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verified
A) extensible business reporting language.
B) external business reporting ledgers.
C) external business reporting language.
D) extensive business report logic.
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verified
A) general journal
B) subsidiary journal
C) subsidiary ledgers
D) journal vouchers
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verified
A) validity check.
B) field check.
C) zero-balance check.
D) completeness test.
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verified
A) taxonomy.
B) element.
C) instance.
D) schema.
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verified
A) accruals.
B) corrections.
C) deferrals.
D) estimates.
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verified
A) Multifactor authentication.
B) Physical security.
C) Encryption.
D) All of the above.
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verified
A) Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours.
B) Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger.
C) The controller or treasurer must approve accounting subsystem journal entries before any updating may occur.
D) Nonroutine transactions are entered into the system by the treasurer's office.
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verified
A) componentization.
B) monetization.
C) securitization.
D) centralization.
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A) Pie chart.
B) Scatterplot chart.
C) Bar chart.
D) Stochastic chart.
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A) accruals.
B) deferrals.
C) revaluations.
D) corrections.
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verified
A) summary entries from the major subsystems
B) reports from managers
C) adjusting entries
D) financing and investing activities
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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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verified
A) make all the entries a month in advance.
B) rotate the responsibility among the accounting staff.
C) program the entries to be made automatically.
D) create a standard adjusting journal entry file.
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A) Financial.
B) Internal operations.
C) Innovation and learning.
D) Customer.
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verified
A) validity check.
B) closed loop verification.
C) zero-balance check.
D) completeness test.
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verified
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A) reconciliations.
B) revaluations.
C) estimates.
D) accruals.
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A) Traditional accounting reports focus too narrowly on financial performance.
B) Traditional accounting reports are not easily understood by non-accountants.
C) Traditional accounting reports are expensive to produce.
D) Traditional accounting reports are produced too slowly to provide value.
Correct Answer
verified
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.
Correct Answer
verified
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