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The general ledger system of an organization should be designed to serve the information requirements of both internal and external users.This means that the system should support


A) producing expansive regular periodic reports to cover all information needs.
B) the real-time inquiry needs of all users.
C) producing regular periodic reports and respond to real-time inquiry needs.
D) access by investors and creditors of the organization to general ledger balances.

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How is a balanced scorecard used to assess organizational performance?

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The balanced scorecard contains four per...

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Who should provide the adjusting entries in a well-designed general ledger and reporting system?


A) various user departments
B) the treasurer's area
C) the other major AIS subsystems
D) the controller's area

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Which of the following balanced scorecard dimensions provides measures on new products?


A) financial
B) internal operations
C) innovation and learning
D) customer

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Performance reports for sales departments should compare actual revenue versus budgeted


A) revenue.
B) cost.
C) return on investment.
D) profit.

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Which of the following tasks are facilitated by maintaining a strong and secure audit trail?


A) tracing a transaction from original source document to the general ledger to a report
B) tracing an item in a report back through the general ledger to the original source document
C) tracing changes in general ledger accounts from beginning to ending balances
D) All of the above are facilitated by the audit trail.

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Corrections are entries made to correct errors found in


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

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Adjusting entries that reflect a change in accounting principle used to value inventories are classified as


A) corrections.
B) estimates.
C) deferrals.
D) revaluations.

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Which of the following are used to document entries made to update the general ledger?


A) general journal
B) subsidiary journal
C) subsidiary ledgers
D) journal vouchers

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At a minimum,a switch to IFRS from GAAP will affect companies' accounting information system by


A) requiring companies to increase the processing power of their existing accounting information systems.
B) requiring IT departments to hire programmers that are fluent in languages besides English.
C) requiring the creation of additional fields in research and development (R&D) records to capture information about the stage of research and development that costs are incurred in.
D) requiring firms to completely redesign their existing accounting information systems because current systems are not compatible with IFRS accounting principles.

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The benefits of XBRL include


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 is a benefit of XBRL.

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XBRL stands for


A) extensible business reporting language.
B) extreme business reporting ledgers.
C) external business reporting language.
D) extensive business report logic.

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


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.

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Adjusting entries that are made to reflect differences between the actual and recorded value of an asset or a change in accounting principle are called


A) reconciliations.
B) revaluations.
C) estimates.
D) accruals.

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