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Efficiency and effectiveness of operations are goals of:

a.
risk assessment

b.
internal control

c.
e-business

d.
enterprise systems

Question 2

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Skimming involves

a.
stealing cash from an organization before it is recorded

b.
Stealing cash from an organization after it has been recorded
c.

A clerk pays a vendor twice for the same products and cashes the reimbursement check issued by
the vendor.

d.
manufacturing false purchase orders, receiving reports, and invoices

Question 3

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The management process includes marketing and sales.

Select one:
True
False 

Question 4

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It is critical for accountants to understand enterprise resource planning (ERP) systems.
Select one:
True 
False

Question 5

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The fraud triangle represents a geographic area in the Philippines where fraud is prevalent.
Select one:
True
False 

Question 6

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In contrast to a real-time system, in a batch processing system

a.
relatively more resources are required

b.
processing takes place when the economic event occurs

c.
there is a lag between the time when the economic event occurs and the financial records are
updated

d.
a greater resource commitment per unit of output is required

Question 7

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Which of the following best describes lapping?

a.
inflating bank balances by transferring money among different bank accounts

b.
expensing an asset that has been stolen

c.
creating a false transaction

d.
applying cash receipts to a different customer’s account in an attempt to conceal previous thefts
of funds

Question 8

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Question text

The general journal is used to record recurring transactions that are similar in nature.
Select one:
True
False 

Question 9

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As a user of an AIS an accountant may be called upon to participate in the AIS design process.
Select one:
True 
False

Question 10

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Real-time processing in systems that handle large volumes of transactions each day can create
operational inefficiencies.
Select one:
True
False 

Question 11
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Segregation of duties includes separating the sales and credit departments.

Select one:
True
False 

Question 12

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In a computerized environment, all input controls are implemented after data is input.
Select one:
True
False 

Question 13

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One of the primary goals of implementing an ERP system is to standardize systems across
multiple locations and multiple divisions.
Select one:
True 
False

Question 14

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The role of the accountant has evolved to include non-financial information and information
technology.

Select one:
True 
False

Question 15

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The flat-file approach is most often associated with so-called legacy systems.
Select one:
True 
False

Question 16
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Which of the following is a turn-around document?

a.
payroll check

b.
sales order

c.
remittance advice

d.
purchase order

Question 17

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An example of a financial transaction is

a.
an employee benefit brochure

b.
a supplier’s price list

c.
the purchase of computer

d.
a delivery schedule

Question 18

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A control account is a general ledger account which is supported by a subsidiary ledger.

Select one:
True 
False

Question 19

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Program flowcharts are used to describe the logic represented in system flowcharts.
Select one:
True 
False

Question 20

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A system that consists of an integrated set of computer-based and manual components

established to collect, store, and manage data and to provide output information to users is a

a.
output

b.
information system

c.
ERP

d.
database

Question 21

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The internal auditor represents the interests of third-party outsiders.

Select one:
True
False 

Question 22

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Which account is least likely to have a subsidiary ledger?

a.
fixed assets

b.
inventory

c.
accounts receivable

d.
sales

Question 23

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Sales/marketing information system is traditionally part of the AIS.

Select one:
True
False 

Question 24

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 Flag question

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Subsidiary ledgers are used in manual accounting environments. What file is comparable to a
subsidiary ledger in a computerized environment?

a.
master file

b.
archive file

c.
transaction file

d.
reference file

Question 25

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Attestation services are performed by

a.
internal auditors

b.
external auditors

c.
internal accountants
d.
third-party accountants

Question 26

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Which of the following is not a cloud computing service?

a.
Infrastructure as a service

b.
Software as a service

c.
Platform as a service

d.
Network as a service

Question 27

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All of the following are components of reliability except:

a.
feedback value
b.
validity

c.
accuracy

d.
verifiability

Question 28

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An information system:

a.
is not generally used for transaction processing

b.
is composed of only the computer-based information resources of an organization

c.
may consist of both computer-based and manual components

d.
is different from a data processing system because it uses computers

Question 29

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Question text

A set of interdependent elements that together accomplish specific objectives is a

a.
accounting information system

b.
subsystem

c.
system

d.
database

Question 30

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Question text

The value of information for users is determined by all of the following but

a.
reliability

b.
relevance

c.
completeness
d.
convenience
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