Introduction to Accounting Exam Review
Course Introduction
Introduction to Accounting provides students with a foundational understanding of the principles and practices used in the preparation, analysis, and interpretation of financial information. The course explores key concepts such as the accounting cycle, double-entry bookkeeping, financial statements, and the regulatory environment governing accounting practices. Emphasis is placed on the practical application of accounting methods, including recording transactions, reconciling accounts, and using basic financial statements to support business decision-making. By the end of the course, students will be able to explain the role of accounting in organizations and be prepared to engage with more advanced topics in financial and managerial accounting.
Recommended Textbook
Accounting Information Systems Understanding Business Processes 4th Edition by Brett Considine
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Page 2
Chapter 1: Systems Fundamentals
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Q1) As computer systems have been developed to perform the recording and classification tasks associated with business activities,the nature of accounting and the work of the accountant have also been pushed in a new direction.Increasingly,the role of the accountant is seen to be to:
A)Use computer programs rather than manual journals.
B)Ensure that businesses invest in new software.
C)Add value and provide and interpret information for an organisation.
D)Outsource accounting work to bookkeepers.
Answer: C
Q2) Feedback:
A)always includes an error message.
B)is the method to indicate that a problem exists.
C)never includes an error message.
D)is the method for ensuring that the system is running as normal and that there are no problems or exceptional circumstances.
Answer: D
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Chapter 2: Systems Characteristics and Considerations
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Q1) The logical consequence of Taylor's scientific management approach was that organisations:
A)Developed rigid hierarchies that sought to tightly control lower levels of the organisation.
B)Developed highly interactive and flexible structures that could easily adapt to changing environments.
C)Had employees who questioned procedures and sought to continually redefine their role.
D)Streamlined the information flows across the organisation.
Answer: A
Q2) Benefits of a reengineered process from a customer's perspective do not include:
A)Better information availability.
B)More convenient way of participating in a process.
C)A specific reference point.
D)Friendlier customer service.
Answer: D
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Chapter 3: Database Concepts I
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Q1) A ________ key allows the user to search on an attribute other than the attribute(s)that form the primary key:
A)Secondary
B)Composite
C)Foreign
D)Subordinate
Answer: A
Q2) Database systems are designed to:
A)eliminate the repetition of data and the incidence of inconsistent data by ensuring data is structured so that it is stored in multiple locations.
B)eliminate the repetition of data and the incidence of inconsistent data by ensuring data is structured so that it is stored in only one location.
C)increase the repetition of data and the incidence of inconsistent data by ensuring data is structured so that it is stored in multiple locations.
D)increase the repetition of data and the incidence of inconsistent data by ensuring data is unstructured but that it is stored in only one location.
Answer: B
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Chapter 4: Database Concepts II
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Q1) Briefly describe the nature of the REA Accounting Model.
Q2) In a client-server system,which of the following software is loaded into the client computers?
A)Front-end application software
B)Back-end application software
C)Communications middleware
D)Groupware
Q3) Client-server systems can normally be classified as:
A)Single-tier and multiple-tier
B)Two-tier and three-tier
C)Internal-tier and external-tier
D)Single-tier and two-tier
Q4) Refer to the diagram in Q27.The resource that decreases is:
A)Customer order
B)Inventory
C)Customer payment
D)Cash
Q5) What is primary key? How can we design a good primary key?
Q6) When is an enterprise model ready for database implementation?
Q7) What basic problems does the second normal form solve?
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Chapter 5: XBRL Reporting
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Q1) Which of the following statements is correct?
A)XML is a content language
B)HTML is a content language and XML is a tagging language
C)XML has predefined tags that control how content appears when displayed on a computer screen
D)None of the options are correct
Q2) The Securities Exchange Commission in the US specified that all public companies that prepare financial statements in accordance with at least US GAAP and all foreign private issuers that prepare their financial statements using IFRS must provide their financial statements to the SEC and their corporate websites in:
A)PDF format
B)XBRL format
C)HTML format
D)Hardcopy
Q3) XBRL can be used for:
A)external financial reporting only
B)internal financial reporting only
C)both external and internal financial reporting
D)exchanging financial information between business partners only
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Page 7
Chapter 6: System Mapping and Documentation
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Q1) Conceptually,a systems flowchart represents a combination of ________ and________.
A)the logical DFD;the program flowchart
B)the physical DFD;the program flowchart
C)the logical DFD;the physical DFD
D)None of the options are correct
Q2) During business process re-engineering,if one wants to key process activities that occur and the data that is needed and generated within each process,one should look at:
A)Logical DFDs
B)Physical DFDs
C)Context diagrams
D)Any form of systems documentation
Q3) Is there a specific order for drawing context diagram,logical DFD,and physical DFD? Why or why not?
Q4) Refer to the diagram . Where does the purchase order originate?
A)The sales assistant
B)The computer
C)The accounts receivable clerk
D)The customer
8
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Chapter 7: Internal Controls I
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Q1) The external audit will provide reasonable assurance that:
A)transactions that occurred have been carried out efficiently and effectively
B)assets and liabilities in the financial statements exist and transactions reported actually occurred
C)assets listed are owned by the organisation and liabilities owed are repaid
D)amounts on the financial statements have been calculated in accordance with company policies
Q2) The current eight principles for corporate governance outlined by the ASX Corporate Governance Council do not include:
A)Recognise and minimise risk.
B)Safeguard integrity in financial reporting.
C)Make timely and balanced disclosure.
D)Remunerate fairly and responsibly.
Q3) Based on the COSO definition of internal controls,which of the following is NOT an aim of internal controls?
A)Effective and efficient operations
B)Reliable financial reporting
C)Compliance with laws and regulations
D)Safe workplace
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Page 9
Chapter 8: Internal Controls II
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Q1) In general,disaster recovery plans include all of the following except:
A)Temporary sites
B)Staffing
C)Employee evacuation procedures
D)Business relationships restoration
Q2) The control matrix does NOT tell us:
A)the control objectives of a control system
B)how control objectives would ideally be attained
C)whether control objectives actually exist within a system
D)the effectiveness of the control objectives
Q3) Control of access to the server for the company database is an example of which type of control?
A)input
B)general
C)processing
D)performance
Q4) Briefly describe and compare general controls and application controls.
Q5) What are the advantages and disadvantages of computer-based controls?
Q6) Describe the checks that can be performed during data entry.
Q7) What are the advantages and disadvantages of manual controls?
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Chapter 9: Transaction Cycle The Revenue Cycle
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Q1) Which of the following is unlikely to be a KPI for the objective of arranging the prompt supply of goods and services?
A)Cycle time to fill and deliver orders
B)Percentage of sales on back order
C)Percentage of sales invoiced on day of shipping
D)Sales returns
Q2) An invoice is created for each valid sale by basing on:
A)Price information and inventory information
B)Customer data and sales order
C)Sales request and price information
D)Customer data and inventory information
Q3) Which of the following documents is/are given to customers? (i)shipping notice
(ii)sales invoice (iii)remittance advice (iv)goods packing slip.
A)(i)(ii)(iii)only
B)(ii)(iii)(iv)only
C)(ii)(iii)only
D)(i)(ii)(iii)(iv)
Q4) Give at least four examples of operation level decisions in the revenue cycle.
Q5) Why is the revenue cycle strategically important?
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Chapter 10: Transaction Cycle The Expenditure Cycle
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Q1) The overall objective of the accounts payable phase in the expenditure cycle is to:
A)Maintain the accounts payable record.
B)Pay the right people the right amount at the right time
C)Determine whether an invoice should be paid.
D)Ensure suppliers are neither overpaid nor underpaid.
Q2) Which of the following is a vital indicator when deciding whether a payment should be made to a supplier?
A)The manager's authorisation and agreement.
B)The receipt of a receiving report from the warehouse department.
C)Goods are received in sufficient quantity and good quality.
D)The supplier has provided the company with an invoice.
Q3) Discuss how ERP systems can provide benefits to the expenditure cycle.
Q4) When approving payments,an accounts payable clerk needs to examine:
A)Purchase order information
B)Receiving reports
C)Supplier information
D)All of the options are correct.
Q5) Give at least three examples of operation level decisions in the expenditure cycle.
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Chapter 11: Transaction Cycle The Production Cycle
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Q1) Which of the following does not concern inventory management?
A)FMS
B)Agile manufacturing
C)JIT
D)CAD
Q2) Forecasted demand for products can be received from the revenue cycle,where it is calculated based on previous sales history.This document is called:
A)production forecast report
B)demand forecast report
C)work order
D)None of the options are correct.
Q3) What are the two systems that are closely associated with product design?
A)ABC and FMS
B)CAM and CAD
C)CAM and ABC
D)FMS and CAD
Q4) What is the objective of the execution phase in the production cycle? What happens if errors occur in the execution phase?
Q5) Give at least three examples of product level decisions in the production cycle.
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Chapter 12: Transaction Cycle The HR Management and Payroll Cycle
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Q1) The HR management and payroll cycle ends when:
A)an employee expresses his/her intent to leave the organisation
B)the organisation is out of business
C)the employment contract of an employee comes to an end
D)All of the options are correct.
Q2) Which of the following descriptions of the HR management and payroll cycle is NOT true?
A)All decision making in the cycle should involve both deep and broad analysis prior to a decision being taken.
B)Operational decisions are typically made by senior staff and relate only to a specific instance of the cycle.
C)To be effective strategic level process business decisions made in the cycle should be congruent with the overarching business strategy.
D)To develop employee payment policies and procedures,one needs knowledge of applicable employee legislation,industry standards and legal requirements.
Q3) Briefly explain how a performance review is done and the persons involved.
Q4) What are the risks associated with employee induction and what are the possible control measures?
Page 14
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Chapter 13: Transaction Cycle The General Ledger and Financial Reporting Cycle
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Q1) Which of the following technologies can be used in the general ledger and financial reporting cycle?
A)ERP and XBRL
B)ERP and CAD
C)RFID and XBRL
D)CAD and RFID
Q2) Which of the following is NOT a KPI that can be used to measure the objective "To ensure all reports generated are well designed and contain relevant and accurate data"?
A)Number of complaints received from report users
B)Number of data errors identified in reports
C)Number of positive remarks received from report users
D)Number of sophisticated data tables in reports
Q3) In the general ledger and financial reporting cycle:
A)Adjusting journal entries does not have to be authorised independently.
B)Reports must not contain irrelevant data.
C)Data should not be transferred amongst accounts.
D)Data need not be validated.
Q4) What are the key considerations when setting budget targets?
Q5) What are the considerations when planning budget breakdown?
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Chapter 14: Systems Development
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Q1) What are the two perspectives of system design? Explain.
Q2) Briefly explain the typical problems of systems development.
Q3) In many cases,the accountant or internal auditor will have to use logical and physical dataflow diagrams and systems flowcharts to document their systems because:
A)systems documentations simply do not exist
B)existing systems documentations are no longer up to date
C)they want to understand what the current system does and how the system needs to be changed
D)All of the options are correct.
Q4) Explain the systems development steering committee's role in selecting the most feasible alternative of systems development.
Q5) Customers complain to an organisation about a system that bills them incorrectly.As a result,the organisation decided to implement a new billing system.This is an example of identifying system development opportunities through:
A)user and stakeholder feedback
B)a periodic review of system operations
C)observing the system in action by watching users
D)All of the options are correct.
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Chapter 15: Auditing of Accounting Information Systems
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Q1) The risk of material misstatement,without regard to the effects of controls,is:
A)An inherent risk
B)A control risk
C)A detection risk
D)An incontrollable risk
Q2) Can best practices be used during auditing? If so,how?
Q3) If a firm failed to disclose billions of dollars in short term debt in its annual financial report that has been distributed to shareholders,who should be found guilty? (i)Directors of the board.(ii)Internal auditor.(iii)External auditor.
A)(i)(ii)(iii)
B)(i)(ii)
C)(ii)(iii)
D)(i)(iii)
Q4) The control risk associated with manual reviews of computer logs is:
A)High
B)Medium
C)Low
D)Negligible
Q5) How does running test data through the system impose limitations on the auditors?
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Chapter 16: Ethics, fraud and Computer Crime
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Q1) The examination of principles,values,duties and norms,the consideration of available choices in order to make the decision and the strength of character to act in accordance with that decision is referred to as:
A)Ethics
B)Morals
C)Beliefs
D)Meditations
Q2) Which of the following fraud can occur if an employee is responsible for both approving and paying invoices?
A)Paying non-existent suppliers
B)Inventory theft
C)Credit fraud
D)All of the options are correct.
Q3) Stajano and Wilson distilled seven recurring behavioural patterns and related principles that are useful in the examination of fraud.Name and briefly describe these principles.
Q4) Explain the meaning of 'fraud triangle'.
Q5) Compare and contrast the following terms: phishing,pharming,hacking,and social engineering.
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