CHAPTER 8: Financial Reporting and Management Reporting Systems

By: Group 2
1. This report attribute is useful for decision 5. This is used by the publicly traded
making? organizations in placing their financial
statements and other financial reports online.
A. Relevance
a. XML
B. Summarization
b. HTML***
C. Exception orientation
c. XBRL
D. Conciseness
d. WWW

2. Under responsibility and authority, it is the

obligation to achieve desired results? 6. It helps management achieve financial
objectives by setting measurable goals for each
A. Responsibility organizational segment.
B. Authority a. Budgeting*
C. Span of controls b. Responsibility Accounting
D. Exception c. Responsibility Centers

d. Financial Analysis
3. Under responsibility and authority, it is the 7. The following are the implication of XBRL for
power to make decisions within the limits of Accounting;
that responsibility?
a. taxonomy creation
A. Responsibility
b. validation of instance documents
B. Authority
c. audit scope and timeframe
C. Control
d. All of the Above ***
D. Limitations

8. This includes the creation of markup

4 This implies that every economic event that
affects the organization is the responsibility of
and can be traced to an individual manager.
a. Management Accounting
b. Inidividualization
c. Organization and Management
d. Responsibility Accounting*
languages capable of storing data in a relational
form in which tags (or formatting commands)
are mapped to data values.
a. eXtensible Markup Language ***
b. eXtensible Business Reporting
Language
c. Hyper Text Markup Language
d. XBRL—Reengineering Financial
Reporting
CHAPTER 8: Financial Reporting and Management Reporting Systems
By: Group 2
9. It is a center responsible for keeping costs 13. These provide information to solve
within budgetary limits problems that users have anticipated.

a. Cost Center* a. Programmed reports **

b. Profit Center b. Ad hoc reports

c. Investment Center c. Scheduled reports

d. Responsibility Center10. This is where the d. On-demand reports

values used to represent factors that are
relevant to the problem.
14. These reports are triggered by events, not
a. Data **
by the passage of time.
b. Procedures
a. Programmed reports
c. Objectives
b. Ad hoc reports
d. Goal
c. Scheduled reports

d. On-demand reports **
11. The result of decision makers in desiring to
attain solving the problem.
15. It provides relevant details about each
a. Data
journal vouchers posted to the GL
b. Procedures
a. Accounting Record
c. Objectives **
b. Journal voucher listing✓
d. Goal
c. General ledger master file

d. Access control
12. Control reports should identify activities
that are at risk of going out of control and
should ignore activities that are under control. 16. Risk exposures in the General Ledger and
a. Relevance Financial Reporting Systems include all the
follwing except
b. Summarization
a. Poor audit trial
c. Timeliness
b. Lost of damaged data
d. Exception orientation **
c. Unposted journal entries

d. Loss of physical asset✓

CHAPTER 8: Financial Reporting and Management Reporting Systems
By: Group 2
17. Statement 1: General ledger analysis
involves listing of transactions and allocation of
expenses to cost centers

Statement 2: Notes to financial statements can

be drawn from GLS Report under managerial
report

a. Only statement 1 is correct

b. Both statements are correct

c. Both statements are incorrect

d. Only statement 2 is correct

18. It presents the effect of journal voucher

postings to GL accounts

a. General ledger change report✓

b. Independent verification

c. Journal voucher file

d. GLS database

19. Primary purpose is to provide historical

financial data for comparative financial reports.

a. Journal voucher file

b. General ledger history file✓

c. General ledger master file

d. Budget master file

20. GLS Database include all, except

a. Budget master file

b. Archive Journal File

c. Journal voucher history file

d. General ledger master file