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ACC 564 Final Exam Part 2 Question 1

In the ________ stage of an operational audit, the auditor measures the actual system against an ideal standard.

Question 2

An 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

Question 3

The ________ to auditing provides auditors with a clear understanding of possible errors and irregularities and the related risks and exposures.

Question 4


According to the risk-based auditing approach, when a control deficiency is identified, the auditor should inquire about

Question 5

Control risk is defined as the

Question 6

During the sales order entry process, a ________ is performed to verify that each transaction record contains all appropriate data items.

Question 7

The 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

Question 8

When 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?


Question 9

Which of the following documents would normally trigger the process to record a customer payment?

Question 10

A type of business document in which part of the original document is returned to the source for further processing is called a ________ document.

Question 11

Duties 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 ________.

Question 12

Procurement cards differ from corporate credit cards in which of the following ways?

Question 13

What control should be put in place that assigns responsibility for EFT payments made to vendors?


Question 14

Economic 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

Question 15

The traditional approach to inventory management to ensure sufficient quantity on hand to maintain production is known as

Question 16

When using electronic documents, ________ increase the accuracy of data entry.

Question 17

Which department should have the sole ability to provide information to the AIS about hiring, terminations, and pay rate changes?

Question 18

The document that lists each employee's gross pay, payroll deductions, and net pay in a multicolumn format is called


Question 19

Companies that specialize in processing payroll are known as

Question 20

Which of the following will limit a firm's potential loss exposure from paycheck forgery?

Question 21

Recording interest earned on an investment is an example of which type of adjusting journal entry?

Question 22

Departments that mostly provide services to other units and charge those units for services rendered should be evaluated as ________ centers.

Question 23

Cheryl 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


Question 24

Budgets and performance reports should be developed on the basis of

Question 25

An 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)

Question 26

Each event in an REA model will in most cases have at least one ________ agent and one ________ agent involved with the event.

Question 27

The REA data model

Question 28

Which of the following transactions is represented by the diagram below?

Question 29


An entity-relationship (E-R) diagram

Question 30

Relationships that affect the quantity of a resource are sometimes referred to as ________ relationships.

Question 31

Refer 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?

Question 32

When using the payback method to determine economic feasibility of projects, the company usually accepts the project with the

Question 33

Who is responsible for preparing the specifications that are used to create the programs?

Question 34


Refer 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?

Question 35 The capital budgeting technique where estimated future cash flows are discounted back to the present is referred to as

Question 36 When canned software is used for systems acquisition, the maintenance aspect of the operations and maintenance phase of the SDLC

Question 37 BenathirDonathat, 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

Question 38 The ________ method calculates and compares the processing times of different AIS to compare system performance.

Question 39 End-user computing is likely to result in a(n)


Question 40 What would be one duty of second-line help desk personnel?

Question 41 One process used to uncover and eliminate program errors is known as

Question 42 Who is responsible for identifying such risk factors in an implementation plan?

Question 43 Which of the following describes a phase-in conversion?

Question 44 Phil in Marketing got a call from Chuck in ITS. "Phil, the system just generated a stockout report. I wanted to give you a heads up. I'm sending it right over." This is an example of a

Question 45 Chuck 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

Acc 564 final exam part 2  
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