AC 389 CH 1
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AC 389 CH 1

Course Number: AC 389, Summer 2011

College/University: Alabama

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Chapter 1 Accounting Information Systems and the Accountant True-False Questions 1. The acronym AIS stands for Accounting Information Standards. 2. Accounting information systems must be computerized to be effective. 3. It is best to view an AIS as an accounting system that must be computerized. 4. AISs often create information that is useful to non-accountants. 5. In order to be useful, raw accounting...

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1 Accounting Chapter Information Systems and the Accountant True-False Questions 1. The acronym AIS stands for Accounting Information Standards. 2. Accounting information systems must be computerized to be effective. 3. It is best to view an AIS as an accounting system that must be computerized. 4. AISs often create information that is useful to non-accountants. 5. In order to be useful, raw accounting data must always be processed by a computer. 6. The path that data follow in an AIS, for example from manual source document to completed output report, is called an audit trail. 7. The starting point for an audit trail of a payroll system might be an employee time card. 8. The starting point for an audit trail of a production department might be the purchase of raw materials. 9. GIGO is an acronym that stands for great investments are great opportunities. 10. The term information overload refers to providing too much information to management, often resulting in confusion or ignoring it. 11. An advantage of computerized AISs is that they do not need to be programmed to catch simple input errors such as entering 4.0 instead of 40.0 for hours worked in a payroll application. 12. Computers tend to make audit trails easier to follow because everything is computerized. 13. The acronym ERP stands for enterprise reporting system. 14. The authors consider accountants to be knowledge workers. 15. AISs are only concerned with financial information. 16. One reason why AISs fail is because they require their users to conform to them, instead of the other way around. 17. One reason why AISs fail is because they do not adequately perform the processing tasks required of them. TB 1.1 18. Accounting systems are useful for performing accounting tasks, but cannot be used for such security purposes as countering terrorism. 19. An example of a corporate scandal mentioned in this chapter was the Enron case. 20. The Sarbanes-Oxley Act includes a provision that prohibits corporations from making personal loans to executives. 21. Predictive analytics use large databases to help organizations improve performance. 22. The Sarbanes-Oxley Act prohibits companies from using the same auditing firms for performing both auditing and management consulting services. 23. The term wi-fi stands for wild financingan act expressly forbidden by the Sarbanes-Oxley Act of 2002. 24. A major output of financial accounting is the preparation of financial statements such as an income statement. 25. The series of steps leading from data recorded in transaction records to the information reported on financial statements is called the accounting cycle. 26. One major difference between financial accounting and managerial accounting is that financial accountants prepare financial statements for external investors while managerial accountants prepare financial statements for external managers. 27. One major difference between financial accounting and managerial accounting is that financial accountants prepare financial statements for external users while managerial accountants prepare financial statements for internal users. 28. An example of a financial report that would be prepared by a managerial accountant (instead of a financial accountant) is a budget report. 29. XBRL is a language that can be used to tag interactive data. 30. Cost accounting tasks are usually performed by financial accountants. 31. An ABC inventory system refers to an activity-based costing system. 32. The purpose of the assurance services of an accounting firm is to give a companys managers moral support when they are audited by the federal or state government. 33. The purpose of Web-Trust is to provide assurance that a company engaged in electronic commerce can provide the goods or services it promises. TB 1.2 34. A value-added reseller (VAR) is a computer dealer that adds software to the hardware it sells. 35. Some possible career opportunities for AIS majors or minors include consulting positions, computerized auditing, or computer security positions. 36. The CPA Vision project was a project designed to define the CPA of the future. 37. Accountants are usually classified as line workers within business organizations. 38. Today's AIS is an enterprise-wide information system that focuses on interdepartmental business processes. 39. The two primary informational components of an AIS are financial accounting and auditing. 40. A good audit trail within the financial accounting system should allow a manager or auditor to trace any source document back from a report to the original data entry. 41. Managerial accounting principally provides decision-making information to a company's internal managers. 42. As a result of computerized information processing systems in many organizations today, the need for accountants in these organizations has significantly declined. 43. A company's audit trail is normally easier to follow under a manual data processing system compared to a computerized information processing system. 44. SysTrust is an assurance service for companies engaged in electronic commerce. 45. It is important for today's modern accountant to understand both the capabilities and the limitations of computers. 46. Activity-based costing systems focus on cost drivers. 47. Since the true measure of a company's successful system is the company's profit performance, the work involved in a systems study should be principally directed at the product or service sold by the company and little, if any, consideration need be given to the people working in the company. 48. Since accountants are not normally computer programmers working within the information processing subsystem, it is unnecessary for them to understand the capabilities and limitations of computers. 49. Payroll processing is an example of one of the earliest activities of an AIS. TB 1.3 50. Within the traditional AIS, a sales order would not be considered an accounting transaction. 51. To date, the primary influence of information technology on financial accounting has been related to the content of financial reports. 52. There are limited career opportunities available for students who study both accounting and information systems. 53. In a responsibility accounting system, every person within a company takes responsibility for the performance of every business unit. 54. As a result of corporate bankruptcies in 2002, the largest public accounting firms are no longer engaged in any consulting work. Multiple-Choice Questions 55. The S in the acronym AIS stands for: a) Standard b) System c) Symbol d) none of these 56. Which of the following is true? a) An AIS must be computerized to be useful b) An AIS always produces useful information c) An AIS always produces financial information d) none of these 57. The letter P in the acronym ERP stands for: a) Production b) Planning c) Project d) none of these 58. Which of the following is true about the terms data and information within the context of Chapter 1? a) The terms are exactly the same b) The terms are always exact opposites c) Some data can also be information d) none of these 59. If a manager suffers information overload: a) He or she must press the reset button on his or her computer b) It means that this person needs a larger hard drive c) The information is really data d) He or she must forget some facts in order to remember others TB 1.4 60. Which of the following captures the same idea as the term GIGO? a) Computers cannot turn straw into gold b) Too much information is the same as garbage c) Great investments lead to great returns d) Too many cooks spoil the broth 61. Which of the following best describes a data warehouse as described in the chapter? a) A of repository historical information from one accounting application b) A repository of historical information from a set of accounting applications c) A repository of information from many business applicationssome not accounting d) A repository of information from many businesses in the same industry 62. Most AISs perform all of these functions except: a) Collect raw accounting data b) Store accounting data for future uses c) Process data into useful information d) AISs perform all of these functions 63. As used in the chapter, the term knowledge workers: a) Are blue collar workers in non-managerial positions b) Are the same as delivery clerks c) Include most accountants d) Does not include most accountants. 64. One reason why AISs fail is because: a) They are not computerized b) They try to process non-accounting data c) They cannot produce good information from bad data d) They are incompatible with the existing processing procedures 65. All of the following are possible uses of AIS or accounting personnel that were discussed in the chapter except: a) Countering terrorism b) Foiling future accounting scandals c) Providing assurance services d) Performing monetary exchanges 66. a) b) A good performance measurement system should evaluate: Profitability only Customer satisfaction only c) All aspects of a units performance subject to control d) All aspects of a units performance whether controllable or not TB 1.5 67. Justifying expenditures for new technologies is especially difficult because: a) You do not know how many jobs will be affected b) Expenses are often recurring and are difficult to estimate c) Many benefits are intangible and are not easily known or measured d) Justifying a new technology is no different from any other capital budgeting problem 68. b) c) d) The managerial accounting component of the accounting subsystem contains all but which one of the following functions: a) Cost accounting Financial accounting Budgeting Systems study 69. Managerial accounting principally provides information to: a) Stockholders b) Government regulators (e.g., SEC, Federal bank examiners) c) Internal company management d) Potential creditors 70. The process by which a financial transaction is recorded so that its flow through the system can be followed is called: a) Financial shadowing b) Managerial trace technique c) Concatenation d) Audit trail 71. Identify which of the following accounting functions has been automated by most companies' information processing subsystems: a) Posting to ledgers b) Recording journal entries c) Preparing trial balances d) all of the above 72. A good budgetary system is useful for: a) Planning b) All organizational subsystems except accounting c) Controlling d) a and c only e) all of the above 73. The essential steps in performing a systems study are (in order of occurrence): a) Analysis, design, implementation and initial operation, follow-up b) Design, planning, follow-up, analysis, and implementation c) Planning, system specification, analysis, production, implementation d) Planning, analysis, design, implementation, and follow-up TB 1.6 74. a) b) c) d) e) The accounting subsystem must continually interact with the: Personnel subsystem Information processing subsystem Production subsystem b and c only all of the above 75. What has been the effect on accountants in those organizations which have computerized their data processing functions? The need for accountants has disappeared The accountants have become "pure" bookkeepers c) The accountants have become involved in more decision-making activities d) The accountants' decision-making activities have drastically declined a) b) 76. What is the first step to be performed by most organizations in their accounting cycles? a) Recording business transactions in a journal b) Preparing a trial balance c) Recording closing entries in a journal d) Preparing transaction source documents e) none of the above 77. a) b) c) d) Operational accounting focuses on: Audit trails Information overload Business processes Reengineering 78. Why do many organizations maintain subsidiary ledgers for such financial areas as inventory and accounts receivables? a) To enable the equality of debits and credits to be maintained within the accounting records b) To create additional bookkeeping work for the accountants c) To enable the preparation of period-end balance sheets and income statements d) To provide various subsystem managers with information that aids their decision-making responsibilities 79. Which of the following is not true regarding professional service firms? a) The SEC is in favor of professional service firms expanding their businesses to include consulting services b) As a result of the corporate bankruptcies and accounting scandals in 2002, professional service firms no longer perform any consulting services c) Professional service firms generally offer a variety of assurance services, including providing assurance over AISs d) In the early 2000's, many large professional service firms sold off the majority of their consulting practices TB 1.7 80. The principal cause for more timely performance reports in the typical modern organization is due to: a) Better educated management b) Adoption of progressive management philosophies which stress participative management (e.g., MBO) c) Information processing systems d) Need for less information 81. For performance reports to achieve their control objectives, they must: a) Include relevant information so that necessary action may be taken to accomplish organizational goals b) Be timely so that minimal time elapses between an activity's occurrence and the feedback reflecting the activity's efficient or inefficient performance c) Provide subsystem managers with suggestions as to how they can operate their subsystems more efficiently d) all of the above e) a and b only 82. Which of the following is intended to solve the problem that financial data used in one application is not easily transferable to other applications? a) XMP b) ERP c) XBRL d) XMLP 83. "Excessive data reporting" can result in: a) Massive quantities of data printed out by a company's computer b) The generation of unnecessary reports c) Subsystem managers' belief that it is a status symbol to receive large numbers of internally generated reports d) Inefficient subsystem manager decision making due to a lack of relevant information being available e) all of the above 84. All of the following are necessary components of an information system, except: a) Inputs b) Outputs c) Computers d) Processes 85. An example of an assurance service for a company engaged in electronic commerce is: a) XBRL b) Trust US c) CITP d) CPA Trust Servicest TB 1.8 86. Which of the following is not a component of the balanced scorecard? a) Customer knowledge b) Internal business processes c) Transaction processing d) Financial performance 87. a) b) c) d) Which of the following best describes assurance services? Auditors are desperate to offer assurance services so that they will still have business in the future Assurance and auditing are closely related Assurance is a guarantee that there is no fraud in a company There are no likely assurance services that CPAs can offer that do not require accountants to be well-trained in information technology 88. Information systems auditors are: a) Auditors who are concerned with analyzing risks associated with computerized information systems b) Individuals who often work closely with financial auditors c) Auditors who have a lot of technical expertise related to information technology d) all of the above 89. The designation for a licensed information systems audit professional is: a) CPA b) CMA c) CIA d) CISA TB 1.9

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