Question 1

How does management by exception help to alleviate information overload by a manager?

Accepted Answer

The answer of How does management by exception help to...

Question 2

Each account in the chart of accounts has a separate record in the general ledger master file.

Accepted Answer

A) True 
 B)False

Question 3

Employees who are responsible for a task must have the __________________________ to make decisions within the limits of the responsibility delegated.

Accepted Answer

The answer of Employees who are responsible for a task...

Question 4

Which steps in the financial accounting process are in the correct sequence?

Accepted Answer

A) record the transaction, post to the ledger, prepare the adjusted trial balance, enter adjusting entries, prepare financial statements 
B) record the transaction, prepare the unadjusted trial balance, record adjusting journal entries, record closing entries, prepare financial statements 
C) record the transaction, post to the ledger, record adjusting entries, prepare the unadjusted trial balance, prepare financial statements 
D) record the transaction, post to the ledger, prepare the adjusted trial balance, prepare financial statements, record closing entries

Question 5

Which statement is not true?

Accepted Answer

A) The journal voucher is the only source of input into the general ledger. 
B) A journal voucher can be used to represent summaries of similar transactions or a single unique transaction. 
C) Journal vouchers are not used to make adjusting entries and closing entries in the general ledger. 
D) Journal vouchers offer a degree of control against unauthorized general ledger entries.

Question 6

Operational control decisions

Accepted Answer

A) set the goals and objectives for the firm 
B) involve motivating managers to use resources as productively as possible 
C) are more focused than tactical decisions 
D) have a fairly high degree of uncertainty

Question 7

Which statement is not true? Responsibility accounting

Accepted Answer

A) involves both a top-down and bottom-up flow of information 
B) acknowledges that some economic events cannot be traced to any manager 
C) creates a budget 
D) compares actual performance with budget

Question 8

An income statement is an example of an XBRL instance document.

Accepted Answer

A) True 
 B)False

Question 9

Contrast the four decision types: strategic planning,tactical planning,management control and operational control,by the five decision characteristics: time frame,scope,level of details,recurrence,and certainty.

Accepted Answer

The answer of Contrast the four decision types: strategic planning,tactical...

Question 10

Standards are the basis for evaluating actual performance.

Accepted Answer

A) True 
 B)False

Question 11

An inventory out-of-stock report is an example of a programmed,on-demand report.

Accepted Answer

A) True 
 B)False

Question 12

What distinguishes big data analytics from small data analytics?

Accepted Answer

The answer of What distinguishes big data analytics from small...

Question 13

What is a data warehouse?

Accepted Answer

The answer of What is a data warehouse?...

Question 14

With a limited work force and a desire to maintain strong internal control,which combination of duties performed by a single individual presents the least risk exposure?

Accepted Answer

A) maintaining the inventory ledger and recording the inventory journal voucher in the general ledger 
B) recording the inventory journal voucher in the general ledger and maintaining custody of inventory 
C) maintaining the cash disbursements journal and recording direct labor costs applied to specific jobs 
D) preparing the accounts payable journal voucher and recording it in the general ledger

Question 15

The manager of a cost center is responsible for cost control and revenue generation.

Accepted Answer

A) True 
 B)False

Question 16

Entries into the general ledger system (GLS)can be made using information from

Accepted Answer

A) the general journal 
B) a journal voucher which represents a summary of similar transactions 
C) a journal voucher which represents a single, unusual transaction 
D) all of the above

Question 17

The _______________________________ principle suggests that management should structure the firm around the work it performs rather than around individuals with unique skills.

Accepted Answer

The answer of The _______________________________ principle suggests that management should...

Question 18

Which of the following statements is not true?

Accepted Answer

A) XML stands for eXperimental Markup Language. 
B) XML is a meta-language for describing markup languages. 
C) Unlike HTML, XML is capable of storing data in relational form. 
D) Any markup language can be created using XML.

Question 19

The level of management that makes tactical planning decisions is

Accepted Answer

A) top management 
B) middle management 
C) operations management 
D) front-line management

Question 20

The control function entails evaluating a process against a standard and,if necessary,taking corrective action.

Accepted Answer

A) True 
 B)False

Exam 8: Financial Reporting,and Management Reporting Systems

How does management by exception help to alleviate information overload by a manager?

Each account in the chart of accounts has a separate record in the general ledger master file.

Employees who are responsible for a task must have the __________________________ to make decisions within the limits of the responsibility delegated.

Which steps in the financial accounting process are in the correct sequence?

Which statement is not true?

Operational control decisions

Which statement is not true? Responsibility accounting

An income statement is an example of an XBRL instance document.

Contrast the four decision types: strategic planning,tactical planning,management control and operational control,by the five decision characteristics: time frame,scope,level of details,recurrence,and certainty.

Standards are the basis for evaluating actual performance.

An inventory out-of-stock report is an example of a programmed,on-demand report.

What distinguishes big data analytics from small data analytics?

What is a data warehouse?

With a limited work force and a desire to maintain strong internal control,which combination of duties performed by a single individual presents the least risk exposure?

The manager of a cost center is responsible for cost control and revenue generation.

Entries into the general ledger system (GLS) can be made using information from

The _______________________________ principle suggests that management should structure the firm around the work it performs rather than around individuals with unique skills.

Which of the following statements is not true?

The level of management that makes tactical planning decisions is

The control function entails evaluating a process against a standard and,if necessary,taking corrective action.