ACTG 313 LATEST 2026 PRACTICE EXAM QUESTIONS AND
SOLUTIONS GUARANTEE A+
✔✔Government agencies Give-get exchange - ✔✔GIVE Regulations and tax forms
GET taxes and reports
✔✔general journal - ✔✔Used to record infrequent or non-routine transactions
✔✔Audit trail - ✔✔a path that allows a transaction to be traced through a data
processing system from point of origin to output or backward from output to point of
origin
✔✔attributes - ✔✔The properties, identifying numbers, and characteristics of interest of
an entity that is stored in a database. Examples are employee number, pay rate, name,
and address.
✔✔fields - ✔✔the portion of a data record where the data value for a particular attribute
is stored
✔✔record - ✔✔A set of fields whose data values describe specific attributes of an entity,
such as all payroll data relating to a single employee. An example is a row in a
spreadsheet.
✔✔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.
✔✔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 file - ✔✔A file that contains the individual business transactions that
occur during a specific fiscal period. A transaction file is conceptually similar to a journal
in a manual AIS.
✔✔database - ✔✔A set of interrelated, centrally coordinated files
✔✔real-time processing - ✔✔the computer system processes data immediately after
capture and provides updated information to users on a timely basis. Fed-Ex uses this
✔✔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.
,✔✔Online batch processing - ✔✔combination of batch processing and real-time
processing
✔✔Public Company Accounting Oversight Board (PCAOB) - ✔✔A board created by
SOX that regulates the auditing profession. Sets and enforces auditing, quality control,
ethics, independence, and other auditing standards. 5 people appointed by SEC
✔✔Committee of Sponsoring Organizations (COSO) - ✔✔A private-sector group
consisting of the American Accounting Association, the AICPA, the Institute of Internal
Auditors, the Institute of Management Accountants, and the Financial Executives
Institute.
✔✔Internal Control-Integrated Framework (IC) - ✔✔A COSO framework that defines
internal controls and provides guidance for evaluating and enhancing internal control
systems
✔✔Audit Committee - ✔✔the outside, independent board of director members
responsible for financial reporting, regulatory compliance, internal control, and hiring
and overseeing internal and external auditors
✔✔policy and procedures manual - ✔✔a document that explains proper business
practices, describes needed knowledge and experience, explains document
procedures, explains how to handle transactions, and lists the resources provided to
carry out specific duties
✔✔inherent risk - ✔✔the susceptibility of a set of accounts or transactions to significant
control problems in the absence of internal control
✔✔residual risk - ✔✔the risk that remains after management implements internal
controls or some other response to risk
✔✔systems analyst - ✔✔people who help users determine their information needs and
design systems to meet those needs
✔✔programmers - ✔✔People who take the analysts' design and develop, code, and
test computer programs.
✔✔computer operators - ✔✔People who operate the company's computers. They
ensure that data are input properly, processed correctly, and that needed output is
produced.
✔✔users - ✔✔people who record transactions, authorize data processing, and use
system output
, ✔✔systems administrators - ✔✔people responsible for making sure a system operates
smoothly and efficiently
✔✔analytical review - ✔✔the examination of the relationships between different sets of
data
✔✔independent review - ✔✔after a transaction is processed, a second person reviews
the work of the first, checking for proper authorization, reviewing supporting documents,
and checking the accuracy of prices, quantities, and extensions
✔✔Computer Security Officer (CSO) - ✔✔An employee independent of the information
system function who monitors the system, disseminates information about improper
system uses and their consequences, and reports to top management.
✔✔Chief Compliance Officer (CCO) - ✔✔an employee responsible for all the
compliance tasks associated with SOX and other laws and regulatory rulings
✔✔forensic investigators - ✔✔Individuals who specialize in fraud, most of whom have
specialized training with law enforcement agencies such as the FBI or IRS or have
professional certifications such as Certified Fraud Examiner (CFE).
✔✔computer forensics specialists - ✔✔computer experts who discover, extract,
safeguard, and document computer evidence such that its authenticity, accuracy, and
integrity will not succumb to legal challenges
✔✔fraud hotline - ✔✔a phone number employees can call to anonymously report fraud
and abuse
✔✔audit trail - ✔✔a path that allows a transaction to be traced through a data
processing system from point of origin to output or backward from output to point of
origin
✔✔Electronic Data Interchange (EDI) - ✔✔the use of computerized communications
and a standard coding scheme to submit business documents electronically in a format
that can be automatically processed by the recipient's information system
✔✔accounts receivable aging report - ✔✔a report listing customer account balances by
length of time outstanding
✔✔customer relationship management systems (CRM) - ✔✔software that organizes
information about customers in a manner that facilitates efficient and personalized
service
SOLUTIONS GUARANTEE A+
✔✔Government agencies Give-get exchange - ✔✔GIVE Regulations and tax forms
GET taxes and reports
✔✔general journal - ✔✔Used to record infrequent or non-routine transactions
✔✔Audit trail - ✔✔a path that allows a transaction to be traced through a data
processing system from point of origin to output or backward from output to point of
origin
✔✔attributes - ✔✔The properties, identifying numbers, and characteristics of interest of
an entity that is stored in a database. Examples are employee number, pay rate, name,
and address.
✔✔fields - ✔✔the portion of a data record where the data value for a particular attribute
is stored
✔✔record - ✔✔A set of fields whose data values describe specific attributes of an entity,
such as all payroll data relating to a single employee. An example is a row in a
spreadsheet.
✔✔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.
✔✔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 file - ✔✔A file that contains the individual business transactions that
occur during a specific fiscal period. A transaction file is conceptually similar to a journal
in a manual AIS.
✔✔database - ✔✔A set of interrelated, centrally coordinated files
✔✔real-time processing - ✔✔the computer system processes data immediately after
capture and provides updated information to users on a timely basis. Fed-Ex uses this
✔✔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.
,✔✔Online batch processing - ✔✔combination of batch processing and real-time
processing
✔✔Public Company Accounting Oversight Board (PCAOB) - ✔✔A board created by
SOX that regulates the auditing profession. Sets and enforces auditing, quality control,
ethics, independence, and other auditing standards. 5 people appointed by SEC
✔✔Committee of Sponsoring Organizations (COSO) - ✔✔A private-sector group
consisting of the American Accounting Association, the AICPA, the Institute of Internal
Auditors, the Institute of Management Accountants, and the Financial Executives
Institute.
✔✔Internal Control-Integrated Framework (IC) - ✔✔A COSO framework that defines
internal controls and provides guidance for evaluating and enhancing internal control
systems
✔✔Audit Committee - ✔✔the outside, independent board of director members
responsible for financial reporting, regulatory compliance, internal control, and hiring
and overseeing internal and external auditors
✔✔policy and procedures manual - ✔✔a document that explains proper business
practices, describes needed knowledge and experience, explains document
procedures, explains how to handle transactions, and lists the resources provided to
carry out specific duties
✔✔inherent risk - ✔✔the susceptibility of a set of accounts or transactions to significant
control problems in the absence of internal control
✔✔residual risk - ✔✔the risk that remains after management implements internal
controls or some other response to risk
✔✔systems analyst - ✔✔people who help users determine their information needs and
design systems to meet those needs
✔✔programmers - ✔✔People who take the analysts' design and develop, code, and
test computer programs.
✔✔computer operators - ✔✔People who operate the company's computers. They
ensure that data are input properly, processed correctly, and that needed output is
produced.
✔✔users - ✔✔people who record transactions, authorize data processing, and use
system output
, ✔✔systems administrators - ✔✔people responsible for making sure a system operates
smoothly and efficiently
✔✔analytical review - ✔✔the examination of the relationships between different sets of
data
✔✔independent review - ✔✔after a transaction is processed, a second person reviews
the work of the first, checking for proper authorization, reviewing supporting documents,
and checking the accuracy of prices, quantities, and extensions
✔✔Computer Security Officer (CSO) - ✔✔An employee independent of the information
system function who monitors the system, disseminates information about improper
system uses and their consequences, and reports to top management.
✔✔Chief Compliance Officer (CCO) - ✔✔an employee responsible for all the
compliance tasks associated with SOX and other laws and regulatory rulings
✔✔forensic investigators - ✔✔Individuals who specialize in fraud, most of whom have
specialized training with law enforcement agencies such as the FBI or IRS or have
professional certifications such as Certified Fraud Examiner (CFE).
✔✔computer forensics specialists - ✔✔computer experts who discover, extract,
safeguard, and document computer evidence such that its authenticity, accuracy, and
integrity will not succumb to legal challenges
✔✔fraud hotline - ✔✔a phone number employees can call to anonymously report fraud
and abuse
✔✔audit trail - ✔✔a path that allows a transaction to be traced through a data
processing system from point of origin to output or backward from output to point of
origin
✔✔Electronic Data Interchange (EDI) - ✔✔the use of computerized communications
and a standard coding scheme to submit business documents electronically in a format
that can be automatically processed by the recipient's information system
✔✔accounts receivable aging report - ✔✔a report listing customer account balances by
length of time outstanding
✔✔customer relationship management systems (CRM) - ✔✔software that organizes
information about customers in a manner that facilitates efficient and personalized
service
