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ACC 564 Final Exam Part 2 NEW Spring 2016
1. In the ________ stage of an operational audit, the auditor measures the actual system against an ideal standard.
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
3. The ________ to auditing provides auditors with a clear understanding of possible errors and irregularities and the
related risks and exposures.
4. According to the risk-based auditing approach, when a control deficiency is identified, the auditor should inquire about
5. Control risk is defined as the
6. During the sales order entry process, a ________ is performed to verify that each transaction record contains all
appropriate data items.
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
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?
9. Which of the following documents would normally trigger the process to record a customer payment?
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.
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 ________.
12. Procurement cards differ from corporate credit cards in which of the following ways?
13. What control should be put in place that assigns responsibility for EFT payments made to vendors?
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
15. The traditional approach to inventory management to ensure sufficient quantity on hand to maintain production is
known as
16. When using electronic documents, ________ increase the accuracy of data entry.
17. Which department should have the sole ability to provide information to the AIS about hiring, terminations, and pay
rate changes?
18. The document that lists each employee's gross pay, payroll deductions, and net pay in a multicolumn format is called
19. Companies that specialize in processing payroll are known as
20. Which of the following will limit a firm's potential loss exposure from paycheck forgery?
21. Recording interest earned on an investment is an example of which type of adjusting journal entry?
22. Departments that mostly provide services to other units and charge those units for services rendered should be
evaluated as ________ centers.
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
24. Budgets and performance reports should be developed on the basis of
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)
26. Each event in an REA model will in most cases have at least one ________ agent and one ________ agent involved
with the event.
27. The REA data model
28. Which of the following transactions is represented by the diagram below?
29. An entity-relationship (E-R) diagram
30. Relationships that affect the quantity of a resource are sometimes referred to as ________ relationships.
31. Refer to the table below, which shows the results of payback, net present value, and internal rate of return analysis of

3. four projects. Which is preferred by the net present value criterion?
32. When using the payback method to determine economic feasibility of projects, the company usually accepts the project
with the
33. Who is responsible for preparing the specifications that are used to create the programs?
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?
35. The capital budgeting technique where estimated future cash flows are discounted back to the present is referred to as
36. When canned software is used for systems acquisition, the maintenance aspect of the operations and maintenance phase
of the SDLC
37. Benathir Donathat, 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
38. The ________ method calculates and compares the processing times of different AIS to compare system performance.
39. End-user computing is likely to result in a(n)
40. What would be one duty of second-line help desk personnel?
41. One process used to uncover and eliminate program errors is known as
42. Who is responsible for identifying such risk factors in an implementation plan?
43. Which of the following describes a phase-in conversion?
44. Phil in Marketing got a call from Chuck in ITS. "Phil, the system just generated a stock-out report. I wanted to give
you a heads up. I'm sending it right over." This is an example of a
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