Introduction to Accounting Final
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Course Introduction
Introduction to Accounting provides a comprehensive overview of the fundamental principles and concepts of accounting. This course introduces students to the accounting cycle, including the processes of recording, classifying, summarizing, and interpreting financial transactions. Topics covered include the preparation and analysis of financial statements, the use of accounting information for decision-making, and an introduction to the ethical and regulatory environment of accounting. Through practical exercises and case studies, students develop a foundational understanding of how accounting systems support business operations and are prepared for more advanced studies in the field.
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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Sample Questions
Q1) Which of the follow statements regarding ethics is false?
A)Ethics is concerned with how we act and how we make decisions.
B)Accountants are bound by professional ethics.
C)Most professional bodies have ethical standards that members must follow.
D)A casual bookkeeping employee,who is not a member of any professional association,need not adhere to professional accounting ethics.
Answer: D
Q2) Which of the following statement regarding internal control is correct?
A)Internal controls provide a degree of assurance that the organisation and its systems are running normally.
B)Internal controls can prevent and detect anomalous and undesirable occurrences,but they cannot reverse the effects caused by such occurrences.
C)Internal controls do not concern about natural disasters and other catastrophic disruptions.
D)Internal controls are only implemented in the most important functions of an organisation.
Answer: A
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3
Chapter 2: Systems Characteristics and Considerations
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Q1) People within the organisation need to be encouraged to provide feedback about the design of a process.This is particularly the case:
A)At the lower levels of the organisation.
B)At the line manager level of the organisation.
C)At the middle management level of the organisation.
D)At the executive level of the organisation.
Answer: A
Q2) Which of the following is NOT a central tenet of BPR?
A)Look for ways technology can potentially be applied to solve a business problem.
B)Look for ways technology can potentially be applied to create a unique strategic position for an organisation.
C)Look for ways technology can potentially be applied to help organisation grasp emergent opportunities.
D)Look for ways technology can potentially be applied to help organisation sustain competitive advantage.
Answer: D
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4
Chapter 3: Database Concepts I
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Sample Questions
Q1) Which of the following is NOT an instance of data anomalies?
A)Creation anomalies
B)Insertion anomalies
C)Deletion anomalies
D)Modification anomalies
Answer: A
Q2) Which of the following statement regarding ER diagrams is correct?
A)ER diagrams look at entities and their relationships from a very detailed perspective.
B)ER diagram is a bottom-up way of viewing the organisation.
C)ER diagram is a bottom-up approach of developing a database model.
D)Understanding how to read and interpret E-R diagrams is critical for accountants.
Answer: D
Q3) Which of the following is less likely to be the job of a database administrator?
A)Define what data is required and how it should be defined and captured.
B)Control access by users to the database
C)Maintain the data dictionary
D)Oversee backup and recovery in the DBMS
Answer: A
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Chapter 4: Database Concepts II
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Sample Questions
Q1) A client-server system distributes computing functions between two types of ________ and _______ processes: servers and clients
A)dependent;autonomous B)dependent;non - autonomous
C)independent;autonomous D)independent;non - autonomous
Q2) Which normal form is sufficient for most business applications?
A)Second normal form
B)Third normal form
C)Fourth normal form
D)Fifth normal form
Q3) Refer to the tables in Q2.How many attributes are present in the Lecturer Table?
A)4
B)5
C)6
D)30
Q4) What basic problems does the second normal form solve?
Q5) What are the normal forms beyond the third normal form? Are these normal forms used in general business scenarios?
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Chapter 5: XBRL Reporting
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Q1) Which of the following is the coding structure that would be used for Australia and New Zealand?
A)XBRL
B)IFRS
C)GAAP
D)XML
Q2) Which types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information?
A)Government agencies.
B)Non-profit organisations.
C)Publicly listed companies.
D)All types of organisations.
Q3) 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
Q4) List and describe at least four benefits provided by XBRL.
Q5) Explain the concept of continuous auditing.
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Chapter 6: System Mapping and Documentation
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Sample Questions
Q1) Refer to the diagrams in the previous question.The number of process is can be determined by examining the ______ and the number is ______.
A)Logical DFD;12
B)Physical DFD;2
C)Logical DFD;4
D)Physical DFD;12
Q2) Give at least three examples of data processing or transformation carried out by internal entities.
Q3) An entity is:
A)any person or thing involved in the activities of a business process
B)anything involved in the activities of a business process
C)any business process that is mapped by a data flow diagram
D)None of the above options are correct.
Q4) For the adoption of an ERP system to be successful,or for BPR to yield benefits,an organisation must first:
A)establish a sense of urgency
B)understand its existing business processes
C)gather enough intelligence about its key competitors' business processes
D)become technologically advanced
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Chapter 7: Internal Controls I
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Q1) To which of the following risks are organisations that depend on the Internet for trading through e-commerce particularly vulnerable.
A)risk of network disruption
B)risk of key suppliers moving to other organisations
C)risk of new competitors taking market position
D)risk of unauthorised access to online systems
Q2) Specific components of the control environment to be aware of,as mentioned in ASA 315,do not include:
A)The communication and policing of ethical behaviour in the organisation.
B)Commitment to competence.
C)Risk assessment.
D)Management philosophy and operating style.
Q3) Which of the following is the most important requirement of internal control?
A)effectiveness and efficiency of operations
B)reliability of financial reporting
C)compliance with applicable laws and regulations
D)systems and procedures that help to manage risk and achieve objectives
Q4) List and briefly discuss at least four specific components of the control environment to be aware of,as mentioned in ASA 315.
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Chapter 8: Internal Controls II
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Q1) In terms of proper recording of transactions,accuracy is concerned with making sure that: (i)all data that enter the system are in the correct format (ii)all data that enter the system are of the right type (iii)all data are stored in a secured place to prevent unauthorised manipulation (iv)the data gathered accurately reflect the reality of the underlying transaction or event.
A)(i)(ii)
B)(i)(ii)(iii)
C)(i)(ii)(iv)
D)(i)(ii)(iii)(iv)
Q2) The system documentation tool that is most useful for documenting controls is
A)process map
B)structured narrative
C)logical data flow diagram
D)system flowchart
Q3) Which of the following is NOT a major aim of a computerised accounting information system?
A)Proper authorisation.
B)Timeliness.
C)Proper recording.
D)User friendly.
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Chapter 9: Transaction Cycle The Revenue Cycle
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Q1) To reduce the risk of allowing an order to proceed when goods are not available or rejecting an order when goods are available,it is important to:
A)maintain accurate and timely perpetual inventory records and periodically conduct physical inventory checks.
B)maintain accurate and timely perpetual inventory records and constantly conduct physical inventory checks.
C)maintain accurate and timely periodic inventory records and periodically conduct physical inventory checks.
D)maintain accurate and timely periodic inventory records and constantly conduct physical inventory checks.
Q2) Which of the following is NOT a strategy-level decision?
A)Price setting
B)Sales return and warranty policies
C)Provision of customer credit facilities
D)Selecting goods delivery method
Q3) There is a risk that payments received will be incorrectly recorded against the customer accounts.What techniques can be used to control this potential problem?
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11
Chapter 10: Transaction Cycle The Expenditure Cycle
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Q1) An example of a suitable key performance indicator (KPI)for the objective of ensuring payments are made to suppliers are timely and accurate is:
A)$ overpayments
B)# of quality complaints
C)# of requester complaints
D)# of accounts payable adjustments
Q2) RFID is more suitable for:
A)A car manufacturer.
B)A producer of hand-made luxury handbags.
C)A large restaurant.
D)A small bottle shop.
Q3) A discount should only be taken where:
A)Cash flow is sufficient to support the early payment.
B)The discount offered is a reasonable inducement.
C)Corporate policy allows discounts to be taken.
D)All of the options are correct.
Q4) Discuss how organisations behave differently when pursuing a cost leadership strategy and a product differentiation strategy.
Q5) Discuss how ERP systems can provide benefits to the expenditure cycle.
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Chapter 11: Transaction Cycle The Production Cycle
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Sample Questions
Q1) Failing to accurately execute production plans can lead to: (i)undersupply issue for finished goods (ii)undersupply issues for raw materials inventories (iii)oversupply issue for finished goods (iv)oversupply issues for raw materials inventories.
A)(i)(ii)only
B)(iii)(iv)only
C)(i)(iv)only
D)(i)(ii)(iii)(iv)
Q2) The following process business decisions must be made during the production cycle EXCEPT:
A)Which market strategy to adopt?
B)What materials are required?
C)How much labour is required?
D)Is there sufficient equipment time?
Q3) What are the two main factors that need to be considered when automatic reorder points are being set?
A)Production capabilities and lead times.
B)Inventory storage capacity and cash flow.
C)Product availability and price.
D)None of the options are correct.
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Page 13
Chapter 12: Transaction Cycle The HR Management and Payroll Cycle
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Sample Questions
Q1) Position description data is generally created by:
A)High level employees within the HR function,working in tandem with operational managers and supervisors.
B)Operational managers and supervisors only.
C)High level employees within the HR function only.
D)Any employee from the HR function,working in tandem with operational managers and supervisors.
Q2) Which of the following cannot minimise the risk of paying a fictitious employee?
A)Asking someone in HR management who is not involved with the pay calculations or authorising any pay change details to distribute the pay slips.
B)Setting up the role of a paymaster and let the paymaster distribute the pay slips.
C)Ensuring that pay slips are physically handed to employees.
D)Asking supervisors of the employees to distribute pay slips.
Q3) Give two examples of operation level decisions in the HR management and payroll cycle.Explain.
Q4) Give three KPI that can be used to measure the objective of "Effectively,efficiently and objectively recruit suitable staff".
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Chapter 13: Transaction Cycle The General Ledger and Financial Reporting Cycle
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Q1) Transactional data is summarised by account code in the general ledger.The codes are then used in the reporting structure.What is the name given to the list of available codes?
A)List of account codes
B)Chart of accounts
C)Table of accounts
D)Reporting account codes
Q2) Setting budget targets requires a balance between:
A)the current financial situation of the organisation and the forecasted cash flow
B)what is desired in terms of performance and what is thought to be possible
C)the expenditure and the revenue of the organisation
D)All of the options are correct.
Q3) The general ledger and financial reporting cycle commences when:
A)data are received from other cycles
B)budgets are created
C)it is time to generate and distribute financial reports
D)budget variances are examined
Q4) Describe how chart of accounts are used during the general ledger and financial reporting cycle.
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Chapter 14: Systems Development
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Sample Questions
Q1) Persons making requirement analysis of a new system should:
A)try to accommodate the needs of all users
B)adhere to the systems development scope
C)concentrate on what the system needs to do rather than the impact of organisational structure and individual roles brought about the new system
D)All of the options are correct.
Q2) Explain the systems development steering committee's role in selecting the most feasible alternative of systems development.
Q3) What are the two key parts of the analysis stage in the systems development lifecycle?
Q4) CASE systems are mainly used for:
A)source code design and user documentation
B)project scheduling and milestone specification
C)activity costing and resource planning
D)ensuring the fit between the system being develop and the business requirements
Q5) Briefly describe different types of feasibility analysis that need to be carried out before systems development.
Q6) What are the steps in preparing a PERT chart?
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Chapter 15: Auditing of Accounting Information Systems
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Sample Questions
Q1) Which of the following is not performed by the internal audit function?
A)Monitoring internal control.
B)Examining financial and operational information.
C)Test transactions.
D)Implement business processes that are more efficient and effective.
Q2) What are the five phases of an AIS audit?
Q3) Which of the following statements regarding computer auditing tools and techniques is true?
A)An embedded audit software is a simper version of an integrated test facility.
B)A more sophisticated example of embedded audit software is continuous auditing using a systems control and review file.
C)Generalised audit software examines transactions dynamically.
D)Generalised audit software is not very flexible.
Q4) The auditor performing an attest service is:
A)An external auditor
B)An internal auditor
C)Either an external auditor or an internal auditor
D)An AIS auditor
Q5) What are the two broad areas of responsibility associated with the risk management system?
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Chapter 16: Ethics, fraud and Computer Crime
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Sample Questions
Q1) Which of the following factors does not affect the usage of internet technology?
A)Age
B)Education
C)Geography
D)Gender
Q2) The principles of the Privacy Act 1988 do not explicitly cover:
A)Collection of information.
B)Storage of information
C)Usage of information
D)Disposal of information
Q3) Which of the following is not one of the seven recurring behavioural patterns and related principles identified by Stajano and Wilson?
A)Need and greed principle
B)Time principle
C)Authority principle
D)Herd principle
Q4) Describe what a cookie (in terms of IT)is and what it can do.
Q5) What are the three ways of gathering information of users of an accounting information system? What are the associated ethical concerns?
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