For more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.com 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

1. ACC 564 Final Exam Part 2
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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

2. 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?

3. 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

4. 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?

5. 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

6. 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

7. 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

8. 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?

9. 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
stock-out 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