ACTG 313 LATEST 2026 EXAM QUESTIONS AND
SOLUTIONS GUARANTEE A+
✔✔Data value - ✔✔The actual value stored in a field. It describes a particular attribute
of an entity. For example, the customer name field would contain "ZYX Company" if that
company was a customer.
✔✔File - ✔✔A set of logically related records, such as the payroll records of all
employees.
✔✔Master File - ✔✔A permanent file of records that stores cumulative data about an
organization. As transactions take place, individual records within a master file are
updated to keep them current.
✔✔Transaction Files - ✔✔A file that contains the individual business transactions that
occur during a specific fiscal period. Conceptually similar to a journal in a manual AIS
✔✔Database - ✔✔a set of interrelated, centrally controlled data files that are stored with
as little data redundancy as possible. Consolidates records previously stored in
separate files into a common pool and serves a variety of users and data processing
applications
✔✔Batch Processing - ✔✔Accumulating transaction records into groups or batches for
processing at a regular interval such as daily or weekly. The records are usually sorted
into some sequence (such as numerically or alphabetically) before processing.
✔✔Real time processing - ✔✔the computer system processes data immediately after
capture and provides updated information to users on a timely basis
✔✔Document - ✔✔Records or transactions or other company data. Examples include
checks, invoices, receiving reports, purchase requisitions
✔✔Reports - ✔✔System output, organized in a meaningful fashion, that is used by
employees to control operational activities, by managers to make decisions and design
strategies, and by investors and creditors to understand a company's business
activities.
✔✔Query - ✔✔A request for the database to provide the information needed to deal
with a problem or answer a question. The information is retrieved, displayed or printed,
and/or analyzed as requested.
✔✔Enterprise Resource Planning Systems - ✔✔systems that integrate all aspects of an
organization's activities into one system
, ✔✔Threat - ✔✔any potential adverse occurrence or unwanted event that could injure
the AIS or the organization
✔✔Exposure/Impact - ✔✔the potential dollar loss if a particular threat becomes a reality
✔✔Likelihood/Risk - ✔✔The probability that a threat will come to pass
✔✔Internal Controls - ✔✔The processes and procedures implemented to provide
reasonable assurance that control objectives are met
✔✔Preventive Controls - ✔✔Controls that deter problems before they arise, such as
hiring qualified personnel, appropriately segregating employee duties, effectively
controlling physical access to assets, facilities and information
✔✔Detective Controls - ✔✔Controls designed to discover problems that were not
prevented, such as duplicate checking of calculations and preparing bank
reconciliations and monthly trial balances
✔✔Corrective Controls - ✔✔controls that identify and correct problems as well as
correct and recover from the resulting errors, such as maintaining backup copies of
files, correcting data entry errors, and resubmitting transactions for subsequent
processing
✔✔General Controls - ✔✔controls designed to make sure an organization's information
system and control environment is stable and well managed such as security and IT
infrastructure
✔✔Application Controls - ✔✔controls that prevent, detect, and correct transaction errors
and fraud in application programs. Concerned with accuracy, completeness, validity,
and authorization of the data captured, entered into the system, processed, stored,
transmitted to other systems, and reported
✔✔Foreign Corrupt Practices Act (FCPA) - ✔✔legislation passed to prevent companies
from bribing foreign officials to obtain business; also requires all publicly owned
corporations maintain a system of internal accounting controls
✔✔Sarbanes oxley Act (SOX) - ✔✔legislation intended to prevent financial statement
fraud, make financial reports more transparent, provide protection to investors,
strengthen internal controls at public companies, and punish executives who perpetrate
fraud
✔✔Public Company Accounting Oversight Board (PCAOB) - ✔✔A board created by
SOX that regulates the auditing profession; created as part of SOX.
SOLUTIONS GUARANTEE A+
✔✔Data value - ✔✔The actual value stored in a field. It describes a particular attribute
of an entity. For example, the customer name field would contain "ZYX Company" if that
company was a customer.
✔✔File - ✔✔A set of logically related records, such as the payroll records of all
employees.
✔✔Master File - ✔✔A permanent file of records that stores cumulative data about an
organization. As transactions take place, individual records within a master file are
updated to keep them current.
✔✔Transaction Files - ✔✔A file that contains the individual business transactions that
occur during a specific fiscal period. Conceptually similar to a journal in a manual AIS
✔✔Database - ✔✔a set of interrelated, centrally controlled data files that are stored with
as little data redundancy as possible. Consolidates records previously stored in
separate files into a common pool and serves a variety of users and data processing
applications
✔✔Batch Processing - ✔✔Accumulating transaction records into groups or batches for
processing at a regular interval such as daily or weekly. The records are usually sorted
into some sequence (such as numerically or alphabetically) before processing.
✔✔Real time processing - ✔✔the computer system processes data immediately after
capture and provides updated information to users on a timely basis
✔✔Document - ✔✔Records or transactions or other company data. Examples include
checks, invoices, receiving reports, purchase requisitions
✔✔Reports - ✔✔System output, organized in a meaningful fashion, that is used by
employees to control operational activities, by managers to make decisions and design
strategies, and by investors and creditors to understand a company's business
activities.
✔✔Query - ✔✔A request for the database to provide the information needed to deal
with a problem or answer a question. The information is retrieved, displayed or printed,
and/or analyzed as requested.
✔✔Enterprise Resource Planning Systems - ✔✔systems that integrate all aspects of an
organization's activities into one system
, ✔✔Threat - ✔✔any potential adverse occurrence or unwanted event that could injure
the AIS or the organization
✔✔Exposure/Impact - ✔✔the potential dollar loss if a particular threat becomes a reality
✔✔Likelihood/Risk - ✔✔The probability that a threat will come to pass
✔✔Internal Controls - ✔✔The processes and procedures implemented to provide
reasonable assurance that control objectives are met
✔✔Preventive Controls - ✔✔Controls that deter problems before they arise, such as
hiring qualified personnel, appropriately segregating employee duties, effectively
controlling physical access to assets, facilities and information
✔✔Detective Controls - ✔✔Controls designed to discover problems that were not
prevented, such as duplicate checking of calculations and preparing bank
reconciliations and monthly trial balances
✔✔Corrective Controls - ✔✔controls that identify and correct problems as well as
correct and recover from the resulting errors, such as maintaining backup copies of
files, correcting data entry errors, and resubmitting transactions for subsequent
processing
✔✔General Controls - ✔✔controls designed to make sure an organization's information
system and control environment is stable and well managed such as security and IT
infrastructure
✔✔Application Controls - ✔✔controls that prevent, detect, and correct transaction errors
and fraud in application programs. Concerned with accuracy, completeness, validity,
and authorization of the data captured, entered into the system, processed, stored,
transmitted to other systems, and reported
✔✔Foreign Corrupt Practices Act (FCPA) - ✔✔legislation passed to prevent companies
from bribing foreign officials to obtain business; also requires all publicly owned
corporations maintain a system of internal accounting controls
✔✔Sarbanes oxley Act (SOX) - ✔✔legislation intended to prevent financial statement
fraud, make financial reports more transparent, provide protection to investors,
strengthen internal controls at public companies, and punish executives who perpetrate
fraud
✔✔Public Company Accounting Oversight Board (PCAOB) - ✔✔A board created by
SOX that regulates the auditing profession; created as part of SOX.
