An integrated collection of enterprise-wide data that includes five to ten fiscal years of non- volatile data, used to support management in decision making and planning is referred to as: A.
Operational Database. Data Storage. Data Warehouse. This type of database contains the data that are continually updated as transactions are processed and includes data for the current fiscal year and supports day-to-day operations is referred to as a n : A. The data in the data warehouse are said to be enterprise-wide because: A. The data relate to all areas of the business. The data are pulled from each of the operational databases and maintained in the data warehouse for many fiscal periods.
All areas of the business are able to access the data warehouse. All transactions across the all areas of the business are recorded in the data warehouse. The process of searching data within the data warehouse for identifiable patterns that can be used to predict future behavior is referred to as: A. Data mining. Data digging. Data housing. Data querying. Computer Intranet. Computer Internet. Computer System. Computer Network. This type of computer network is one that spans a relatively small area - often confined to a single building or group of buildings, and are intended to connect computers within an organization.
Local Area Network B. Land Arena Network C. Extranet D. Internet Ultranet B. Internet C. LAN The use of electronic means to enhance business processes is termed: A.
Electronic data interchange. Point of sale system. The intercompany, computer-to-computer transfer of business documents in a standard business format is called: A. Local area network. Which of the following is NOT one of the three components of electronic data interchange? Commerce - encompasses all forms of electronic trading. Intercompany - two or more companies conducting business electronically. Standard business format - necessary so that the various companies can interact and trade electronically.
This term refers to a system of hardware and software that captures retail sales transactions by standard bar coding. E-business B. Electronic data interchange C. Point of sale system D.
E-commerce When a point of sale system is used and a customer checks out through a cash register, which of the following processes occurs?
Net income is computed B. Inventory values are updated C. Accounts payable balances are updated D. Replacement inventory is purchased A system of computer hardware and software in which the software matches an invoice to its related purchase order and receiving report is called: A.
Automated matching. Evaluated receipt settlement. An invoice-less system in which computer hardware and software complete an invoice-less match that is a comparison of the purchase order with the goods received is termed: A. Electronic invoice presentation and payment. Enterprise resource planning.
This system enables a vendor to present an invoice to its trading partner via the Internet, eliminating the paper, printing, and postage costs of traditional paper invoicing. Evaluated receipt settlement B. Electronic invoice presentation and payment C. Automated matching D. Electronic data interchange A multi-module software system designed to manage all aspects of an enterprise usually broken down into modules such as financials, sales, human resources, and manufacturing, is referred to as a n : A.
Electronic data system. Electronic resource program. The ability to lessen risks or risk impacts is true of nearly all risks that organizations face. Management can undertake steps to lessen the risk or reduce the impact of the risk, these processes are called: A. Risk assessment. Information evaluation. Which of the following groups of professionals within an organization have a history of designing and implementing the controls to lessen risks?
Management B. Accountants C. Human Resources D. Lawyers Which of the following is not one of broad categories of controls? The risk that assets will be stolen or misused. The risk of errors in accounting data or information. The risk of loss due to a natural disaster. The risk of fraudulent activity by employees. Which of the following is not a risk inherent in an IT system?
Computer security breaches. Computers being stolen. Erroneous input of data. Hardware or software failure. A comprehensive report on enterprise risk management was issued by this organization is American Accounting Association B.
New York Stock Exchange C. Institute of Internal Auditors D. Committee on Sponsoring Organizations Enterprise risk management. IT system control structure. Corporate governance structure. In order to achieve the objective of managing risk, management should establish control structures that include, at a minimum: A. Accounting internal controls. Accounting internal controls, IT controls, corporate governance, enterprise risk management, and IT governance. IT controls IT governance, corporate governance, and accounting internal controls.
IT controls and accounting internal controls. Code of ethics B. Internal control structure C. Application controls D. Corporate governance Monitoring B. Risk assessment C. Control activities D. Enterprise risk management IT controls can be divided into two categories.
Which of the following is a correct statement of one of those categories? Application controls apply overall to the IT accounting system. Application controls apply to the prevention of erroneous or incomplete input or processing of data. Application controls are used specifically in accounting applications to control inputs, processing, and output. Application controls are used to prohibit fraudulent financial reporting. Corporate governance. Application controls. Internal control structure.
The purpose of this act was to improve financial reporting and reinforce the importance of corporate ethics. Foreign Corrupt Practices Act B. Sarbanes-Oxley Act C. Securities and Exchange Act D. Treadway Act Which of the following is not one of the corporate functions interrelated within the corporate governance system? Management Oversight B. Ethical Conduct C.
Risk Assessment D. Financial Stewardship The proper management, control, and use of IT systems are known as: A. IT Governance. IT Controls.
IT Risk Management. IT Code of Ethics. Accountants have several possible roles related to accounting information systems. Which of the following is not normally one of those roles? Auditor of an AIS B. User of the AIS C. Programmer of the AIS D. Design of the AIS There are many reasons for accountants to become aware of potential unethical behaviors. Which of the following is not one of the reasons identified by the authors?
Accountants are responsible for identifying unethical and illegal activities. Accounts assist in developing and implementing internal control structures that should decrease the chance of unethical actions. Accountants are often pressured to assist in, or cover up, unethical actions.
Accountants deal with assets or records that could easily tempt accountants to engage in unethical behavior. When a customer returns goods that were purchased, the business process to accept the return would most likely be a n : A.
Administrative process. Conversion process. Expenditure process. Revenue process. Which of the following is least likely to be an output of the accounting information system? A check B. A report C. An invoice D. A bar code Which of the following is not true of the supply chain? The supply chain includes vendors. The supply chain excludes customers. The supply chain includes information flows.
The supply chain include secondary suppliers. Which of the following is not an objective of IT enablement? Increased accuracy of data B. Reduced cost C. Reduced security problems D. Increased efficiency The correct order of the computer data hierarchy is: A. Byte, bit, record, field, file, database. Bit, byte, record, field, file, database.
Bit, byte, field, record, file, database. Bit, byte, field, record, database, file. The process of searching for identifiable patterns in data is called: A. Sequential processing. Data warehousing.
Real-time processing. Automated matching system. The COSO report written for the purpose of assisting managers in the challenge of managing risk in their organization is entitled: A. Internal Control — Integrated Framework. Enterprise Risk Management — Integrated Framework.
Corporate Governance. Accountants have some form of use of the AIS in all but which role? User B. Programmer C. Auditor D. Designer Which of the following is not true of unethical behavior? The only category of unethical behavior for accountants is inflating revenue. Accountants are often pressured to help commit or cover-up unethical behavior. Hacking is an unethical behavior that accountants should be concerned about. An accounting information system can be used to cover up unethical behavior.
D B A C Answer: Wal-Mart sells items that are pre-priced and bar coded with that price. Therefore the cash registers at Wal-Mart use bar code scanners. However, McDonalds sells fast foods that are not bar coded.
The cash registers at McDonalds use touch screen systems that require a cashier to indicate the items purchased. The cash collection processes are not different. In both cases, the employee collects the cash or credit card, and returns any change. Answer: Student responses may vary, however, following are a few examples: Often, at either the drive-through or the inside cash register, the customer can see a screen that displays the items ordered.
In addition, a fast food restaurant uses pre-designed slots to hold certain types of menu items. When a customer orders a particular sandwich, the person filling the order knows exactly which slot to pull the sandwich from. Each customer receives a printed receipt with the items listed and the customer can verify the accuracy. How might the sales and cash collection processes at Boeing Co. Answer: Boeing does not sell to end-user consumers, but to companies such as airlines. Therefore Boeing does not have stores, nor inventory in stores, nor cash registers to process sales.
Boeing is more likely to maintain a sales force that visits potential customers to solicit sales. Are there business processes that do not in some way affect accounting records or financial statements?
Answer: There may be processes that do not directly affect accounting records such as recruiting and hiring a new employee , but all processes have a direct or indirect affect on accounting records. All processes use resources such as material or employee time. Therefore, all processes have expenses related to those processes that will affect the accounting records.
Briefly describe the five components of an accounting information system. Answer: 1. Work steps within a business process that capture accounting data as the business process occurs. Manual or computer-based records that record the accounting data from the business processes.
Internal controls within the business process that safeguard assets and ensure accuracy and completeness of the data. Work steps that process, classify, summarize, and consolidate the raw accounting data. The server enters the order on a touch screen terminal. The order information is then displayed on a terminal in the kitchen.
When the customer has finished the meal, the server prints a check and delivers the check to the table. The customer pays the server by using cash or a credit card. The server processes the payment on the touch screen register and returns the change or credit card slip to the customer. What occurs in an accounting information system that classifies accounting transactions?
Answer: For each business process that affects accounting records, the accounting information system must capture any resulting accounting data, record the data, process it through classification, summarization, and consolidation, and generate appropriate reports. What are the differences between internal reports and external reports generated by the accounting information system? Answer: Internal reports are used by management to oversee and direct processes within the organization.
External reports are the financial statements used by investors and creditors. What types of businesses are in the supply chain of an automobile manufacturer? This would include manufacturers of tires, batteries, steel, plastic, vinyl and leather, as well as many other manufacturers making the thousands of parts in a car. When a company evaluates a supplier of materials, what kinds of characteristics might be evaluated?
How do you think a company may be able to influence a supplier to meet its business processing requirements? Answer: A company may be able to influence a supplier by choosing only suppliers that meet expectations regarding the terms of price, quality, and delivery timing.
Those suppliers that do not meet these expectations may not be used in the future. This exerts some influence over suppliers to meet requirements. Answer: The most noticeable IT enablement is the use of bar coded systems on the products and how they are read by the cash registers. Answer: Prior to the World Wide Web, customers placed orders either on the phone or by mail. Both phone and mail orders require people to take the order and enter it into the computer system. Using online sales, the customer enters his own order and no company personnel are needed to key orders into the computer system.
Therefore, there was a major change in the number of people employed to key orders. What two kinds of efficiency improvement result from business process reengineering in conjunction with IT systems? Answer: The use of IT systems usually leads to two kinds of efficiency improvements. First, the underlying processes are reengineered through rethinking and redesign so as to be conducted more efficiently.
Second, the IT systems improve the processing efficiency of the underlying processes. Explain the differences between a field, record, and file. Answer: A field is one set of characters that make up a single data item. For example, last name would be a field in a customer database. A record is a collection of related fields for a single entity.
For example, last name, first name, address, phone number, and credit card number fields might make up a single customer record. A file is a collection of similar records. For example, all customer records together would be a customer file. Explain why random access files would be preferable to sequential access files when payroll personnel are changing a pay rate for a single employee. Answer: When the desired action is to access a single record, random access is preferable. If sequential access storage is used, all records must be read in sequence until the desired record is reached.
On the other hand, random access allows a single record to be accessed without the necessity of reading other records. This makes it more efficient to access a particular employee record to change the pay rate.
Why do real-time systems require direct access files? Answer: If transactions are to be processed online and in real-time, it is necessary that the computer access a single record immediately. Thus, direct access files are required so the records can be accessed in real-time.
Why is data contained in the data warehouse called non-volatile? Answer: Each time a new transaction is completed, parts of the operational data must be updated. Therefore, the operational database is volatile; with constantly changing information. However, the data warehouse does not change with each transaction. The data warehouse is only changed when periodic updates occur. The data is non-volatile because it does not change constantly. How is an extranet different from the Internet?
Answer: The extranet allows access only to selected outsiders, while the Internet is open to an unlimited number of outsiders essentially anyone having access to the Internet. Prepare a list of the types of businesses that you have been in that were using Point of Sale systems. Answer: Student responses may vary, but are likely to include grocery stores, department stores, restaurants, specialty stores, gas stations, and car washes.
What do you think would be the advantages of an e-payables system over a traditional system that uses paper purchase orders and invoices? Answer: An e-payables system should be faster and more efficient than a paper-based system. In addition, an e-payables system is likely to have fewer errors in processing than a paper-based system.
Describe why enterprise risk management is important. Answer: All organizations face risks and Enterprise Risk Management assists management in reducing and controlling risk.
What is the difference between general controls and application controls? Answer: General controls are those controls that apply overall to the IT accounting system. They are controls that are not restricted to any particular accounting application.
An example of a general control is the use of passwords to allow only authorized users to log into an IT based accounting system. Application controls are those controls that are used specifically in accounting applications to control inputs, processing, and output. Application controls are intended to insure that inputs are accurate and complete, processing is accurate and complete, and that outputs are properly distributed, controlled, and disposed.
In what way is a code of ethics beneficial to an organization? Answer: If top management institutes a code of ethics and emphasizes this code by modeling its principles and disciplining or discharging those who violate the code of ethics, it can help reduce unethical behavior in the organization.
What roles do accountants have in relation to the accounting information system? For each category of business processes revenue, expenditure, conversion, administrative , give an example of a business process.
Answer: Student responses are likely to vary greatly, as they may refer to any of the sub- processes within each category. For example, the revenue processes include sales, sales returns, and cash collections; the expenditure processes include purchasing, purchase returns, cash disbursements, payroll and fixed asset processes; the conversion processes include planning, resource management, and logistics, and; administrative processes include capital processes, investments, and general ledger processes.
Accordingly, any type of business process can be cited to answer this question, but the student must match the example with the appropriate process. Think of a company that you have worked for or with which you have done business. Which departments within the company need reports generated by the accounting information systems? Answer: Student responses are likely to vary greatly, as nearly every department within a business organization uses reports generated by the accounting information systems.
For example, sales departments need customer account information to help in their efforts to sell products to customers. Purchasing departments need product information to help in their efforts to purchase products needed in the business. Each of these types of information is maintained in accounting information systems. There are numerous additional examples that could apply. Explain a supply chain linkage and give an example.
Answer: A supply chain linkage is the connection of activities in the supply chain, which includes the entities, processes, and information flows, that involve the movement of materials, funds, and related information through the full logistics process, from the acquisition of raw materials to the delivery of finished products to the end user.
It therefore includes the linked activities of vendors, service providers, customers, and intermediaries. Explain how business process reengineering occurs. Also, explain how it differs from the typical changes in company policies. Answer: With business process reengineering, the underlying business processes are reengineered so as to be conducted more efficiently.
In other words, a comprehensive rethinking and redesign takes place in order to enhance performance of the process. A key component of BPR is the leveraging of the capabilities of IT to improve the efficiency of the process. For an accounts receivable system, what kind of data would be found in the master files and transaction files respectively?
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