled up into reports for higher level executives,they

The benefits of XBRL include:

One way of ensuring that recurring adjusting journal entries are made each month would be to

Which of the following are appropriate controls for the general ledger and reporting system?

Accounting Information Systems: an Overview

Overview of Transaction Processing and Erp Systems

Systems Documentation Techniques

Relational Databases

Computer Fraud

Computer Fraud and Abuse Techniques

Control and Accounting Information Systems

Information Systems Controls for System Reliability Part 1: Information Security

Information Systems Controls for Systems Reliability Part 2: Confidentiality and Privacy

Information Systems Controls for Systems Reliability Part 3: Processing Integrity and Availability

Auditing Computer-Based Information Systems

The Revenue Cycle: Sales to Cash Collections

The Expenditure Cycle: Purchasing to Cash Disbursements

The Production Cycle

The Human Resources Management and Payroll Cycle

The Rea Data Model

Implementing an Rea Model in a Relational Database

Special Topics in Rea Modeling

Introduction to Systems Development Systems Analysis

Ais Development Strategies

Systems Design, implementation, and Operation

Filters

Exam 16: General Ledger and Reporting System

How is a balanced scorecard used to assess organizational performance?

Corrections are entries made to correct errors found in ________.

How is general ledger updating accomplished by the various accounting subsystems?

Immediately after the adjusting entries are posted,the next step in the general ledger and reporting system is to prepare

The managerial report that shows planned cash inflows and outflows for major investments or acquisitions is the

The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports.

Cheryl Liao is an accountant at Folding Squid Technologies.While making an adjusting entry to the general ledger,she received the following error message when she tried to save her entry,"The amounts debited and credited are not equal.Please correct and try again." This message was the result of a

A listing of journal vouchers by numerical sequence,account number,or date is an example of

Describe three threats in the general ledger and reporting system and identify corresponding controls for each threat.

Variances for variable costs will be misleading when the planned output differs from budgeted output.A solution to this problem would be

What is responsibility accounting?

The general ledger and reporting system is designed to provide information for which of the following user groups?

As responsibility reports are rolled up into reports for higher level executives,they

The benefits of XBRL include:

One way of ensuring that recurring adjusting journal entries are made each month would be to

Which of the following are appropriate controls for the general ledger and reporting system?

Accounting Information Systems: an Overview

Overview of Transaction Processing and Erp Systems

Systems Documentation Techniques

Relational Databases

Computer Fraud

Computer Fraud and Abuse Techniques

Control and Accounting Information Systems

Information Systems Controls for System Reliability Part 1: Information Security

Information Systems Controls for Systems Reliability Part 2: Confidentiality and Privacy

Information Systems Controls for Systems Reliability Part 3: Processing Integrity and Availability

Auditing Computer-Based Information Systems

The Revenue Cycle: Sales to Cash Collections

The Expenditure Cycle: Purchasing to Cash Disbursements

The Production Cycle

The Human Resources Management and Payroll Cycle

The Rea Data Model

Implementing an Rea Model in a Relational Database

Special Topics in Rea Modeling

Introduction to Systems Development Systems Analysis

Ais Development Strategies

Systems Design, implementation, and Operation

Filters

The general ledger and reporting system consists of the involved in the general ledger and reports.