Financial Accounting Test Bank Pdf

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Financial Accounting Test Bank Pdf

ACCOUNTING INFORMATION SYSTEMS CONTROLS AND PROCESSES / WEICKGENANNT CHAPTER 1: Introduction AIS TEST BANK – CHAPTER 1 – TRUE/FALSE: 1. A business process has a well-defined beginning and end. 2. Each business process has a direct impact on the financial situation of the organization. 3. Few accounting information systems use computer hardware and software to track business processes. 4. Rethinking and redesigning business processes is facilitated by the use of information technologies. 5. There are very few business processes that have the potential to be improved through IT capabilities. 6. Business process reengineering should use the capabilities of information technology to increase the efficiency of business processes. 7. It is important for accountants to have some understanding of basic computer terminology. 8. When files are organized as sequential access and the user needs to access record number 250, the previous 249 records will be read by the computer before reading record number 250. 9. When files are organized as sequential access, the sequence is usually based on in one key record per file. 10. Batch processing is best suited for applications with large volumes of similar operations that can be processed at regular intervals. 11. Online processing is the opposite of real-time processing. 12. Batch processing is best suited for sequential input files. 13. Online processing is best suited for sequential input files. 14. Online processing is best suited to situations where there are large volumes of records, but only a few records are needed to process any individual transaction. 15. Parts of the data store must be updated each time a new operation is completed.

Karnataka 1st Puc Question Bank For Accountancy 2019 20

16. Data in a database is called volatile because it does not change as quickly as transaction data. 17. A system of local area networks connected over any distance through other commercial network connections is called a WAN or wide area network. 18. E-commerce is a type of electronic commerce. 19. The “inter-company” component of electronic data interchange means that two or more companies conduct business electronically. 20. Access to hard copies of purchase orders and invoices should be available to have an automated correspondence system. 21. When automated reconciliation is used, the system will not approve the invoice for payment if the products and quantities do not match the delivery note and the prices do not match the purchase order prices. 22. A valued receipt billing system is an IT-enabled system that reduces the time and costs of processing customer payments. 23. ERP systems are based on a relational database system. 24. Traditional accounting software is much more complete and comprehensive than ERP software. 25. Before ERP software systems, modules like human resources were in separate software but were well integrated with accounting software. 26. Although accountants are heavily involved in establishing, implementing, and monitoring the control structure, management has the ultimate responsibility for creating the control environment. 27. Once the company decides on the necessary control processes, there is no need to carry out an ongoing risk assessment. 28. If management emphasizes costs and disciplines or punishes violators, a code of ethics should reduce opportunities for employees to commit fraud. 29. IT systems must be selected and deployed to support the achievement of strategy and objectives. 30. An accountant is likely to choose a career in accounting that does not involve using an accounting information system in some way. 31. The auditor cannot make informed decisions to complete the audit without understanding the accounting information system.

32. The accounting information system is often a tool used to commit or cover up unethical behavior. TEST BANK ANSWERS – CHAPTER 1 – TRUE/FALSE: 1. True 8. True 15. False 22. False 29. True 2. False 9. False 16. True 23. True 30. False 3. True 10. True 24 .False 31. True 4. True 11. False 18. False 25. False 32. True 5. False 12. True 19. True 26. True 6. True 13. False 20. False 27. True14. True 21. True 28. Real TEST BANK – CHAPTER 1 – MULTIPLE CHOICE 33. An established sequence of business steps designed in advance to achieve a desired outcome for an organization is called a(n):  A. Accounting information system. B. Business process. C. Financial transaction. D. Capital Transaction Process. 34. The process that must identify the transactions to be recorded, capture all important details of the transactions, properly process the details of the transactions, and provide reports is called:  A. Revenue process. B. Expenditure process. C. Accounting information system. D. Work flow. 35. An accounting information system performs many functions; which of the following is NOT one of these functions? A. Obtain transaction details B. Perform transaction initiation C. Send transaction reports D. Process transaction details to appropriate accounts 36. The correct sequence of activities in an accounting information system should be: A. Capture, record, process and report. B. Process, record, maintain, report. C. Apprehension, Process, Report, Registration. D. Record, Retain, Process, Report.

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