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Role of the accountant has changed in recent times because...
Computer systems have emerged to handle the classification and recording tasks traditionally associated with the accounting function
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The accounting function's reliance on information systems function has remained the same over the years?
False
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A business process consists of a series of discrete activities?
False
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System mapping and documentation...
Is crucial for systems development and systems review
Serves as a memory device for an organisation
Is useful for new staff and external auditors
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Internal controls control...
Physical assets in an organisation
Information resources in an organisation
Human behaviours in an organisation
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Activities of the general ledger and financial reporting cycle...
Preparing and updating journals and ledger accounts
Preparing end-of-period adjusting entries and closing temporary accounts to profit and loss
Preparing trial balances and producing financial reports
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A process that has been reengineered will have less of a role for specialists because...
Jobs are combined and key workers are given decision-making responsibility
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Systems development can be driven by...
Change in the regulatory environment
Change in the business environmentÂ
Business need from within the organisation
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The objective of the AR phase in the revenue cycle is to...
Ensure payments for goods and services are correctly received, recorded and banked.
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Not involved in processing the sales order...
Bill the customer
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Not part of the expenditure cycle...
Produce goods
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Main risk attached to financial reporting...
Reporting incorrect data
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ERM stands for
Enterprise Risk Management
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A mixture of preventative, detective and corrective controls should always be used?
True
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A reasonableness check used when processing fortnightly employee wage payments would best be used to...
Detect potentially high values for hours worked.
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An antivirus program scans and monitors files in a computer continuously for viruses is...
Detective control
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In-house developed programs are often cheaper than commercial off-the-shelf programs?
True
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ERP systems capture the accounting information for ALL business processes?
True
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Feasibility analysis involves determining whether...
The new system can be built within a specific period.
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Building in internal controls after the systems design phase is a ... process compared to building them in at the time the systems development occurs.
Costly but efficient
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Which of the following documents would normally trigger the process to record a customer payment?
- Not deposit slip...
- Not sales invoice...
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A purchase order is...
All of the above
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A DFD...
is a graphical representation of the source and destination of data that shows how data flow within an organisation
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Prevent the acceptance of unordered goods...
Match the packing slip to PO before accepting delivery
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Document triggers picking and shipping process in the revenue cycle?
Sales order
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Corrections are made to correct errors found in...
General Ledger
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Opposite of receiving and storage of goods, supplies and services?
Shipping function
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Revenue Cycle
Right product, right place, right time, right price.
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First activity in transaction processing?
- Not recording data in a journal...
- Not managerial accounting standards...
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Set of related, coordinated and structured activities and tasks...
Business process
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Benefits of XBRL
Organisations can publish information only once, using standard XBRK tags.
Tagged data is readable and interpretable by computers, so users don't need to re-enter data in order to work with it.
(Both)
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Free from bias or error
Reliable
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NOT shown on a receiving report...
Price of the item
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General ledger and reporting system provides information to...
external and internal users (all of the above)
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NOT useful for accounts payable...
blanket purchase orders
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Sarbanes-Oxley Act...
understand a client's system of internal controls
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Budgets and performances reports developed on the basis of...
NOT financial accounting standards
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Relationships among input, processing and output of AIS...
System flowchart
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Seperate shipping and billing to reduce threat of...
failure to bill customers
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Inviting vendores
Request for Proposal (RFP)
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NOT a benefit of outsourcing...
Offers a great deal of flexibility as it's easy to change outsourcers.
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Backups...
- NOT monthly, weekly...
- NOT quarterly, monthly
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NOT component of an intelligence enterprise system...
Data reconciling
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NOT key digital networking technology...
Digital balanced scorecards
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Conceptually organises...
Logical view
-
-
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Prototyping
AIS not clearly visualised
-
Radio Frequency Identification is frequently used to automate payments between businesses?
False
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All inventory records...
File
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COSO
Internal control policies
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Sales table primary key...
Sales invoice number
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NOT part of Internal Control System
Strategic direction
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Searching data stored in a data warehouse
Data mining
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Prevent alphabetic characters
Field check
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Internal control finds the problem before it occurs
Preventative control
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First step in data conversion
Decide what files need converting
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