22692220
Descripción
Test por Cindy Nguyen, actualizado hace más de 1 año
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Creado por Cindy Nguyen
hace más de 4 años
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|
Pregunta 1
Pregunta
An accounting information system is:
- a set of interrelated activities, [blank_start]documents[blank_end], and technologies
- designed to [blank_start]collect[blank_end] data, process it, and report information
- to a diverse group of internal and external [blank_start]decision[blank_end] makers in organizations
Respuesta
-
documents
-
collect
-
decision
Pregunta 2
Pregunta
Activities:
- business processes: sales collection, acquisition/payment, conversion, financing, human resource
- [blank_start]accounting[blank_end] cycle steps
Documents:
- purchase orders
- remittance advices
- shipping documents
Technologies:
- general ledger software
- erp systems
Respuesta
-
accounting
Pregunta 3
Pregunta
Difference between data and information: information is processed data.
Respuesta
- True
- False
Pregunta 4
Pregunta
What are the five generic elements of AIS structure?
Respuesta
-
Input
-
Process
-
Output
-
Storage
-
Internal Control
-
Data
-
Conceptual Framework
-
Information
-
ERM
-
Machine Learning
Pregunta 5
Pregunta
Input: source [blank_start]documents[blank_end]
Process: steps in [blank_start]accounting[blank_end] cycle
- tools
- manual, computer-based, both
- software, hardware
Output: fs or internal reports like variance analyses
Storage: paper form or [blank_start]electronically[blank_end]
Internal controls: controls necessary for information integrity
- separation of duties
- daily backup of data
Respuesta
-
documents
-
accounting
-
electronically
Pregunta 6
Pregunta
Master file:
- people, places, things
- e.g. customer file, product file, store file
- compare to [blank_start]nouns[blank_end]
- relatively [blank_start]permanent[blank_end] records
Transaction file:
- actions/events
- e.g. contained data like the price, the discount, payment method
- compare to [blank_start]verbs[blank_end]
- records are highly [blank_start]volatile[blank_end]
Respuesta
-
nouns
-
permanent
-
verbs
-
volatile
Pregunta 7
Pregunta
Information literacy (information competence) - the ability to find, evaluate, use, and communicate [blank_start]information[blank_end] in all of its various formats
Respuesta
-
information
Pregunta 8
Pregunta
UMUC criteria for evaluating information:
- authority: who [blank_start]created[blank_end] it? why?
- accuracy: [blank_start]source[blank_end] identified? is the information accurate? is it based solely on the author's [blank_start]opinion[blank_end]?
- objectivity: does it include [blank_start]advertising[blank_end]? is it available freely?
- currency: how [blank_start]old[blank_end] is the information? when updated?
- coverage: is the source still under construction? does it cover the subject with sufficient [blank_start]depth[blank_end]?
Respuesta
-
created
-
source
-
opinion
-
advertising
-
old
-
depth
Pregunta 9
Pregunta
Coding systems - methods for identifying source [blank_start]documents[blank_end] for easier reference later
Respuesta
-
documents
Pregunta 10
Pregunta
What are the four broad types of coding systems?
Respuesta
-
sequential
-
block
-
hierarchical
-
mnemonic
-
alphabetical
-
numerical
-
universal
Pregunta 11
Pregunta
Sequential: documents are numbered in sequence; checks in your checkbook
Block: numbers are assigned in blocks
-each block is [blank_start]reserved[blank_end] for a particular kind of account
-first digit specifies a group
-chat of accounts
Hierarchical: groups of digits have meaning
Mnemonic: code is a reminder of its meaning; accounting [blank_start]certifcations[blank_end]
Respuesta
-
reserved
-
certifcations
Pregunta 12
Pregunta
Internal control - a process effected to provide reasonable [blank_start]assurance[blank_end] regarding the achievement of objectives relating to operations, reporting, and compliance.
Process
- internal control is not a list of rules or boxes to check off
- subject to process [blank_start]improvement[blank_end]
- judgement and experience
- periodically review controls
Respuesta
-
assurance
-
improvement
Pregunta 13
Pregunta
Effected by various groups:
- internal control is the responsibility of the whole [blank_start]organization[blank_end], not the sole responsibility of accounting professionals
- requires discussion during the design, implementation, and evaluation
- subject to cost/benefit constraint
Reasonable assurance:
- no internal control ever provides [blank_start]absolute[blank_end] assurance
- the benefits of a control must outweigh its costs
- rely on the common sense and professional judgement
Respuesta
-
organization
-
absolute
Pregunta 14
Pregunta
Business objectives relating to:
- operations: business [blank_start]processes[blank_end], such as the sales/collection process
- reporting: financial, tax, internal
- compliance: applicable laws & regs, such as SOX, FCPA
Respuesta
-
processes
Pregunta 15
Pregunta
Internal Control Purposes:
- safeguard [blank_start]assets[blank_end], such as depositing cash daily in the bank
- ensure reliable financial [blank_start]reporting[blank_end], such as through financial statement audits
- promote operating [blank_start]efficiency[blank_end], such as with a procedures manual
- encourage compliance with [blank_start]management[blank_end] directives, such as by appropriate training & performance reviews
Respuesta
-
assets
-
reporting
-
efficiency
-
management
Pregunta 16
Pregunta
What are the four major categories of risk?
Respuesta
-
financial
-
operational
-
strategic
-
hazard
-
numeric
-
theft
-
bankruptcy
-
death
Pregunta 17
Pregunta
Financial risk: monetary activities
Market risk: changes in a company's [blank_start]stock[blank_end] prices, investment values, and interest rates
Credit risk: associated with customers' [blank_start]unwillingness[blank_end] or inability to pay amounts owed to the organization
Liquidity: the possibility that a company will not have sufficient cash and near-cash assets available to meet its [blank_start]short[blank_end]-term obligations
Respuesta
-
stock
-
unwillingness
-
short
Pregunta 18
Pregunta
Operational risk: people, assets, and tech
System risk: relates directly to IT
Human error risk: the possibility that [blank_start]people[blank_end] in the organization will make mistakes
Respuesta
-
people
Pregunta 19
Pregunta
Strategic risk: decision-making processes at the senior management and BOD level
Legal and regulatory risk: the chance that [blank_start]senior[blank_end] management in the organization may break laws that result in financial, legal, or operational sanctions
Business strategic risk: poor [blank_start]decision[blank_end] making related to a company's basis for competing in its markets
Respuesta
-
senior
-
decision
Pregunta 20
Pregunta
Hazard risk: director' and officers' liability risk
Directors and officers (personal) are accused of [blank_start]mismanagement[blank_end] by shareholders, government agencies, employees, and other stakeholders.
A legal action brought fo alleged wrongful acts.
Respuesta
-
mismanagement
Pregunta 21
Pregunta
What are the five components of the COSO framework?
Respuesta
-
control environment
-
risk assessment
-
control activities
-
information and communication
-
monitoring
-
technology
-
markets
-
consumers
-
legal regulations
Pregunta 22
Pregunta
Control environment:
- gov't overall [blank_start]attitude[blank_end] about internal control
- must be established at the [blank_start]top[blank_end] of the organization
- often called the tone at the top
Respuesta
-
attitude
-
top
Pregunta 23
Pregunta
Risk assessment:
- organization's risk exposure
- tools like brown framework can help ensure all bases are covered
- likelihood & [blank_start]impact[blank_end]
Control activities
- specific [blank_start]internal[blank_end] controls to address risks
- preventive/[blank_start]detective[blank_end]/corrective
- a control may address multiple risks; a single risk may involve multiple controls
Respuesta
-
impact
-
internal
-
detective
Pregunta 24
Pregunta
Information and communication:
- how the entire internal control plan is [blank_start]disseminated[blank_end] throughout the organization
- link all components
- relates to the plan in its [blank_start]totality[blank_end]
Monitoring:
- ensuring the plan's ongoing [blank_start]effectiveness[blank_end]
- may be entrusted to the internal audit department
Respuesta
-
disseminated
-
totality
-
effectiveness
Pregunta 25
Pregunta
ERM - a process effected in a [blank_start]strategy[blank_end] setting designed to identify potential events and manage risk to be within its risk [blank_start]appetite[blank_end] to provide reasonable [blank_start]assurance[blank_end] regarding the achievement of entity objectives.
Respuesta
-
strategy
-
appetite
-
assurance
Pregunta 26
Pregunta
IC vs ERM
- IC is an important part of ERM
- complements ERM
- ERM is applied from strategy through [blank_start]execution[blank_end], while relying on internal control at [blank_start]critical[blank_end] junctures.
- each raises the value of the other, when used together they're powerful [blank_start]complements[blank_end] in supporting management
- helps in developing the objective used as a basis for developing controls while IC makes ERM more effective when control activities are in place over risk responses and other ERM processes
Respuesta
-
execution
-
critical
-
complements
Pregunta 27
Pregunta
Internal control:
- puts controls to support efforts needed to execute that strategy
- call for IC for [blank_start]identification[blank_end] and response to the most critical risks associated with the strategy
Respuesta
-
identification
Pregunta 28
Pregunta
Governance and Culture:
- sets the organization's [blank_start]tone[blank_end], reinforcing the importance of, and establishing responsibilities
Strategy and Objective-Setting:
- risk [blank_start]appetite[blank_end] is established and aligned with strategy
- business objectives put strategy into practice while serving as a basis for identifying, assessing, and responding to risk
Respuesta
-
tone
-
appetite
Pregunta 29
Pregunta
Performance:
- risks that may impact achievement of strategy and business objectives need to be [blank_start]identified[blank_end] and assessed
- risks are prioritized by [blank_start]severity[blank_end] in severity in the context of risk appetite
- selects risk and takes a [blank_start]portfolio[blank_end] view of the amount of risk it has assumed
- results are reported to key risk stakeholders
Respuesta
-
identified
-
severity
-
portfolio
Pregunta 30
Pregunta
Review and Revision:
-by reviewing entity performance, an organization can consider how well the enterprise risk management components are functioning over time and in light of substantial changes, and what [blank_start]revisions[blank_end] are needed
Respuesta
-
revisions
Pregunta 31
Pregunta
Information, communication, reporting:
ERM requires a [blank_start]continual[blank_end] process of obtaining and sharing necessary information, from both internal and external sources, which flows up, down, and across the organization
Respuesta
-
continual
Pregunta 32
Pregunta
Business process management:
- a systematic approach to analyzing, redesigning, improving, and managing a specific [blank_start]process[blank_end]
Respuesta
-
process
Pregunta 33
Pregunta
1. Select the process and define its [blank_start]boundaries[blank_end]
- established in two ways: naming the exact process itself and by limiting it to a specific geographic region
2. Observe, document, and map the process [blank_start]steps[blank_end] and flow
3. [blank_start]Collect[blank_end] process related data
4. [blank_start]Analyze[blank_end] the collected data
5. Identify and prioritize potential process [blank_start]improvements[blank_end]
6. [blank_start]Optimize[blank_end] the process
-redis the new process based on suggested improvements from the prioritized list
7. Implement and monitor process [blank_start]improvements[blank_end]
Respuesta
-
boundaries
-
steps
-
Collect
-
Analyze
-
improvements
-
Optimize
-
improvements
Pregunta 34
Pregunta
Expectancy theory: three elements, motivation is the product of the three
Expectancy: effort will lead to [blank_start]accomplishment[blank_end]
Instrumentality: accomplishment leads to [blank_start]reward[blank_end]
Valence: the importance that the individual places upon the [blank_start]reward[blank_end]
Motivation=expectancy x instrumentality x valence
Respuesta
-
accomplishment
-
reward
-
reward
Pregunta 35
Pregunta
SDLC - a structured methodology for developing information systems
Advantages:
- well structured
- user input
- strong [blank_start]control[blank_end]
Disadvantages:
- rigid
- time [blank_start]consuming[blank_end]
- costly
- inflexible
Respuesta
-
control
-
consuming
Pregunta 36
Pregunta
SDLC steps:
1. Initiation/planning - a need for a new/revised system is [blank_start]identified[blank_end].
2. Requirements analysis - Analysts determine what [blank_start]needs[blank_end] the system should meet
3. Design - designers develop the first concept sketches of the system
4. Build - based on the design specifications, systems professionals build the system
5. Test - Users test the system and provide [blank_start]feedback[blank_end] on what works and what doesn't work
6. Implementation - system goes live
7. Operations & maintenance - the system is operated and maintained which includes needed [blank_start]modifications[blank_end]
Respuesta
-
identified
-
needs
-
feedback
-
modifications
Pregunta 37
Pregunta
CMM - aim is to [blank_start]improve[blank_end] existing software development processes
- developed by Watts Humphreys
- five levels
- initially used to evaluate the sophistication of business processes in government contractors
Respuesta
-
improve
Pregunta 38
Pregunta
Level 1: Chaotic
- business processes are not [blank_start]standardized[blank_end] (disorganized)
- individuals develop their own processes, but they do not [blank_start]share[blank_end] them with others
- success is not replicable
Level 2: Repeatable
- basic project management techniques are established
- involve major [blank_start]milestones[blank_end] and specific deliverables
- may yield consistent results over time
Respuesta
-
standardized
-
share
-
milestones
Pregunta 39
Pregunta
Level 3: Defined
- business processes are developed based on broader [blank_start]organizational[blank_end] standards
- described in more detail
Level 4: Managed
- processes are measured, use of metrics to evaluate [blank_start]performance[blank_end]
Respuesta
-
performance
-
organizational
Pregunta 40
Pregunta
Level 5: Optimized
- processes and metrics are collected
- big picture of [blank_start]improvement[blank_end]
- continuous improvement through monitoring [blank_start]feedback[blank_end] from current processes and introducing innovative processes
- address common causes of process delay and variations
Respuesta
-
improvement
-
feedback
Pregunta 41
Pregunta
Systems flowchart:
- provide a big [blank_start]picture[blank_end] overview of a system
- often used in AIS to understand business processes
- combine all resources with related processes
- as part of an [blank_start]audit[blank_end]
Document flowcharts:
- track the flow of [blank_start]documents[blank_end] through an information system
- sometimes used in AIS to check & improve document processing
Respuesta
-
picture
-
audit
-
documents
Pregunta 42
Pregunta
Hardware flowcharts:
- show the relationships between [blank_start]hardware[blank_end] elements
- occasionally used in AIS to understand network components
- form of internal control
- basis for changing network configuration
Program flowcharts:
- show the logic/rules associated with a [blank_start]computer[blank_end] program
- almost never used in AIS
Respuesta
-
hardware
-
computer
Pregunta 43
Pregunta
Symbols
Data: symbols for databases and [blank_start]documents[blank_end]
Process: symbols for [blank_start]actions[blank_end]
Line: symbol for following the flow
Special: various symbols, such as terminators and page connectors
Respuesta
-
documents
-
actions
Pregunta 44
Pregunta
Label the flowchart symbols.
Respuesta
-
Annotation
-
file
-
on page connector
-
off page connector
-
decision
-
generic proces
-
predesigned process
-
document
-
manual process
-
terminator
-
database
-
visual display
-
line
Pregunta 45
Pregunta
Annotation: add descriptive [blank_start]comments[blank_end] or explanations to a flowchart
File: indicates how the documents are filed/combined
On page connector: to avoid cross lines on a [blank_start]page[blank_end]
Off page connector: to avoid over-crowding and move the action of a flowchart between pages
Decision: used for decisions that have a binary outcome
Predefined process: encapsulate a named process with multiple predefined steps
Terminator: to be used at the beginning and [blank_start]end[blank_end] of a flowchart
Visual display: information is displayed on a computer screen
Respuesta
-
comments
-
page
-
end
Pregunta 46
Pregunta
Design conventions:
- flowcharting is at least as much [blank_start]art[blank_end] as science
- independently drawn flowcharts of the same process will almost never be [blank_start]identical[blank_end]
- the goal is to produce a flowchart that is [blank_start]concise[blank_end] and understandable, not to reproduce someone else's work
Respuesta
-
art
-
identical
-
concise
Pregunta 47
Pregunta
-Title: based on what is represents
-Columns based on areas of [blank_start]responsibility[blank_end]
-Rough draft of flowchart must be discussed by people involved
- reality check
- easily understood
- plenty of [blank_start]white[blank_end] space
- top to bottom, left to right
- clear origin and [blank_start]termination[blank_end] for all documents
- origin: enter the system or created by processes in the system
- termination: filed or cross out of the system boundary
Respuesta
-
responsibility
-
white
-
termination
Pregunta 48
Pregunta
Design steps:
1. establish the system [blank_start]boundary[blank_end]
2. determine column headings
3. list actions performed within each column
4. select appropriate [blank_start]symbols[blank_end]
5. prepare a first [blank_start]draft[blank_end]
6. discuss the draft with others
7. revise as needed
Respuesta
-
boundary
-
symbols
-
draft
Pregunta 49
Pregunta
Nature and purpose of DFDs:
- not as widely used as flowcharts in accounting practice
- helps understanding a business [blank_start]process[blank_end]
- helps understanding the relational database that underlies the AIS
- less detailed than [blank_start]flowcharts[blank_end]
- focus on [blank_start]data[blank_end]
Respuesta
-
process
-
flowcharts
-
data
Pregunta 50
Respuesta
-
data flow
-
process
-
data store
-
external entity
Pregunta 51
Pregunta
Process: transform incoming data flow to [blank_start]outgoing[blank_end] data flow
- any set of procedures an organization uses to gather data, change data into info, or report the info to system users
- a number and a name ([blank_start]verb[blank_end] phrases)
Respuesta
-
outgoing
-
verb
Pregunta 52
Pregunta
External entity: any person or organization [blank_start]outside[blank_end] the boundary of an information system
- depends on your definition of the system, not your definition of the organization
- sources and destinations of the system's inputs and outputs
Respuesta
-
outside
Pregunta 53
Pregunta
Data store: repositories of data in the system, a place for collecting data
- think of it as a [blank_start]file[blank_end]
- labeled with [blank_start]noun[blank_end] phrases
- linked to processes/external entities
- cannot be linked to one another
Respuesta
-
file
-
noun
Pregunta 54
Pregunta
Data flow: pipelines through which packets of information [blank_start]flow[blank_end]
- represented by a directional line
- only one arrow on one end
- labeled with [blank_start]noun[blank_end] phrases
Respuesta
-
flow
-
noun
Pregunta 55
Pregunta
DFDs vs Flowcharts
DFD
- [blank_start]four[blank_end] symbols
- leveled sets, each depicting more detail than the last
- processes are [blank_start]numbered[blank_end]
- focus on data and how they [blank_start]move[blank_end] between business processes, external entities, and data stores
- lines represent data; labeled with [blank_start]noun[blank_end] phrases
Flowcharts
- many symbols
- columns representing areas of responsibilities
- numbers are used for on-page and off-page [blank_start]connectors[blank_end]
- concerns with data, documents, and processing tools
- lines represent movement between processes, areas of responsibilities; not [blank_start]labeled[blank_end]
Respuesta
-
four
-
numbered
-
move
-
noun
-
connectors
-
labeled
Pregunta 56
Pregunta
Why it is necessary to learn both
- design an AIS from [blank_start]scratch[blank_end], first use DFD to focus on the [blank_start]data[blank_end] and how they are manipulated
- later, use flowcharts to iron out the details
Respuesta
-
scratch
-
data
Pregunta 57
Pregunta
Leveling and balancing:
- DFD are prepared in leveled sets
- leveled set: a collection of DFDs that models related business processes. The various levels provide increasing [blank_start]detail[blank_end] about the process in the system.
- Each level reveals more [blank_start]detail[blank_end] than the one before it.
- Levels must be [blank_start]balanced[blank_end], which means that external entities and data flows at the boundary cannot “disappear” between levels.
Respuesta
-
detail
-
detail
-
balanced
Pregunta 58
Pregunta
Context diagram:
- Highest level view of the system
- The least amount of [blank_start]detail[blank_end]
- Exactly one in a “leveled set”- taking orders
- Exactly one process
- One or more external entities
- No data stores
Respuesta
-
detail
Pregunta 59
Pregunta
Level Zero:
- Exactly one in a leveled set
- More detail than the context diagram
- Preserve data flows at the [blank_start]boundary[blank_end]
- Must be balanced: one data inflow to the customer, one data [blank_start]outflow[blank_end] from the customer
Respuesta
-
boundary
-
outflow
Pregunta 60
Pregunta
Level One:
- May be more than one in a leveled set
- More [blank_start]detail[blank_end] than the Level Zero diagram
- Each Level One focused on a single “bubble” from Level Zero
- Preserve data flows at the [blank_start]boundary[blank_end]
Respuesta
-
boundary
-
detail
Pregunta 61
Pregunta
-How many process should a single DFD have?
Usually no more than [blank_start]7[blank_end]
-Processes may be decomposed to different levels. How many levels should be in a leveled set of DFDs?
Usually no more than [blank_start]three[blank_end]
-When do you stop breaking down a process?
Processes are decomposed (“exploded”) until they are [blank_start]primitive[blank_end] (when the process label is fairly self-explanatory).
Respuesta
-
7
-
three
-
primitive
Pregunta 62
Pregunta
Rules/Conventions of good DFD:
- All processes should have [blank_start]unique[blank_end] names
- The inputs to a process should differ from the [blank_start]outputs[blank_end] to a process
- Any single DFD should not have more than 7 processes
- No process can have only [blank_start]outputs[blank_end]
Respuesta
-
unique
-
outputs
-
outputs
Pregunta 63
Pregunta
Database Design:
-The data stores in a leveled set of data flow diagrams represent relational databases.
-A relational database: a collection of components (objects) that allows us to store, retrieve, report, and ask questions about the [blank_start]data[blank_end] it contains
Respuesta
-
data
Pregunta 64
Pregunta
Objects: Tables
-Every relational database must include at least [blank_start]one[blank_end] table.
-Most will include multiple [blank_start]tables[blank_end]
-Organization:
~Fields (columns)
~Records (rows)
Respuesta
-
one
-
tables
Pregunta 65
Pregunta
Objects: Queries
-Sets of instructions that examine [blank_start]current[blank_end] data in tables and / or other queries
-Output data according to the [blank_start]instructions[blank_end]
-Can include simple computations (e.g., total, average)
Respuesta
-
current
-
instructions
Pregunta 66
Pregunta
Objects: Reports
-Well formatted output of a relational database
-Can be based on tables and/or [blank_start]queries[blank_end]
-Can incorporate simple [blank_start]calculations[blank_end]
Respuesta
-
queries
-
calculations
Pregunta 67
Pregunta
Object: Forms
-Allow a user to [blank_start]interact[blank_end] with a database even if they know nothing about design and structure
-Two uses: data input, data lookup
Respuesta
-
interact
Pregunta 68
Pregunta
Primary key: a field in a table that [blank_start]uniquely[blank_end] identifies every record in that table
Foreign key: a primary key in one table that is included in another table for [blank_start]linking[blank_end] purposes
Compound primary key: two or more fields in a table that together comprise its [blank_start]primary[blank_end] key
Respuesta
-
uniquely
-
linking
-
primary
Pregunta 69
Pregunta
Junction table:
-A table that joins together two [blank_start]separate[blank_end] tables.
-Required when the two separate tables have a “many-to-many” relationship
-Named by joining the separate table names
Respuesta
-
separate
Pregunta 70
Pregunta
Normalization:
-Database tables must be organized as efficiently and effectively as possible
-The process of making a database table [blank_start]efficient[blank_end] and effective is referred to as normalization:
Minimize space allocations
Facilitate searches
Establish [blank_start]relationships[blank_end] between tables
Respuesta
-
efficient
-
relationships
Pregunta 71
Pregunta
-Step one: First normal form (1NF)
Eliminates repeating [blank_start]groups[blank_end]
-Step two: Second normal form (2NF)
Eliminates repeating groups
Eliminates [blank_start]redundant[blank_end] data
-Step three: Third normal form (3NF)
Eliminates repeating groups
Eliminates redundant data
Eliminates columns not dependent on the [blank_start]primary[blank_end] key
Respuesta
-
groups
-
primary
-
redundant
Pregunta 72
Pregunta
Flat file: Acceptable if the data is fairly simple and straightforward; how to answer [blank_start]simple[blank_end] questions
Respuesta
-
simple
Pregunta 73
Pregunta
- XBRL is the open international standard for digital business [blank_start]reporting[blank_end]
-Purpose: to facilitate information [blank_start]exchange[blank_end] between all different kinds of organizations, regardless of the hardware and software platforms they use differently
-Tagging: XBRL enables preparers to utilize software to [blank_start]tag[blank_end] all financial items in their business reports to the elements within a taxonomy.
-XBRL documents are created to replace older, paper-based reports with more useful, more effective and more accurate digital versions.
-So all financial items can be used programmatically by an XBRL-compatible program.
Respuesta
-
reporting
-
tag
-
exchange
Pregunta 74
Pregunta
-XBRL is a subset of a much [blank_start]broader[blank_end] language, XML
-Stand for eXtensible Markup Language.
-Simple text-based format for representing structured information: documents, data, transactions, etc.
-Designed to describe data.
-XBRL is to financial information what [blank_start]HTML[blank_end] is to web page development
Respuesta
-
broader
-
HTML
Pregunta 75
Pregunta
Extensible: Users can add [blank_start]tags[blank_end] as needed.
Specification: XBRL is an example of a broader group of languages called [blank_start]XML[blank_end]
Taxonomy: An organizational structure for XBRL tags
- A dictionary to [blank_start]define[blank_end] the tags
- Different taxonomy is required for different financial reporting purpose
- Many different organizations, including regulators, specific industries or even companies, may require taxonomies to cover their own business reporting needs
Namespace: the internet [blank_start]location[blank_end] of an XBRL taxonomy
Instance document: A document that includes data properly tagged with XBRL
Respuesta
-
tags
-
XML
-
define
-
location
Pregunta 76
Pregunta
Important characteristics:
-Open source
-Extensible
-Required for [blank_start]SEC[blank_end] reporting
-Can also be used for [blank_start]internal[blank_end] information, such as journal entries
-Language—not a new set of GAAP
-Overseen by XBRL International
Respuesta
-
SEC
-
internal
Pregunta 77
Pregunta
-A typical enterprise has many departments and business units (BU)
-These departments/BU continuously communicate and exchange [blank_start]data[blank_end] with each other
-The success of any organizations lies in effective communication and data exchange within the departments/BU as well as associated third party (e.g., vendors, customers)
Respuesta
-
data
Pregunta 78
Pregunta
Decentralized system:
- Data is maintained [blank_start]locally[blank_end] at the individual departments
- Departments do not have access to data of other departments/BU
Respuesta
-
locally
Pregunta 79
Pregunta
Centralized systems
-Data is maintained at a [blank_start]central[blank_end] location and is shared with various departments (centralized database)
-Departments have access to the information/data of other departments/BU
Respuesta
-
central
Pregunta 80
Pregunta
Benefits of ERP:
- Eliminates the duplication, discontinuity and redundancy in data
- Provides information across [blank_start]departments[blank_end] in real time
- Provides [blank_start]control[blank_end] over various business processes
- Increases productivity, better inventory managements, promotes quality, reduced material cost, effective HR management, reduced overheads boosts profits
- Better customer interaction, improved [blank_start]customer[blank_end] services
Respuesta
-
departments
-
control
-
customer
Pregunta 81
Pregunta
Purpose: Providing comprehensive information for [blank_start]decision[blank_end] making
Nature: Fundamentally, relational databases
Modular organization
Respuesta
-
decision
Pregunta 82
Pregunta
business process: a set of procedures and policies designed to create [blank_start]value[blank_end] for some organizational stakeholder
porter's value chain: a classic, well recognized model for describing generic value creating activities
Primary activities create value [blank_start]directly[blank_end].
Support activities create value [blank_start]indirectly[blank_end].
Respuesta
-
value
-
directly
-
indirectly
Pregunta 83
Pregunta
Sales/Collection Process Steps:
1.Take the customer’s order.
2.Approve the customer’s [blank_start]credit[blank_end].
3.Fill the order based on approved credit.
4.Ship the product.
5.Bill the customer.
6.Collect payment.
7.Process uncollectible receivables as needed.
Respuesta
-
credit
Pregunta 84
Pregunta
Picking list - Telling the warehouse staff what products to take off the shelves to fill the [blank_start]order[blank_end]
Packing list - A final check of what is actually loaded into the box before the goods are shipped
Bill of lading -
-Tells the common carrier:
-where to deliver the goods
-explains the freight terms
-who is responsible for the goods while they are in [blank_start]transit[blank_end]
-who bears the freight cost
Remittance advice - the source document for journal entries related to cash receipts. It goes to the accounting department for recordkeeping.
Deposit slips - A deposit slip typically lists each item to be deposited with some identifying information, account number, etc.
Respuesta
-
order
-
transit
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