Serious Exposure & Revenue Cycle – Accounting & Finance

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Serious Exposure & Revenue Cycle – Accounting & Finance Quiz

The key terms in these Finance chapters include Serious Exposure, Revenue Cycle.


A serious exposure in the revenue cycle is loss of assets. What is the related threat and applicable control procedure that address this exposure?

theft of cash; segregation of duties and minimization of cash handlingCorrect

making sales that turn out to be uncollectible; force sales people to make collection calls on customers with past due balances

shipping errors; reconciliation of sales order with picking ticket and packing slip

poor performance; preparation and review of performance reports


The revenue cycle’s primary objective is to

lower expenses.

maximize the company’s profit.

provide quality product in order to maximize market share.

provide the right product in the right place at the right time for the right price.Correct


A picking ticket is generated by the

sales order entry process.Correct

shipping process.

billing process.

packing process.


A ________ control entails verifying that the proper number of bits are set to the value 1 in each character received.

trailer record

field check

echo check

parity checkCorrect

When a computer system’s files are automatically duplicated on a second data storage system as they are changed, the process is referred to as

double-secure storage.

consistency control.

real-time mirroring.Correct

batch updating.


A serious exposure in the revenue cycle is loss of assets. What is the related threat and applicable control procedure that address this exposure?

theft of cash; segregation of duties and minimization of cash handlingCorrect

making sales that turn out to be uncollectible; force sales people to make collection calls on customers with past due balances

shipping errors; reconciliation of sales order with picking ticket and packing slip

poor performance; preparation and review of performance reports


The revenue cycle’s primary objective is to

lower expenses.

maximize the company’s profit.

provide quality product in order to maximize market share.

provide the right product in the right place at the right time for the right price.Correct


A picking ticket is generated by the

sales order entry process.Correct

shipping process.

billing process.

packing process.


To minimize the risk of system downtime, Grizzly Corporation stores its data on multiple disk drives simultaneously. This practice is called

redundant arrays of independent drives.Correct

redundant arrays of independent backups.

patch backup management.

downtime minimization plan.


Which of the following statements is not true regarding XBRL?

XBRL creates unique tags for each data item.

XBRL is specifically designed for use in communicating the content of financial data.

XBRL’s adoption will require accountants and systems professionals tag data for their clients.Correct

XBRL is a variant of XML.


Which of the following balanced scorecard dimensions provides measures on new products?

Financial.

Innovation and learning.Correct

Customer.

Internal operations.


Variances for variable costs will be misleading when the planned output differs from budgeted output. A solution to this problem would be

to better predict the final output.

to use a stricter budgeting process.

to allow more judgement involve in the budgeting process.

to use flexible budgeting.Correct


A serious exposure in the revenue cycle is loss of assets. What is the related threat and applicable control procedure that address this exposure?

theft of cash; segregation of duties and minimization of cash handlingCorrect

making sales that turn out to be uncollectible; force sales people to make collection calls on customers with past due balances

shipping errors; reconciliation of sales order with picking ticket and packing slip

poor performance; preparation and review of performance reports


The revenue cycle’s primary objective is to

lower expenses.

maximize the company’s profit.

provide quality product in order to maximize market share.

provide the right product in the right place at the right time for the right price.Correct


A picking ticket is generated by the

sales order entry process.Correct

shipping process.

billing process.

packing process.


Which of the following statements is not true regarding XBRL?

XBRL creates unique tags for each data item.

XBRL is specifically designed for use in communicating the content of financial data.

XBRL’s adoption will require accountants and systems professionals tag data for their clients.Correct

XBRL is a variant of XML.


Which of the following balanced scorecard dimensions provides measures on new products?

Financial.

Innovation and learning.Correct

Customer.

Internal operations.


Variances for variable costs will be misleading when the planned output differs from budgeted output. A solution to this problem would be

to better predict the final output.

to use a stricter budgeting process.

to allow more judgement involve in the budgeting process.

to use flexible budgeting.Correct


A serious exposure in the revenue cycle is loss of assets. What is the related threat and applicable control procedure that address this exposure?

theft of cash; segregation of duties and minimization of cash handlingCorrect

making sales that turn out to be uncollectible; force sales people to make collection calls on customers with past due balances

shipping errors; reconciliation of sales order with picking ticket and packing slip

poor performance; preparation and review of performance reports


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