ACC 324 Final
Which transaction cycle includes interactions between an organization and its suppliers? a. Revenue cycle b. Expenditure cycle c. Human resources/payroll cycle d. General ledger and reporting system
B.
Which of the following best describes what is meant by a breach of security? A. An unencrypted data transmission. B. Breaking into a locked room. C. The unauthorized access to or acquisition of data in an electronic format that contains personal information. D. Access of personal information on a corporate server.
C.
Which of the following is NOT one of the skill sets often associated with data analytics? A) Mining and analyzing data B) Creating data structures and models. C) Normalizing data structures. D) Acquiring and cleansing data.
C.
Which of the following is a support activity in the value chain? a. Purchasing b. Manufacturing c. Post-sales service d. Receiving materials
C.
Which of the following is not a characteristic that makes information useful? a. It is reliable b. It is timely c. It is inexpensive d. It is relevant
C.
Which of the following is a set of standards created by the AICPA for data files and fields in order to support external audits? A. Extract, Transform & Load (ETL). B. Online Analytical Processing (OLAP). C. Audit Control Language (ACL). D. Audit Data Standards (ADS).
D.
Which of the following is not an important principle for data visualizations to be effective? A. Emphasizing what is important B. Choosing the right type of visualization C. Simplifying the presentation of data D. Using a data dashboard
D.
A DFD created at the highest-level or summary view is referred to as a A. context diagram. B. content diagram. C. overview diagram. D. process diagram.
A.
All of the following are disadvantages of an ERP system except A. an ERP provides an integrated view of the organization's data. B. ERP software and hardware can cost midsized companies between $10 million and $20 million dollars. C. ERPs frequently cause organizations to change their business processes to standardized ones. D. ERPs are relatively complex.
A.
An ERP system might facilitate the purchase of direct materials by all of the following except A.Selecting the best supplier by comparing bids. B.Preparing a purchase order when inventory falls to reorder point. C.Routing a purchase order to a purchasing agent for approval. D.Communicating a purchase order to a supplier.
A.
An analytic that answers the question "what might happen in the future?" is an example of which type of analytic? A. Predictive analytic B. Prescriptive analytic C. Descriptive analytic D. Diagnostic analytic
A.
At its core, data analytics fits into the information value chain in which of the following ways? A) The process of data analytics aims at transforming raw data into valuable information. B) Data analytics aims to make an organization's conversion process more efficient. C) Data analytics requires organizations to share synced data with upstream and downstream business partners. D) The process of data analytics is geared toward providing additional insight into customer activities and preferences.
A.
Data flow diagrams depict A.Processes, but not who is performing the processes. B.Processes, but not the data that flows between processes. C.Who is performing processes, but not how they perform the process. D.Who is performing processes, but not the data that flows between processes.
A.
Data must be collected about three facets of each business activity. What are they? A. the business activity, the resources it affects, the people who participate B. the business activity, the transactions it creates, the impact on the financial statements C. the inputs, outputs and processes used D. who is involved, what was sold, how much was paid
A.
Data processing includes all of the following except A.verifying subsidiary ledger balances. B.changing customer addresses. C.removing inventory items no longer offered. D.adding the name of a new vendor.
A.
Documents that are sent to customers or suppliers and then sent back to the company in the course of a business transaction are known as A. turnaround documents. B. source documents. C. input documents. D. transaction documents.
A.
Flowchart symbols A.are divided into four categories. B.are unique to the organization creating the flowchart. C.are normally drawn using a flowcharting template. D.eliminate the need for narrative descriptions or explanations.
A.
For the following question, identify which SMART objective is most likely violated. An auditor asks a client "Will you please get me the relevant data for the last year?" a. Specific b. Measurable c. Timely d. Relevant e. Achievable
A.
Graphical representations of information are often supplemented by A) narrative descriptions. B) relevant e-mail communications. C) logic charts. D) oral descriptions from management.
A.
How does data analytics play a vital role in today's business world? A. By examining data to generate models for predictions of patterns and trends. B. By capturing the ever-increasing transaction activity of large companies. C. By defining three main categories of classes that help organize a company's data structure models. D. By allowing data to be organized into predefined tables and fields.
A.
In a data flow diagram of the customer payment process, "Customer" will appear above or in A.A square. B.A circle. C.Two horizontal lines. D.None of the above
A.
Pre-numbered shipping documents and pre-numbered invoices are examples of A.sequence codes. B.block codes. C.group codes. D.mnemonic codes.
A.
Source data automation refers to A. using devices to capture transaction data in machine-readable form at the time the transaction is initiated. B. using the internet as the operating platform of an accounting information system. C. using an accounting information system to electronically bill customers. D. using an accounting information system to automate a previously manual transaction process.
A.
The application of machines to automatically perform a task once performed by humans is called what? A. Automation B. Descriptive analytic C. Data visualization D. A bot
A.
The process of translating complex data analyses into more easy-to-understand terms to enable better decision making is an example of what? A.Data storytelling B.Data visualization C.Data ethicality D.Data analytics.
A.
Which of the following areas of financial reporting is most suitable for applying data analytics techniques? A.Evaluation of estimates and valuations. B.Variance reporting. C.Calculating the components of equity. D.Depreciation.
A.
Which of the following commonly initiates the data input process? A. a business activity B. automatic batch processing C. an accounting department source document D. a trial balance query
A.
Which of the following is NOT a step in the data processing cycle? A.Data collection B.Data input C.Data storage D.Data processing
A.
Which of the following is a primary activity in the value chain? a. Purchasing b. Accounting c. Post-sales service d. Human resource management
A.
Which of the following is not usually a consideration when designing a coding system? A. government coding regulations B. standardization C. future expansion needs D. ease of reporting
A.
A BPD is a visual way of: A.Describing the systems program B.Describing the activities in a process C.Describing the internal controls of a process D.Describing the documents in a process
B.
A Business Process Diagram (BPD) provides the reader an easily understood ________ of what takes place in a business process. A. data flow B. pictorial view C. decision flow D. narrative
B.
A DFD is a representation of which of the following? A.Relationship among modules, data, and programs of an AIS B.Flow of data in an organization C.Decision rules in a computer program D.Computer hardware configuration
B.
As described in the text, which of the following best defines the term data analytics? A. The ability to analyze data and draw conclusions. B. The science of examining raw data, removing excess noise, and organizing it in order to draw conclusions for decision making. C. The process of creating meaningful visualizations from extremely large datasets. D. The science of reducing extremely large datasets down to more manageable databases that can be processed using traditional tools.
B.
Data differ from information in which way? A.Data are facts about a sale B.Information is data organized to provide meaning C.Data are meaningful bits of information D.There is no difference
B.
In a DFD, a "bubbles" is also known as a A.Data store. B.Transformation process. C.Data flow. D.Data destination.
B.
Recording and processing information about a transaction at the time it occurs is referred to as which of the following? A.Batch processing B.Online, real-time processing C.Captured transaction processing D.Chart of accounts processing
B.
Tasks that have which of the following attributes are the best candidates for automating except A. Repetitive. B. Creative. C. Rules-based. D. Time-consuming.
B.
The Sarbanes-Oxley Act requires independent auditors to A. create flowcharts to document business processes. B. understand a client's system of internal controls. C. prepare and understand all types of system documentation. D. establish effective internal controls.
B.
The use of data analytics will likely result in significant changes to clients' expectations of their auditors. Which of the following is most likely not one of those expected changes? A. More innovative thinking. B. More time spent gathering and testing data. C. Deeper and broader insights. D. Faster and more efficient delivery of audit findings.
B.
The value chain concept is composed of the following two types of activities: a. Primary and secondary b. Primary and support c. Support and value d. Technology and support
B.
Which of the following best summarizes the two key limiting factors for business systems when dealing with Big Data? A. Analytic skills and software tools. B. Data storage capacity and processing power. C. Database organization and transaction volume. D. Data availability and software tools.
B.
Which of the following is a function of an AIS? a. Reducing the need to identify a strategy and strategic position. b. Transforming data into useful information. c. Allocating organizational resources. d. Automating all decision making.
B.
Which of the following is not a true statement? A. Documentation tools save an organization both time and money. B. Data flow diagrams and flowcharts are difficult to prepare and revise using software packages. C. Documentation tools are used extensively in the systems development process. D. Data flow diagrams and flowcharts are the two most frequently used systems development documentation tools.
B.
Which of the following statements is not correct? A.The audit trail is intended to verify the validity and accuracy of transaction recording. B.The audit trail consists of records stored sequentially in an audit file. C.The audit trail provides the means for locating and examining source documents. D.The audit trail is created with document numbers and posting references.
B.
Which statement below is true with regards to an audit trail? A. An audit trail begins with the general journal. B. An audit trail provides the means to check the accuracy and validity of ledger postings. C. An audit trail is a summary of recorded transactions. D. An audit trail is automatically created in every computer-based information system.
B.
A data flow diagram A. is a graphical description of the relationship among the input, processing, and output in an information system. B. is a graphical description of the flow of documents and information between departments or areas of responsibility. C. is a graphical description of the source and destination of data that shows how data flow within an organization. D. is a graphical description of the sequence of logical operations that a computer performs as it executes a program.
C.
Common source documents for the revenue cycle include all of the following except A) sales order. B) delivery ticket. C) receiving report. D) credit memo.
C.
In which cycle does a company ship goods to customers? a. Production cycle b. Financing cycle c. Revenue cycle d. Expenditure cycle
C.
Pre-numbering of shipping documents helps to verify that A. documents have been used in order. B. company policies were followed. C. all transactions have been recorded. D. source data automation was used to capture data.
C.
The Data Accountability and Trust Act of 2009 (DATA) requires data owners to notify which of the following when a data breach has been discovered? A. The Federal Bureau of Investigation (FBI). B. The Securities and Exchange Commission (SEC). C. The Federal Trade Commission (FTC). D. The National Security Agency (NSA).
C.
The four Vs are considered a defining feature of big data. Which of the following is the best definition of the term big data? A) Volition, veracity, velocity, and variety. B) Variety, visibility, velocity, and valuation. C) Volume, veracity, velocity, and variety. D) Volume, variability, variety, and veracity.
C.
Which is a true statement regarding a document flowchart? A. A document flowchart is not normally used in evaluating internal control procedures. B. A document flowchart is more useful than a data flow diagram. C. A document flowchart is particularly useful in analyzing the adequacy of internal control procedures. D. A document flowchart illustrates the sequence of logical operations performed by a computer.
C.
Which of the following best describes how external auditors' interactions with their clients is likely to change due to the use of data analytics in the audit process? A. External auditors will only interact with their clients virtually. B. External auditors will spend more time on detailed audit tasks, resulting in longer audit engagements. C. External auditors will stay engaged with clients beyond the audit. D. External auditors will spend less time on audits and will not need to spend time with clients outside the audit.
C.
An AIS provides value by: a. improving products or services through information that increases quality and reduces costs b. providing timely and reliable information to decision makers c. creating new products d. both A and B
D.
How does the chart of accounts list general ledger accounts? a. alphabetical order b. chronological order c. size order d. the order in which they appear in financial statements
D.
Implementation of an ERP system requires increased focus on all except which of the following controls? A. segregation of duties between custody, authorization, and recording B. data entry controls on validity and accuracy C. controls over access to data D. appropriate disposal of hard copy reports
D.
Product code WSH500D08 is an example of A. sequence codes. B. block codes. C. group codes. D. mnemonic codes.
D.
The general ledger A.summarizes the information on the trial balance. B.is posted in total to the general journal. C.only includes balance sheet accounts. D.summarizes the transactions in journals.
D.
Which of the following is NOT an advantage of an ERP system?A.Better access control B.Standardization of procedures and reports C.Improved monitoring capabilities D.Simplicity and reduced costs
D.
Which of the following is not true about program flowcharts? A. Program flowcharts increase computer programmer productivity. B. A program flowchart will exist for every computer process symbol on a system flowchart. C. Program flowcharts document the processing logic of computer programs. D. Program flowcharts are a high-level overview of all business processes.
D.
Which of the following statements is FALSE? A.A flowchart is an analytical technique used to describe some aspect of an information system in a clear, concise, and logical manner. B.Flowcharts use a standard set of symbols to describe pictorially the flow of documents and data through a system. C.Flowcharts are easy to prepare and revise when the designer utilizes a flowcharting software package. D.A system flowchart is a narrative representation to identify system weaknesses.
D.
If a question reflects the objectives of the organization or the situation under consideration, it fulfills which of the following objectives? A. Specific B. Achievable C. Measurable D. Timely E. Relevant
E.