Transactions – Accounting And Finance Quiz

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Transactions – Accounting And Finance

The key terms in these Finance chapters include Transactions.


Audit routines that notify auditors of questionable transactions, often as they occur is an example of

snapshot technique.

integrated test facility.

system control audit review file.

audit hooks.Correct


An auditor sets an embedded audit module to selectively monitor transactions. Selected transactions are then reprocessed independently, and the results are compared with those obtained by the normal system processing. The auditor is using

continuous and intermittent simulation.Correct

a system control audit review file.

the snapshot technique.

an integrated test facility.


What role should an auditor play in system development?

an advisor and developer of internal control specifications

an independent reviewer onlyCorrect

a developer of internal controls

A and B above


Cindy Vindoolo logged on to her e-mail account to find that she had received 50 e-mails from a company called LifeCo that promised her extreme weight loss if she bought their diet pills. Cindy angrily deleted all 50 e-mails, realizing she was a victim of

MLM.

telemarketing.

spam.Correct

direct mail.


One way to circumvent the counterfeiting of public keys is by using

encryption.

a digital certificate.Correct

digital authority.

cryptography.


Which of the following descriptions is not associated with symmetric encryption?

Separate keys for each communication party.

Lack of authentication.Correct

Faster encryption.

A shared secret key.


Audit routines that notify auditors of questionable transactions, often as they occur is an example of

snapshot technique.

integrated test facility.

system control audit review file.

audit hooks.Correct

An auditor sets an embedded audit module to selectively monitor transactions. Selected transactions are then reprocessed independently, and the results are compared with those obtained by the normal system processing. The auditor is using

continuous and intermittent simulation.Correct

a system control audit review file.

the snapshot technique.

an integrated test facility.


What role should an auditor play in system development?

an advisor and developer of internal control specifications

an independent reviewer onlyCorrect

a developer of internal controls

A and B above


Identify the most correct statement with regard to how the various accounting subsystems update the general ledger.

The controller or treasurer must approve accounting subsystem journal entries before any updating may occur.

Individual journal entries for each accounting subsystem transaction update the general ledger every 24 hours.

Nonroutine transactions are entered into the system by the treasurer’s office.

Summary journal entries that represent the results of all transactions for a certain time period are used to update the general ledger.Correct


Who generally is responsible for providing the accounting department with information about financing and investing activities to create the appropriate general ledger journal entries?

The budget department.

The CEO.

The treasurer.Correct

The CFO.


If you believe a general ledger account was not adjusted properly or at all, you should prepare a general ledger control report listing journal vouchers in

numerical sequence.

general ledger account number order.Correct

any order, since you have to review them all anyway.

chronological order.


Audit routines that notify auditors of questionable transactions, often as they occur is an example of

snapshot technique.

integrated test facility.

system control audit review file.

audit hooks.Correct

An auditor sets an embedded audit module to selectively monitor transactions. Selected transactions are then reprocessed independently, and the results are compared with those obtained by the normal system processing. The auditor is using

continuous and intermittent simulation.Correct

a system control audit review file.

the snapshot technique.

an integrated test facility.


What role should an auditor play in system development?

an advisor and developer of internal control specifications

an independent reviewer onlyCorrect

a developer of internal controls

A and B above


Who generally is responsible for providing the accounting department with information about financing and investing activities to create the appropriate general ledger journal entries?

The budget department.

The CEO.

The treasurer.Correct

The CFO.


If you believe a general ledger account was not adjusted properly or at all, you should prepare a general ledger control report listing journal vouchers in

numerical sequence.

general ledger account number order.Correct

any order, since you have to review them all anyway.

chronological order.


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