Cengage Mindtap AIS Chapter 16 Quiz

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Cengage Mindtap AIS Chapter 16 Quiz

Q1. Performance reports:

  • Compare actual performance with budgeted expectations
  • Are part of a managerial reporting system known as a responsibility accounting/reporting system
  • All of these choices are correct
  • Are tied to the hierarchy reflected by the firm’s organization chart

Q2. Hierarchical coding system is a good fit for the GL system for all of the following reasons, except:

  • Takes into account which accounts and categories should be aggregated
  • Can raise the issue of comparability
  • Creates the order in which the accounts should appear
  • Decides on which financial statements, if any, must an account appear

Q3. Which of the following fundamental responsibilities is not correct?

  • The controller notifies the business reporting department of various adjusting entries
  • Detailed reporting of daily production is sent to the president
  • The treasurer notifies the business reporting department of investing and financing transaction activities
  • Adjusted trial balance figures are sent from the business reporting department to the financial reporting officer

Q4. Logical processes in the GL/BR process include:

  • All of these choices are correct
  • Prepare business reports
  • Validate business event updates
  • Post event data

Q5. ERP systems facilitate balanced scorecard and business intelligence by:

  • Expanding business reporting far beyond the basic financial statements and move the job of the accountant from business reporting to business analysis
  • All of these choices are correct
  • Aggregating varied data in a data warehouse that can then be analyzed using business intelligence tools
  • Enabling data analytics, data mining, benchmarking, visualization, and reporting with drill-down capabilities

Q6. ERP financial modules:

  • Include other reports such as budgeting, and a variety of financial reports
  • All of these choices are correct
  • None of these choices
  • Include links to information that is related to other business processes

Q7. When financial reporting fraud is committed, what is generally the target of the “help”?

  • The accountants
  • The perpetrator(s)
  • The shareholders
  • The organization

Q8. Which if the following is not a reason that traditional accounting software is dying out in favor of the ERP system?

  • If the account number is not changed in historical details, comparative information from prior periods will not be synchronized
  • The information combined into a specific “account number” can be changed simply through adding fields to the database
  • Users may need to develop an external to allow comparison of current revenue accounts to the corresponding accounts from the periods prior to the account number change
  • In well-controlled systems, changes to historical details are not allowed

Q9. Primary functions of the GL/BR process include:

  • Driving the financial reporting, BR, and other reporting by providing the information needed to prepare external and internal reports
  • Preparing general purpose, external financial statements
  • Accumulating data, classifying data by GL accounts, and recording data in those accounts
  • All of these choices are correct

Q10. BR is important to:

  • Investors and lenders as they allocate their capital between various organizations
  • All of these choices are correct
  • Managers as they guide their organization into various operating strategies
  • None of these choices are correct

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