Management Information Systems for Accountants
Exam Review
Course Introduction
This course explores the fundamental concepts and applications of management information systems (MIS) within the context of accounting. It examines how accountants utilize information systems to collect, process, and interpret financial data for effective decision-making and reporting. Topics include system development methodologies, database management, internal controls, data analytics, cybersecurity, and the integration of emerging technologies such as cloud computing and artificial intelligence in accounting processes. By the end of the course, students will understand how MIS supports accounting functions, enhances organizational efficiency, and addresses ethical and legal considerations in managing sensitive financial information.
Recommended Textbook
Accounting Information Systems 4th Edition by Robert Hurt
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Chapter 2: Role and Purpose of Accounting Information Systems
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Q1) Storage is one generic element of the AIS; the text explains that data stored electronically often are grouped into three types of files.Which of the following includes one example of each file type?
A)Purchases, sales, inventory
B)Purchases, inventory, purchases/inventory
C)Cash receipts, cash payments, cash on hand
D)Sales, cost of goods sold, inventory
Answer: B
Q2) AIS study sometimes involves questions with deterministic answers.Which of the following questions is most likely to have a deterministic answer?
A)How should a company record the purchase of supplies on account in its AIS?
B)In a corporation with sales of $100,000 annually, what dollar amount should be considered material?
C)Which processing tools should the AIS use?
D)Has the conceptual framework achieved the FASB's original objective for developing it?
Answer: A
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Chapter 3: Transaction Processing in the Ais
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Q1) The definition of accounting has three principal elements.Which of the following is not one of them?
A)Distinguishing relevant from irrelevant information
B)Calculating amounts to record in the AIS
C)Reporting financial results
D)Using the information to make informed judgments
Answer: D
Q2) Courses intended for freshmen at a local university are numbered from 100 to 199, while courses intended for seniors at the same university are numbered from 400 to 499.Which coding system is the university using?
A)Sequential
B)Block
C)Hierarchical
D)Mnemonic
Answer: B
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Chapter 4: Internal Controls
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Q1) Consider the following examples of risk:
i.A corporation is unable to issue bonds because its credit rating is too low.ii.A U.S.auto manufacturer tries to market a car in Mexico.The car does not sell because the Spanish translation of its name means "it doesn't go."
iii.An employee receives insufficient training in how to use specialized software.iv.Due to employee theft, a corporation spends more money than anticipated buying new tools.Which pair of risks belongs to the same category in Brown's risk taxonomy?
A)I and II
B)II and III
C)I and III
D)I and IV
Q2) An airline pilot could not get landing instructions at an airport because the air traffic controller was asleep.In a risk/control matrix related to that situation, the phrase "require annual physicals" is most likely to appear in which column?
A)First
B)Third
C)Fourth
D)Fifth
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Chapter 5: Management Concepts
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Q1) COSO's Enterprise Risk Management-Integrated Framework comprises all the following sections except:
A)Brown's risk taxonomy
B)Objective setting
C)Event identification
D)Monitoring
Q2) Consider the following statements as you respond to the question: i.Based on my research and reading, I'm sure I want to pursue a career in fraud examination.ii.Good grades and leadership skills generally lead to a good job.iii.I am sure I'll pass the CPA exam on my first attempt.iv.I can definitely complete my accounting degree within four years.v.I've spoken to several friends and family members who work for large corporations.Which pair of statements relates to the same variable in expectancy theory?
A)I and II
B)II and III
C)III and IV
D)I and V
Q3) List and discuss three basic principles of business process management.
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Chapter 6: Information Systems Concepts
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Q1) Sylla and Wen suggested a three-stage process for evaluating information technology investments.At which stage of the process would someone be most likely to use the weighted-rating technique discussed in the chapter?
A)Step 1
B)Step 2
C)Step 3
D)None of these.The weighted-rating technique is unrelated to the Sylla and Wen framework.
Q2) List the four macro- and four micro-level factors managers should consider when they select information technology resources based on the discussion in the text.
Q3) Leticia and Omar were evaluating payroll software packages for their company.They considered three factors with the following weights: adaptability, 9; ease of use, 10; cost, 7.They narrowed their choices down to three packages with the following rankings on each factor:
Q4) In your own words, explain the purpose of the capability maturity model.List the levels of the model, and explain each one in your own words.
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Chapter 7: Flowcharting
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Q1) The systems development life cycle comprises seven steps: initiation/planning, requirements analysis, design, build, test, implementation, and operations and maintenance.In which phases of the SDLC would a systems flowchart be useful? Justify your response.
Q2) Consider the following as you answer the question: Jon is an information systems consultant with a diverse client base.Some of his clients recently posed the questions listed below; Jon is considering which type of flowchart would best be used to answer each question.
i.What happens to a federal tax return once it is received by the IRS?
ii.How should a company calculate payroll withholding taxes?
iii.What kind of computer network is in place at a local IRS office?
iv.What process does an organization employ to determine how to invest money in a pension fund?
v.What steps must be completed to write and publish an accounting textbook? Which of the preceding questions would best be answered by the type of flowchart indicated below?
A)I and II, document flowchart
B)II and IV, systems flowchart
C)I and II, systems flowchart
D)II and IV, document flowchart
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Chapter 8: Data Flow Diagramming
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Sample Questions
Q1) Please refer to the following short case as you respond to the question: A painter accepts orders for original works from customers in person or via the Internet.Based on the order, the painter creates an initial sketch, which must be approved by the customer; the customer may make changes to the initial sketch.After customer approval, the painter selects appropriate materials and gives the customer a price quote.If the customer accepts the price quote, the painter creates the original work; if not, the project is abandoned.The painter stores data about customers, previous orders and previously completed works in an electronic database.Data flow diagrams incorporate four symbols.Which of the following pairs of items would be represented with the same symbol in a DFD of the case?
A)Painter, customer
B)Initial sketch, price quote
C)Customer, initial sketch
D)Painter, price quote
Q2) For which of the following tasks would a data flow diagram be appropriately used in AIS work?
Q3) Suppose a leveled set of data flow diagrams incorporates the levels indicated below.Specify how processes would be numbered at each level.
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Chapter 7: Rea Modeling
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Sample Questions
Q1) Based on the principles of normalization, an inventory table would include all of the following fields except:
A)Transaction number
B)Item code
C)Description
D)Beginning quantity on hand
Q2) When the maximum cardinalities between two elements of a REA model are one and many:
A)Include the primary key from the "one side" in the table on the "many side."
B)Include the primary key from the "many side" in the table on the "one side."
C)Create a junction table.
D)The REA model has errors.
Q3) A company wants to prepare a schedule of assets that separates current and long-term assets, as well as reports relevant dollar amounts.Which type of AIS could the company use to prepare such a schedule?
A)View-driven
B)Event-driven
C)Either view-driven or event-driven
D)Neither view-driven nor event-driven
Q4) List five weaknesses associated with view-driven accounting information systems.
Page 10
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Chapter 8: XBRL
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Q1) Which of the following statements about XBRL is most true?
A)Because it is extensible, companies can create new specifications that reside in an Internet namespace.
B)Because it is organized in taxonomies, it is extensible.
C)Because it is extensible, companies can create tags that are used in instance documents, as long as they are defined in a namespace.
D)All of these statements are true.
Q2) The chapter discussed five key terms related to XBRL: extensible, specification, taxonomy, namespace and instance document.Specify which term is most appropriately associated with each item below.
a.A specific example of properly tagged XBRL information.
b.A way to organize knowledge.
c.The Internet address that contains the meanings of XBRL tags.
d.The quality of XBRL that allows people to add to it as necessary.
e.The relationship between XBRL and XML.
Q3) Explain, in your own words, how most organizations create XBRL instance documents.Specifically address the role of information technology in that process.
Q4) Explain the structure of XBRL, including its relationship to XML.
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Chapter 9: E-Business and Enterprise Resource Planning Systems
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Q1) RVW Corporation uses an enterprise resource planning system.An accountant wants to create a report of the last month's sales sorted by client that also includes the name of the salesperson who assisted with each transaction.Which modules of the ERP system will provide the relevant information?
A)Customer relationship management and financial management
B)Human resource management and financial management
C)Customer relationship management and human resource management
D)Such a report cannot be generated from the ERP system.
Q2) STC Corporation's enterprise resource planning system contains a cash payments table, a cash receipts table and a cash table.The cash receipts table is most likely to be part of which ERP module?
A)CRM
B)HRM
C)SCM
D)Financial management
Q3) List and briefly discuss five major forms of e-business.
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Chapter 10: Computer Crime and Information Technology Security
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Q1) Consider the following short case as you respond to the question: Melissa is an internal auditor for the County of Bufflufia.Her job responsibilities include providing training on information systems security and checking the work of data entry clerks.Melissa is also part of a team that responds to denial-of-service attacks on the county's information system.Her co-worker, Eugene, ensures that all the county's computers have the most up-to-date antivirus software; he also enforces the county's policy of backing up sensitive data, such as employee social security numbers and other payroll information, at least once a day.The back-ups are dated and stored in a locked filing cabinet.Which employee has responsibilities related to technical security controls?
A)Melissa only
B)Eugene only
C)Both Melissa and Eugene
D)Neither Melissa nor Eugene
Q2) According to COBIT's principles, information technology governance and management should meet ___ needs.
A)stakeholder
B)the AICPA Core Competency framework
C)International Accounting Standards Board
D)holistic
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Chapter 11: Salescollection Process
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Q1) OTA Corporation completed the following transactions as part of its sales/collection process.For each transaction, indicate the document(s) OTA would use.(Some transactions may require more than one document; other transactions may require no documents.) a.Sold consulting services for cash, $500.b.Sold merchandise with a cost of $100 on account for $300.c.Paid a common carrier $50 to ship the merchandise.d.Collected cash for sale on account, $200.e.Estimated bad debts for the year, $80.
Q2) Which of the following statements about the role and purpose of the sales/collection process is most true?
A)Only organizations that sell goods on credit have a true sales/collection process.
B)Government organizations do not need a sales/collection process.
C)Both only organizations that sell goods on credit have a true sales/collection process and government organizations do not need a sales/collection process are true.
D)Neither only organizations that sell goods on credit have a true sales/collection process nor government organizations do not need a sales/collection process is true.
Q3) List, in order, the steps in the sales/collection process discussed in the text.
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Chapter 12: Acquisitionpayment Process
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Q1) As a form of internal control, separation of duties can be applied to which steps in the acquisition/payment process?
A)Second step
B)Fourth step
C)Fifth step
D)All of these
Q2) Accounting information systems have five generic parts.Outputs of the acquisition/payment process can include:
A)Schedule of accounts payable.
B)Checks.
C)Both schedule of accounts payable and checks.
D)Neither schedule of accounts payable nor checks.
Q3) The acquisition/payment process helps an organization create value for its stakeholders.Which of the following authors developed a model that assists in understanding value creation?
A)Porter
B)Vroom
C)Pacioli
D)Gates
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Chapter 13: Other Business Processes
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Q1) Missouri Can Corporation (MCC) manufactures and sells a variety of can types, such as soft drink cans, oil cans and many others.MCC has adopted a functional organization structure that includes departments for accounting, marketing, manufacturing, human resources and information systems.Some clients have standing repeat purchase orders for a stated number of cans; MCC processes those orders monthly and ships the cans via common carrier.Dedicated sales staff members work with such clients, while other sales staff members are responsible for soliciting new clients.Considering the perspective of both MCC and its repeat customers, which of the following business processes is not included in the narrative?
A)acquisition/payment
B)conversion
C)financing
D)sales/collection
Q2) Create specifications (table names and field names) for all database tables indicated by the REA model below.
Q3) Some payroll forms include employee identification data.List three such forms commonly associated with the human resource business process.
Q4) Create a narrative description of the REA model shown below.
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Chapter 14: Decision-Making Models and Knowledge Management
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Q1) YRC Corporation's operations had been limited to the US, Canada and Mexico, but management wanted to expand into other countries.In preparation for the expansion, they designed a knowledge management system which included the knowledge map shown below.Based on the knowledge map and the principles of database normalization, create specifications (table names and field names) for three database tables YRC should use to capture, analyze, categorize and distribute knowledge.
Q2) Isabella is the CEO of BHR Corporation.By virtue of her position, she is in the best position to complete which of the seven steps involved in creating a knowledge management system?
A)The first step
B)The third step
C)The fourth step
D)The sixth step
Q3) All of the following are types of Big Data except:
A)big transaction data.
B)web and social media data.
C)biometric data.
D)accounting data.
Q4) List, in order, the seven steps to create a knowledge management system.
Page 17
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Chapter 17: Professionalism, Ethics, and Career Planning
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Q1) The chapter discussed four schools of ethical thought: (a) ethical egoism, (b) utilitarianism, (c) deontology and (d) virtues.Which school best describes each of the following independent items?
1.After being convicted of fraud, NRN Corporation's net assets were distributed to shareholders in proportion to their original investments.2.Ethical actions are a natural outgrowth of being a fundamentally ethical person.3.Everyone has an ethical obligation to pursue their own best interest.4.In a merger, the CEO of ATN Corporation inflated net income to get a better sales price for ATN.5.Jeff makes all ethics decisions based on the principles of his religion.6.People should never be used as a means to an end.7.Sally sees herself as an honest person; her actions are a result of that characteristic.8.The most ethical decision is the one that promotes the greatest good for the greatest number of stakeholders.
Q2) Which of the following is most closely associated with the third step of the Langenderfer and Rockness model?
A)asset valuation
B)utilitarianism
C)Bernie Madoff
D)autonomy of practice
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Chapter 18: Auditing and Evaluating the Ais
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Q1) All of the following terms are associated with financial audit reports except:
A)Unmodified.
B)Adverse.
C)Truthful.
D)Disclaimer.
Q2) Internal controls:
A)Have four broad purposes.
B)Are key elements of the third step in a financial statement audit.
C)Both have four broad purposes and are key elements of the third step in a financial statement audit.
D)Neither have four broad purposes nor are key elements of the third step in a financial statement audit.
Q3) In ___, auditors examine a company's rules and procedures for conducting business.
A)A financial audit
B)An operational audit
C)A compliance audit
D)A systems audit
Q4) In your own words, explain the ten generally accepted auditing standards discussed in the text.
Page 19
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