UF ACG3401 Exam 1 with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
internal controls ✔Correct Answer-the processes and procedures implemented to provide
reasonable assurance that control objectives are met
purpose of accounting systems ✔Correct Answer-1. review performance
2. compliance/taxes
3. attract capital
4. protect assets from employees
Seperation of Duties ✔Correct Answer-Dividing responsibility between two or more people to limit
fraud and promote accuracy of accounting records
Sarbanes-Oxley Act ✔Correct Answer-established PCAOB
prohibit auditing and consulting combo
disclosure of off balance sheet items
info system ✔Correct Answer-set of formal procedures for data collection being distributed to
users
Transaction Processing System (TPS) ✔Correct Answer-supports the monitoring, collection,
storage, and processing of data from the organization's basic business transactions, each of which
generates data
General Ledger/Financial Reporting System (GL/FRS) ✔Correct Answer-produces financial
statements and reports
Management Reporting System (MRS) ✔Correct Answer-produces special-purpose reports for
internal use
Levels of Data ✔Correct Answer-Attribute, Record, File
Info requirements ✔Correct Answer-relevance
timeliness
accuracy
completeness
summerization
Centralized data processing ✔Correct Answer-data processing at center location
shared data within org
Distributed data processing (DDP) ✔Correct Answer-specific to each user
no data sharing
Process models ✔Correct Answer-manual
flat file
database
Answers |Latest Version |Already Graded A+
internal controls ✔Correct Answer-the processes and procedures implemented to provide
reasonable assurance that control objectives are met
purpose of accounting systems ✔Correct Answer-1. review performance
2. compliance/taxes
3. attract capital
4. protect assets from employees
Seperation of Duties ✔Correct Answer-Dividing responsibility between two or more people to limit
fraud and promote accuracy of accounting records
Sarbanes-Oxley Act ✔Correct Answer-established PCAOB
prohibit auditing and consulting combo
disclosure of off balance sheet items
info system ✔Correct Answer-set of formal procedures for data collection being distributed to
users
Transaction Processing System (TPS) ✔Correct Answer-supports the monitoring, collection,
storage, and processing of data from the organization's basic business transactions, each of which
generates data
General Ledger/Financial Reporting System (GL/FRS) ✔Correct Answer-produces financial
statements and reports
Management Reporting System (MRS) ✔Correct Answer-produces special-purpose reports for
internal use
Levels of Data ✔Correct Answer-Attribute, Record, File
Info requirements ✔Correct Answer-relevance
timeliness
accuracy
completeness
summerization
Centralized data processing ✔Correct Answer-data processing at center location
shared data within org
Distributed data processing (DDP) ✔Correct Answer-specific to each user
no data sharing
Process models ✔Correct Answer-manual
flat file
database
