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Accounting Systems 3110 test 1

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Question;Accounting;Systems 3110 test 1The Committee of Sponsoring Organizations of the Treadway;Commission on Fraudulent Financial Reporting framework includes _____.;A) control;activities and the control environment;B) information;and communication;C) risk;assessment and monitoring;D) all of the;above;E) A and C;only;Question 2 5;/ 5 points;Examples of internal control include _____.;A) bank;reconciliation and user training;B) restrictive;endorsement and daily deposit of checks;C) separation;of duties and document matching.;D) all of the;above;E) A and C;only;Question 3 5;/ 5 points;The expectancy that effort will lead to success is a;function of _____.;A) instrumentality;(will success be rewarded);B) valence;(is the reward valued);C) both A;and B;D) either A;or B, but not both;E) neither A;nor B;Question 4 5;/ 5 points;The financial activity on the accrual basis for a period of;time is found in the _____.;A) balance;sheet;B) income;statement;C) retained;earnings statement;D) statement;of cash flows;E) none of;the above;Question 5 5;/ 5 points;Steps in the accounting cycle that occur Steps that occur at;the end of the fiscal year include to _____.;A) prepare;financial statements and record and post-closing entries;B) prepare;post-closing trial balance;C) record;and post adjusting entries and to prepare an adjusted trial balance;D) all of the;above;E) A and C;only;Question 6 5;/ 5 points;Business process management is a systematic approach to;analyzing, redesigning, improving and managing a specific process.;A) true;B) false: it;does not include redesigning a specific;C) false: it;is unrelated to managing a specific process;D) both B and;C;E) none of;the above;Question 7 5;/ 5 points;Internal control can be defined as a process, effected by an;entity?s board of directors, management and other personnel designed to provide;reasonable assurance regarding the achievement of objectives in the following;categories: effectiveness and efficiency;of operations, reliability of financial reporting and compliance with;applicable laws and regulations.;A) True;B) Internal;control is not a process but rather the end result;C) False;internal control is not effected by an entity?s board of directors;D) both B and;C;E) none of;the above;Question 8 5;/ 5 points;The accounting cycle includes steps completed each period to;A) identify;recordable transactions;B) measure;related dollar amounts;C) prepare;general purpose financial statements;D) record;transactions in the AIS;E) all of;the above;Question 9 0;/ 5 points;Examples of internal control include _____.;A) biometric;access to IT assets and video surveillance;B) forced;vacations and job rotation;C) password;policies and forced vacations;D) all of the;above;E) B and C;only;Question 10 5;/ 5 points;An accounting information system is a set of interrelated;A) Activities;B) Documents;C) Technologies;D) all of the;above;E) A and B;only;Question 11 0;/ 5 points;A deterministic question _____.;A) has;multiple right answers;B) has one;right answer;C) is;exemplified by, ?What is the journal entry to record a cash sale of services??;D) A and C;only;E) B and C;only;Question 12 5;/ 5 points;One important component of critical thinking is the ability;to _____.;A) find;needed information;B) recognize;when information is needed;C) use;information for decisions;D) all of the;above;E) none of;the above;Question 13 5;/ 5 points;An example of an internal control is _____.;A) adequate;documentation;B) physical;controls;C) separation;of duties;D) all of the;above;E) A and C;only;Question 14 5;/ 5 points;The conceptual framework was _____.;A) designed;to provide some structure and guidance for the development of future accounting;principles;B) developed;by the FASB in 1977;C) required;by Sarbanes-Oxley Act of 2002;D) A and B;E) A and C;Question 15 0;/ 5 points;organizations determine their internal controls by;thinking about their risk exposures.;A) All;B) Many;C) Some;D) Few;E) no;Question 16 5;/ 5 points;In the risk assessment component of an enterprise risk;management system, risks are assessed on _____ basis.;A) an;inherent;B) a;residual;C) both A;and B;D) either A;or B, but not both;E) neither A;nor B;Question 17 0;/ 5 points;Reasonable assurance _____.;A) considers;the cost-benefit constraint;B) does not;consider the cost-benefit constraint;C) is;unrelated to the cost-benefit constraint;D) must not;consider the cost-benefit constraint;E) none of;the above;Question 18 5;/ 5 points;The purpose of _____ entries is to account for timing;differences between cash flow and accrual basis revenue and expense.;A) adjusting;B) closing;C) journal;D) opening;E) none of;the above;Question 19 5;/ 5 points;An accounting information system is designed to _____.;A) collect;data;B) process;data;C) report;information;D) all of the;above;E) A and B;only;Question 20 5;/ 5 points;Systems risk and human error risk are examples of;risk.;A) financial;B) hazard;C) operational;D) strategic;E) none of;the above;Question 21 5;/ 5 points;A purpose of internal control purposes is to _____.;A) encourage;compliance with management directives;B) ensure;reliable financial reporting;C) promote;operating efficiency;D) safeguard;assets;E) all of;the above;Question 22 5;/ 5 points;A cost form associated with an accounting information system;is _____.;A) behavioral;B) financial;C) psychological;D) all of the;above;E) A and C;only;Question 23 5;/ 5 points;A non-deterministic question _____.;A) has;multiple right answers;B) has one;right answer;C) is;exemplified by, ?What is the journal entry to record a cash sale of services??;D) A and C;only;E) B and C;only;Question 24 0;/ 5 points;Internal control ensures _____.;A) compliance;with management directives;B) operating;efficiency;C) reliable;financial reporting;D) all of the;above;E) A and B;only;Question 25 5;/ 5 points;Legal risk, regulatory risk, and business strategy risk;examples of _____ risk.;A) financial;B) hazard;C) operational;D) strategic;E) none of;the above;Question 26 5;/ 5 points;Bookkeeping is _____.;A) communicating;economic information to permit Informed judgments and decisions by users of the;information;B) part of;accounting;C) the;totality of accounting;D) unrelated;to accounting;E) none of;the above;Question 27 5;/ 5 points;Market risk, credit risk, and liquidity risk are examples of;risk.;A) financial;B) hazard;C) operational;D) strategic;E) none of;the above;Question 28 5;/ 5 points;Expectance theory _____ accounting information systems.;A) can be;applied to the implementation and application of;B) is the;only component of;C) is based;on the principle that all people are lazy and must be constantly monitored in;order to implement and apply an;D) unrelated;to;E) none of;the above;Question 29 5;/ 5 points;The importance of AIS is that it;A) gives a;?big picture? view of accounting;B) is needed;in all organizations;C) offers;opportunity for developing critical thinking skills;D) touches;virtually every other area of accounting;E) all of;the above;Question 30 5;/ 5 points;Accounting Information Systems have generic elements;including _____.;A) inputs and;outputs;B) internal;controls;C) processes;and storage;D) all of the;above;E) A and C;only

 

Paper#51298 | Written in 18-Jul-2015

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