1/28/23, 8:08 PM Quiz 1: Attempt review

Started on Saturday, 28 January 2023, 5:25 PM

State Finished
Completed on Saturday, 28 January 2023, 5:44 PM
Time taken 19 mins 31 secs

Question 1
Complete

Marked out of 1.00

Which activity is not part of the finance function?

a. General ledger

b. Credit

c. Cash receipts

d. Portfolio management

Question 2
Complete

Marked out of 1.00

Systems maintenance consumes the majority of a system's total costs.

True

False

Question 3
Complete

Marked out of 1.00

The transaction processing system includes all of the following cycles except

a. The expenditure cycle

b. The conversion cycle

c. The revenue cycle

d. The administrative cycle

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Question 4

Complete

Marked out of 1.00

Which level of management is responsible for controlling day-to-day operations?

a. Middle management

b. Top management

c. Operations management

d. Executive management

Question 5

Complete

Marked out of 1.00

Which level of management is responsible for short-term planning and coordination of activities necessary to accomplish organizational
objectives?

a. Line management

b. Top management

c. Operations management

d. Middle management

Question 6
Complete

Marked out of 1.00

The internal auditor represents the interests of third-party outsiders.

True

False

Question 7

Complete

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A balance sheet prepared in conformity with GAAP is an example of discretionary reporting.

True

False

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Question 8

Complete

Marked out of 1.00

Which of the following is not a business resource?

a. Labor

b. Raw materials

c. All are business resources

d. Information

Question 9

Complete

Marked out of 1.00

The database administrator is responsible for the security and integrity of the database.

True

False

Question 10
Complete

Marked out of 1.00

The Management Reporting System provides the internal financial information needed to manage a business.

True

False

Question 11
Complete

Marked out of 1.00

Accountants should be involved in the design and conceptualization of the information.

True

False

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Question 12

Complete

Marked out of 1.00

The primary input to the transaction processing system is

a. Financial transaction

b. Nonfinancial transaction

c. Accounting report

d. Accounting record

Question 13

Complete

Marked out of 1.00

Transaction processing systems convert non-financial transactions into financial transactions.

True

False

Question 14
Complete

Marked out of 1.00

The value of information for users is determined by all of the following but

a. Convenience

b. Reliability

c. Completeness

d. Relevance

Question 15
Complete

Marked out of 1.00

Enterprise Resource Planning integrates all business functions such as financial accounting, production and marketing into one system.

True

False

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Question 16

Complete

Marked out of 1.00

An example of a nonfinancial transaction is

a. Log of customer calls

b. Purchase of inventory

c. Cash disbursement

d. Sale of products

Question 17

Complete

Marked out of 1.00

The objective of materials management is to have excessive materials on hand in order to prevent any materials stock out.

True

False

Question 18
Complete

Marked out of 1.00

When preparing discretionary reports, organizations can choose what information to report and how to present it.

True

False

Question 19
Complete

Marked out of 1.00

An example of financial transaction is

a. An employee benefit brochure

b. The purchase of computer

c. A delivery schedule

d. A supplier's price list

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Question 20

Complete

Marked out of 1.00

Which subsystem is not part of the Accounting Information System?

a. Transaction Processing System

b. Expert system

c. Management Reporting System

d. General Ledger/Financial Reporting System

Question 21

Complete

Marked out of 1.00

Information is a business resource.

True

False

Question 22
Complete

Marked out of 1.00

Information Technology (IT) audits can be performed by both internal and external auditors.

True

False

Question 23
Complete

Marked out of 1.00

One of the greatest disadvantages of database systems is that all data is always available to all users.

True

False

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Question 24

Complete

Marked out of 1.00

The major difference between the Financial Reporting System (FRS) and the Management Reporting System (MRS) is the

a. FRS provides discretionary information; the MRS provides nondiscretionary information

b. FRS reports are prepared in flexible, non-standardized formats; the MRS reports are prepared in standardized , formal formats

c. FRS reports are prepared using information provided by the General Ledger System; the MRS provides

d. FRS provides information to internal and external users; the MRS provides information to internal users

Question 25

Complete

Marked out of 1.00

Accountants are the primary users of information technology in an organization.

True

False

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