ACCY 310 (MIDTERM AND FINAL) UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Accounting Information System (AIS)
Answer:
records, processes, and reports data
Question:
2. data
Answer:
raw facts
Question:
3. information
Answer:
data processed in a meaningful way
Question:
4. attributes of useful information
Answer:
relevance and faithful representation
Question:
5. relevance
Answer:
confirmatory value, predictive value, materiality
Question:
6. faithful representation
Answer:
complete, free from bias, free from error
Question:
7. business process
Answer:
organized activities or task a company does to achieve a goal
, Question:
8. Enterprise Resource Planning (ERP)
Answer:
centralized database that collects orders, customers, sales inventory
Question:
9. key business processes
Answer:
sales, purchases, conversion, HR
Question:
10. documentation
Answer:
required by SOX, provide an audit trail, help determine WCGW
Question:
11. SOX 404
Answer:
Management assessment of internal controls
Question:
12. audit
Answer:
independent examination of a company's financial statements
Question:
13. business processing diagram
Answer:
includes events that change the flow, activities and tasks, sequence of flow, and
decision points
Question:
14. elements of BPMN
Answer:
events, activities, sequence of flows, gateways
Question:
15. BPMN pool
Answer:
organization as a whole
QUESTIONS AND CORRECT ANSWERS
Question:
1. Accounting Information System (AIS)
Answer:
records, processes, and reports data
Question:
2. data
Answer:
raw facts
Question:
3. information
Answer:
data processed in a meaningful way
Question:
4. attributes of useful information
Answer:
relevance and faithful representation
Question:
5. relevance
Answer:
confirmatory value, predictive value, materiality
Question:
6. faithful representation
Answer:
complete, free from bias, free from error
Question:
7. business process
Answer:
organized activities or task a company does to achieve a goal
, Question:
8. Enterprise Resource Planning (ERP)
Answer:
centralized database that collects orders, customers, sales inventory
Question:
9. key business processes
Answer:
sales, purchases, conversion, HR
Question:
10. documentation
Answer:
required by SOX, provide an audit trail, help determine WCGW
Question:
11. SOX 404
Answer:
Management assessment of internal controls
Question:
12. audit
Answer:
independent examination of a company's financial statements
Question:
13. business processing diagram
Answer:
includes events that change the flow, activities and tasks, sequence of flow, and
decision points
Question:
14. elements of BPMN
Answer:
events, activities, sequence of flows, gateways
Question:
15. BPMN pool
Answer:
organization as a whole