Question 1

A characteristic of the management reporting system (MRS)is

Accepted Answer

A) that it operates in conformity with generally accepted accounting principles 
B) it is a legal requirement that the MRS be installed and functioning properly 
C) that it implements SEC requirements 
D) that it focuses on internal decision-making information 
A) that it operates in conformity with generally accepted accounting principles 
B) it is a legal requirement that the MRS be installed and functioning properly 
C) that it implements SEC requirements 
D) that it focuses on internal decision-making information

Question 2

XBRL reporting:

Accepted Answer

A) must be used by banks to file required quarterly "call reports" 
B) is used substantially both in the US and internationally 
C) facilitates the fulfillment of legal requirements stipulated in SOX 
D) all of the above 
A) must be used by banks to file required quarterly "call reports" 
B) is used substantially both in the US and internationally 
C) facilitates the fulfillment of legal requirements stipulated in SOX 
D) all of the above

Question 3

Designing an effective management reporting system does not require an understanding of the information managers need to deal with the problems they face.

Accepted Answer

A) True 
 B)False

Question 4

Discuss three control implications of XBRL

Accepted Answer

Control implications include:
Taxonomy C

Question 5

All of the following are characteristics of the strategic planning process except

Accepted Answer

A) the emphasis on both the short and long run 
B) the review of the attributes and behavior of the organization's competition 
C) the analysis of external economic factors 
D) the analysis of consumer demand 
A) the emphasis on both the short and long run 
B) the review of the attributes and behavior of the organization's competition 
C) the analysis of external economic factors 
D) the analysis of consumer demand

Question 6

Strategic decisions are subordinate to tactical planning decisions.

Accepted Answer

A) True 
 B)False

Question 7

How does the management by exception principle affect the management reporting system?

Accepted Answer

Reports should focus on differences betw

Question 8

Which of the following management principles affects the management reporting system?

Accepted Answer

A) formalization of tasks 
B) authorization 
C) span of control 
D) all of the above 
A) formalization of tasks 
B) authorization 
C) span of control 
D) all of the above

Question 9

Risk exposures in the general ledger and financial reporting systems include all of the following except

Accepted Answer

A) defective audit trail 
B) unauthorized access to the general ledger 
C) loss of physical assets 
D) general ledger account is out of balance with the subsidiary account 
A) defective audit trail 
B) unauthorized access to the general ledger 
C) loss of physical assets 
D) general ledger account is out of balance with the subsidiary account

Question 10

What is XML?

Accepted Answer

XML (eXtensible Markup Language)is a met

Question 11

The difference between the actual performance and the standard is called the __________________________.

Accepted Answer

The answer of The difference between the actual performance and...

Question 12

Discuss the primary advantage of XBRL over traditional HTML as a means of online reporting of financial information to users.

Accepted Answer

Online reporting of financial data has b

Question 13

All of the following are elements of operational control decisions except

Accepted Answer

A) determining the scope of the activity 
B) setting operating standards 
C) evaluating performance 
D) taking corrective action when necessary 
A) determining the scope of the activity 
B) setting operating standards 
C) evaluating performance 
D) taking corrective action when necessary

Question 14

Financial statements are prepared from the

Accepted Answer

A) trial balance 
B) adjusted trial balance 
C) general ledger 
D) general journal 
A) trial balance 
B) adjusted trial balance 
C) general ledger 
D) general journal

Question 15

XBRL

Accepted Answer

A) is the basic protocol that permits communication between Internet sites 
B) controls web browsers that access the web 
C) is the document format used to produce web pages 
D) was designed to provide the financial community with a standardized method for preparing reports 
A) is the basic protocol that permits communication between Internet sites 
B) controls web browsers that access the web 
C) is the document format used to produce web pages 
D) was designed to provide the financial community with a standardized method for preparing reports

Question 16

Responsibility refers to an individual's obligation to achieve desired results.

Accepted Answer

A) True 
 B)False

Question 17

List,in order,the steps in the financial reporting process.
​
1.
​
2.
​
3.
​
4.
​
5.
​
6.
​
7.
​
8.
​
9.
​
10.
​
11.
​

Accepted Answer

1.Capture the transaction.
2.Record in s

Question 18

Which of the following best describes a profit center?

Accepted Answer

A) authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply 
B) authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply, and significant control over the amount of invested capital 
C) authority to make decisions over the most significant costs of operations, including the power to choose the sources of supply 
D) authority to provide specialized support to other units within the organization 
A) authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply 
B) authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply, and significant control over the amount of invested capital 
C) authority to make decisions over the most significant costs of operations, including the power to choose the sources of supply 
D) authority to provide specialized support to other units within the organization

Question 19

What are the major exposures in the general ledger/financial reporting system?

Accepted Answer

The primary exposures are: a defective o

Question 20

An XBRL taxonomy

Accepted Answer

A) is the document format used to produce web pages 
B) is the final product (report) 
C) is a classification scheme 
D) is a tag stored in each database record 
A) is the document format used to produce web pages 
B) is the final product (report) 
C) is a classification scheme 
D) is a tag stored in each database record

A characteristic of the management reporting system (MRS)is

XBRL reporting:

Designing an effective management reporting system does not require an understanding of the information managers need to deal with the problems they face.

Discuss three control implications of XBRL

All of the following are characteristics of the strategic planning process except

Strategic decisions are subordinate to tactical planning decisions.

How does the management by exception principle affect the management reporting system?

Which of the following management principles affects the management reporting system?

Risk exposures in the general ledger and financial reporting systems include all of the following except

What is XML?

The difference between the actual performance and the standard is called the __________________________.

Discuss the primary advantage of XBRL over traditional HTML as a means of online reporting of financial information to users.

All of the following are elements of operational control decisions except

Financial statements are prepared from the

XBRL

Responsibility refers to an individual's obligation to achieve desired results.

List,in order,the steps in the financial reporting process. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

Which of the following best describes a profit center?

What are the major exposures in the general ledger/financial reporting system?

An XBRL taxonomy

The Information System: an Accountants Perspective

Introduction to Transaction Processing

Ethics,fraud,and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

The Conversion Cycle

Database Management Systems

The Rea Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Auditing It Controls Part I: Sarbanes-Oxley and It Governance

Auditing It Controls Part II: Security and Access

Auditing It Controls Part III: Systems Development, program Changes, and Application Auditing

Filters

Exam 8: Financial Reporting,and Management Reporting Systems

A characteristic of the management reporting system (MRS)is

XBRL reporting:

Designing an effective management reporting system does not require an understanding of the information managers need to deal with the problems they face.

Discuss three control implications of XBRL

All of the following are characteristics of the strategic planning process except

Strategic decisions are subordinate to tactical planning decisions.

How does the management by exception principle affect the management reporting system?

Which of the following management principles affects the management reporting system?

Risk exposures in the general ledger and financial reporting systems include all of the following except

What is XML?

The difference between the actual performance and the standard is called the __________________________.

Discuss the primary advantage of XBRL over traditional HTML as a means of online reporting of financial information to users.

All of the following are elements of operational control decisions except

Financial statements are prepared from the

XBRL

Responsibility refers to an individual's obligation to achieve desired results.

List,in order,the steps in the financial reporting process. ​ 1. ​ 2. ​ 3. ​ 4. ​ 5. ​ 6. ​ 7. ​ 8. ​ 9. ​ 10. ​ 11. ​

Which of the following best describes a profit center?

What are the major exposures in the general ledger/financial reporting system?

An XBRL taxonomy

The Information System: an Accountants Perspective

Introduction to Transaction Processing

Ethics,fraud,and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

The Conversion Cycle

Database Management Systems

The Rea Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Auditing It Controls Part I: Sarbanes-Oxley and It Governance

Auditing It Controls Part II: Security and Access

Auditing It Controls Part III: Systems Development, program Changes, and Application Auditing

Filters

List,in order,the steps in the financial reporting process. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.