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ACC 340 Final Exam ACC/340 Final Exam 1. Three objectives of a company’s internal control system should be safeguarding assets, checking the accuracy and reliability of accounting data, and promoting operational efficiency. A fourth objective of a company’s internal control system should be: a. Preventing embezzlement of assets b. Encouraging adherence to prescribed managerial policies c. Avoiding the payment of overtime to company employees d. Revising standards for production costs on a weekly basis 2. Control activities and monitoring are one and the same. T or F 3. General controls within IT environments that affect personnel include: a. Use of computer accounts b. Separation of duties c. Informal knowledge of employees d. all of the above affect personnel 4. Contingency planning includes the development of a formal disaster recovery plan T or F 5. What has been the effect on accountants in those organizations which have computerized their data processing functions? a. The need for accountants has disappeared b. 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 6. 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 T or F 7. An advantage of an extranet is that: a. It can disseminate information corporate wide b. It can be accessed by selected trading partners c. Users can employ common web browsers to access information in them d. all of the above 8. Intranets do not use the same software as the Internet. T or F
9. Data flow diagrams: a. Accomplish the same purpose as system flowcharts b. Are different from system flowcharts since they focus on a logical view of the information system c. Are useless for planning a new system d. Are never used in analyzing an existing system 10. Three major objectives of a data collection process are accuracy, timeliness, and costeffectiveness T or F 11. Business process reengineering: a. Is an incremental approach to redesigning business processes b. Involves redesigning business processes from scratch c. Is rarely successful in cutting an organization’s costs d. Is always welcomed by an organization’s employees 12. An e-business portal is a gateway to outside web sites and services T or F 13. Enterprise-wide AISs: a. Almost never pay for themselves b. Do not include many more features than middle-range accounting software packages c. Are seldom used by multinational organizations d. Integrate an organization’s financial functions with its other functional areas 14. The “concurrency” concern in database operations refers to the need to convert foreign currency amounts into dollar terms before reporting them to subschema viewers. T or F 15. In the REA framework, which of these would be recorded as an “event?” a. Hiring a new president of the company b. Taking an initial sales order from a customer c. Buying a piece of equipment for cash d. all of these would be recorded as events 16. Three of the largest concerns when creating databases are “data integrity,” “processing accuracy,” and “data security.” T or F 17. The purpose of the entity relationship (E-R) model is to help database designers: a. Identify data redundancies b. Create databases in third normal form c. Design databases and depict data relationships d. Answer structured queries about the data in accounting databases 18. Database management systems are important to accountants because: a. They automate file storage tasks and enable managers to generate worthwhile financial reports b. They eliminate data redundancy c. They are unique data structures which accountants have never used before d. They are easy to develop and therefore save money e. They are energy efficient 19. One purpose of generalized auditing packages is to enable an auditor to examine the contents of computer files of interest without having to write a computer program himself/herself. T or F 20. Which of these is not generally a reason to outsource: a. Retain control over data b. Attractive business solution
c. Lower data processing costs d. Avoid seasonal fluctuations