Question 1

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

Question 2

Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information.Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis tools.The ideal solution to solve these problems and efficiently transmit financial information via the Internet is to use

Accepted Answer

A)  HTML.
B)  XML.
C)  ACH.
D)  XBRL.

Question 3

A type of data entry control that would ensure that adjusting entries are posted to existing general ledger accounts is called a(n) ________ check.

Accepted Answer

A)  validity
B)  existence
C)  closed loop verification
D)  reasonableness A

Question 4

The SEC requires U.S.companies to use XBRL when submitting their filings.

Accepted Answer

A) True 
 B)False

Question 5

Marina Filimena is an accountant at Jasmina Hair Products.Marina received the following error message while making an adjusting entry to the general ledger: "The data you have entered does not include a source reference code.Please enter this data before saving." This is an example of a

Accepted Answer

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

Question 6

Which of the following user groups generally receive information produced by the general ledger and reporting system?

Accepted Answer

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

Question 7

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 8

What is responsibility accounting?

Accepted Answer

Responsibility accounting involves the r...

Question 9

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.

Question 10

Organizations should set their balanced scorecard targets to reflect industry benchmark values.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following statements is not true regarding XBRL?

Accepted Answer

A)  XBRL is a variant of XML.
B)  XBRL is specifically designed for use in communicating the content of financial data.
C)  XBRL creates unique tags for each data item.
D)  XBRL's adoption will require accountants and systems professionals tag data for their clients. D

Question 12

Explain the benefits of XBRL.

Accepted Answer

XBRL (Extensible Business Reporting Lang...

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)  become wider in scope.

Question 14

Which of the following controls can minimize the threat of inaccurate or invalid general ledger data?

Accepted Answer

A)  Training and experience in applying IFRS and XBRL.
B)  Responsibility accounting.
C)  Backup and disaster recovery procedures.
D)  Restriction of access to general ledger. D

Question 15

Which of the following is true about accounting for fixed assets?

Accepted Answer

A)  Depreciation expense under IFRS will likely be higher than under GAAP, because acquisitions of assets with multiple components must be separately depreciated under IFRS, whereas under GAAP assets could be bundled and depreciated over the longest of the useful life for any of the components.
B)  IFRS doesn't allow capitalization of any asset that separately accounts for less than 20% of total assets.
C)  Depreciation expense under IFRS will likely be less than under GAAP, because standards for depreciable lives on asset classes are much longer than under GAAP.
D)  IFRS and GAAP account for fixed assets in much the same way.

Question 16

Identify one way "rainbow tables" are often used.

Accepted Answer

A)  To discover plaintext passwords associated with a hash.
B)  To integrate different tables into one, master table.
C)  To perform a zero-balance check.
D)  To ensure referential integrity of all the associated tables.

Question 17

Which of the following balanced scorecard dimensions provides measures on how efficiently and effectively the organization is performing key business processes?

Accepted Answer

A)  Financial.
B)  Internal operations.
C)  Innovation and learning.
D)  Customer.

Question 18

Which of the following balanced scorecard dimensions provides measures on how well the organization is generating sales?

Accepted Answer

A)  Financial.
B)  Internal operations.
C)  Innovation and learning.
D)  Customer.

Question 19

Which of the following controls can minimize the threat of poorly designed reports and graphs?

Accepted Answer

A)  Training and experience in applying IFRS and XBRL.
B)  Responsibility accounting.
C)  Backup and disaster recovery procedures.
D)  Restriction of access to general ledger.

Question 20

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)  to use a stricter budgeting process.
B)  to use flexible budgeting.
C)  to better predict the final output.
D)  to allow more judgement involve in the budgeting process.

Exam 16: General Ledger and Reporting System

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

Correct Answer
verified

Correct Answer
verified

A type of data entry control that would ensure that adjusting entries are posted to existing general ledger accounts is called a(n) ________ check.

Correct Answer
verified
A

The SEC requires U.S.companies to use XBRL when submitting their filings.

Correct Answer
verified

Marina Filimena is an accountant at Jasmina Hair Products.Marina received the following error message while making an adjusting entry to the general ledger: "The data you have entered does not include a source reference code.Please enter this data before saving." This is an example of a

Correct Answer
verified

Which of the following user groups generally receive information produced by the general ledger and reporting system?

Correct Answer
verified

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

Correct Answer
verified
THREAT 1: Errors in updating the general...
View Answer

What is responsibility accounting?

Correct Answer
verified
Responsibility accounting involves the r...
View Answer

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

Correct Answer
verified

Organizations should set their balanced scorecard targets to reflect industry benchmark values.

Correct Answer
verified

Which of the following statements is not true regarding XBRL?

Correct Answer
verified
D

Explain the benefits of XBRL.

Correct Answer
verified
XBRL (Extensible Business Reporting Lang...
View Answer

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

Correct Answer
verified

Which of the following controls can minimize the threat of inaccurate or invalid general ledger data?

Correct Answer
verified
D

Which of the following is true about accounting for fixed assets?

Correct Answer
verified

Identify one way "rainbow tables" are often used.

Correct Answer
verified

Which of the following balanced scorecard dimensions provides measures on how efficiently and effectively the organization is performing key business processes?

Correct Answer
verified

Which of the following balanced scorecard dimensions provides measures on how well the organization is generating sales?

Correct Answer
verified

Which of the following controls can minimize the threat of poorly designed reports and graphs?

Correct Answer
verified

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

Correct Answer
verified

Exam 16: General Ledger and Reporting System

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A type of data entry control that would ensure that adjusting entries are posted to existing general ledger accounts is called a(n) ________ check.

Correct AnswerverifiedA

The SEC requires U.S.companies to use XBRL when submitting their filings.

Correct AnswerverifiedShow Answer

Marina Filimena is an accountant at Jasmina Hair Products.Marina received the following error message while making an adjusting entry to the general ledger: "The data you have entered does not include a source reference code.Please enter this data before saving." This is an example of a

Correct AnswerverifiedShow Answer

Which of the following user groups generally receive information produced by the general ledger and reporting system?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedTHREAT 1: Errors in updating the general...View AnswerShow Answer

What is responsibility accounting?

Correct AnswerverifiedResponsibility accounting involves the r...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Organizations should set their balanced scorecard targets to reflect industry benchmark values.

Correct AnswerverifiedShow Answer

Which of the following statements is not true regarding XBRL?

Correct AnswerverifiedD

Explain the benefits of XBRL.

Correct AnswerverifiedXBRL (Extensible Business Reporting Lang...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following controls can minimize the threat of inaccurate or invalid general ledger data?

Correct AnswerverifiedD

Which of the following is true about accounting for fixed assets?

Correct AnswerverifiedShow Answer

Identify one way "rainbow tables" are often used.

Correct AnswerverifiedShow Answer

Which of the following balanced scorecard dimensions provides measures on how efficiently and effectively the organization is performing key business processes?

Correct AnswerverifiedShow Answer

Which of the following balanced scorecard dimensions provides measures on how well the organization is generating sales?

Correct AnswerverifiedShow Answer

Which of the following controls can minimize the threat of poorly designed reports and graphs?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct Answer
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Correct Answer
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Correct Answer
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A

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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THREAT 1: Errors in updating the general...
View Answer

Correct Answer
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Responsibility accounting involves the r...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified
D

Correct Answer
verified
XBRL (Extensible Business Reporting Lang...
View Answer

Correct Answer
verified

Correct Answer
verified
D

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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