ACC 564 Final Exam Part 2\tQuestion 1\t\u00a0\tIn the ________ stage of an operational audit, the auditor measures the actual system against an ideal standard.\t\u00a0\tQuestion 2\t\u00a0\tAn auditor finds that employee absentee rates are significantly higher on Mondays and Fridays than on other work days. This is an example collecting audit evidence by\t\u00a0\tQuestion 3\t\u00a0\tThe ________ to auditing provides auditors with a clear understanding of possible errors and irregularities and the related risks and exposures.\t\u00a0\tQuestion 4\t\u00a0\tAccording to the risk-based auditing approach, when a control deficiency is identified, the auditor should inquire about\t\u00a0\tQuestion 5\t\u00a0\tControl risk is defined as the\t\u00a0\tQuestion 6\t\u00a0\tDuring the sales order entry process, a ________ is performed to verify that each transaction record contains all appropriate data items.\t\u00a0\tQuestion 7\t\u00a0\tThe shipping department at Squishy Things Toy Company follows policies that determine which carrier will deliver orders according to the size, weight, and destination of the shipment. It maintains standing agreements with shippers that specify legal responsibility for the shipment while it is in transit. The terms of the agreements are documented on\t\u00a0\tQuestion 8\t\u00a0\tWhen an ERP is used, it is assumed that there will be increases in efficiency and the effectiveness of the activities related to the revenue cycle. However, what must be in place and functioning well to fully realize these benefits?\t\u00a0\tQuestion 9\t\u00a0\tWhich of the following documents would normally trigger the process to record a customer payment?\t\u00a0\tQuestion 10\t\u00a0\tA type of business document in which part of the original document is returned to the source for further processing is called a ________ document.\t\u00a0\tQuestion 11\t\u00a0\tDuties in the expenditure cycle should be properly segregated to promote internal control. This means that the authorization function is performed by ________, the recording function is performed by ________, and cash handling is performed by the ________.\t\u00a0\tQuestion 12\t\u00a0\tProcurement cards differ from corporate credit cards in which of the following ways?\t\u00a0\tQuestion 13\t\u00a0\tWhat control should be put in place that assigns responsibility for EFT payments made to vendors?\t\u00a0\tQuestion 14\t\u00a0\tEconomic Order Quantity (EOQ) includes several variables that must be taken into consideration when calculating the optimal order size. One variable, the costs associated with holding inventory, is referred to as\t\u00a0\tQuestion 15\t\u00a0\tThe traditional approach to inventory management to ensure sufficient quantity on hand to maintain production is known as\t\u00a0\tQuestion 16\t\u00a0\tWhen using electronic documents, ________ increase the accuracy of data entry.\t\u00a0\tQuestion 17\t\u00a0\tWhich department should have the sole ability to provide information to the AIS about hiring, terminations, and pay rate changes?\t\u00a0\tQuestion 18\t\u00a0\tThe document that lists each employee’s gross pay, payroll deductions, and net pay in a multicolumn format is called\t\u00a0\tQuestion 19\t\u00a0\tCompanies that specialize in processing payroll are known as\t\u00a0\tQuestion 20\t\u00a0\tWhich of the following will limit a firm’s potential loss exposure from paycheck forgery?\t\u00a0\tQuestion 21\t\u00a0\tRecording interest earned on an investment is an example of which type of adjusting journal entry?\t\u00a0\tQuestion 22\t\u00a0\tDepartments that mostly provide services to other units and charge those units for services rendered should be evaluated as ________ centers.\t\u00a0\tQuestion 23\t\u00a0\tCheryl Liao is an accountant at Folding Squid Technologies. While making an adjusting entry to the general ledger, she received the following error message, “Your journal entry must be a numeric value. Please reenter.” This message was the result of a\t\u00a0\tQuestion 24\t\u00a0\tBudgets and performance reports should be developed on the basis of\t\u00a0\tQuestion 25\t\u00a0\tAn adjusting entry made at the end of an accounting period that reflects the exchange of cash prior to performance of a related event is classified as a(n)\t\u00a0\tQuestion 26\t\u00a0\tEach event in an REA model will in most cases have at least one ________ agent and one ________ agent involved with the event.\t\u00a0\tQuestion 27\t\u00a0\tThe REA data model\t\u00a0\tQuestion 28\t\u00a0\tWhich of the following transactions is represented by the diagram below?\t\u00a0\tQuestion 29\t\u00a0\tAn entity-relationship (E-R) diagram\t\u00a0\tQuestion 30\t\u00a0\tRelationships that affect the quantity of a resource are sometimes referred to as ________ relationships.\t\u00a0\tQuestion 31\t\u00a0\tRefer to the table below, which shows the results of payback, net present value, and internal rate of return analysis of four projects. Which is preferred by the net present value criterion?\t\u00a0\tQuestion 32\t\u00a0\tWhen using the payback method to determine economic feasibility of projects, the company usually accepts the project with the\t\u00a0\tQuestion 33\t\u00a0\tWho is responsible for preparing the specifications that are used to create the programs?\t\u00a0\tQuestion 34\t\u00a0\tRefer to the table below, which shows the results of payback, net present value, and internal rate of return analysis of four projects. Which is preferred by the payback criterion?\t\u00a0\tQuestion 35\t\u00a0\tThe capital budgeting technique where estimated future cash flows are discounted back to the present is referred to as\t\u00a0\tQuestion 36\t\u00a0\tWhen canned software is used for systems acquisition, the maintenance aspect of the operations and maintenance phase of the SDLC\t\u00a0\tQuestion 37\t\u00a0\tBenathirDonathat, director of the project committee, has received approval from management for implementation of a new accounting information system. After putting out an RFP, the committee settled on a vendor that will provide an industry standard software package and post-sale technical support. The committee decided to go with\t\u00a0\tQuestion 38\t\u00a0\tThe ________ method calculates and compares the processing times of different AIS to compare system performance.\t\u00a0\tQuestion 39\t\u00a0\tEnd-user computing is likely to result in a(n)\t\u00a0\tQuestion 40\t\u00a0\tWhat would be one duty of second-line help desk personnel?\t\u00a0\tQuestion 41\t\u00a0\tOne process used to uncover and eliminate program errors is known as\t\u00a0\tQuestion 42\t\u00a0\tWho is responsible for identifying such risk factors in an implementation plan?\t\u00a0\tQuestion 43\t\u00a0\tWhich of the following describes a phase-in conversion?\t\u00a0\tQuestion 44\t\u00a0\tPhil in Marketing got a call from Chuck in ITS. “Phil, the system just generated a stock-out report. I wanted to give you a heads up. I’m sending it right over.” This is an example of a\t\u00a0\tQuestion 45\t\u00a0\tChuck in ITS got a call from Phil in Marketing. “Chuck, I need you to do something for me. Query sales data for the first quarter and pull out all of the invoices that include the snow blower discount. I need a count and the total amount of the discount. Thanks.” This is an example of a<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 564 Final Exam Part 2 Question 1 \u00a0 In the ________ stage of an operational audit, the auditor measures the actual system against an ideal standard. \u00a0 Question 2 \u00a0 An auditor finds that employee absentee rates are significantly Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200481","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200481"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200481\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}