ACCREDITED BUSINESS
ACCOUNTING 3510 EXAM 1
QUESTIONS WITH CORRECT
ANSWERS
The CGMA Competency Framework classifies skills into _______ important sets. -
Answer-four or 4
Pools represent _________ in a process. - Answer-participants or organizations
The CGMA Competency Framework describes four broad sets of skills anchored by
a commitment to ________ , integrity, and professionalism. - Answer-ethics
True or false: Sequence flows are used between pools, and messsage flows are
used within pools. - Answer-False
True or false: Activity models show the sequence of workflow tasks in a business
process. - Answer-True
Which of the following is a business management support of the accounting/finance
function? - Answer-Performance measurement, reporting and analysis
A business process is a _________ sequence of activities that uses resources to
transform specific inputs into outputs to achieve a business goal. - Answer-defined
A graphical representation presents information more ________ than a written
description. - Answer-concise or concisely
In BPMN, organizations are modeled as pools and departments within organizations
are modeled as _________ within a pool. - Answer-lanes or swimlanes
Data warehouses are ______________ a company's operational database. -
Answer-kept separate from
__________ is a technique used to analyze data for business intelligence purposes.
- Answer-Data mining
Financial statement items are tagged in XBRL by either manual tagging by
professionals knowledgeable of the firm's financial reports or automatically by a(n)
_____________________. - Answer-enterprise system
What is the definition of XBRL instance documents? - Answer-An XBRL instance
document is a document containing XBRL elements containing firm financial
information.
,A data warehouse is a collection of information gathered from an assortment of
_________ and internal databases to facilitate reporting for decision making. -
Answer-external
The XBRL GL is used to facilitate which kind of communication by the firm? -
Answer-Internal communication
What term describes taking the XBRL data and making it readable by humans? -
Answer-XBRL Style Sheets
Why are data warehouses kept separate from a company's main operational
database? - Answer-So that they can run queries without affecting the performance
of the company's operational systems.
_________________ are tagged in XBRL by either manual tagging by professionals
knowledgeable of the firm's financial reports or automatically by an enterprise
system. - Answer-Financial statement items
Data warehouses often serve as a repository of the firm's (historical/forecast) data. -
Answer-historical
True or false: XBRL GL links the chart of accounts used in the general ledger with
the accounts consistent with XBRL's taxonomy. - Answer-True
XBRL style sheets can format data for _____________. - Answer-A PDF file
Examples of an internal database used in a data warehouse might include which
data source? - Answer-General ledger
For a grocery store chain, answering a question like, how much cranberry sauce did
we sell last Thanksgiving would be a good question for which type of data source? -
Answer-Data mart
Systems used to support ____________ decision making are called decision support
systems. - Answer-Managerial
Another word for business intelligence is ________ intelligence. - Answer-
competitive
In the process of business intelligence, you first gather information, then analyze
patterns or ________ - Answer-trends
Tracking and reporting the number of days without an accident would be an example
of which of these? - Answer-Digital dashboard
XBRL is an acronym for which words? - Answer-Extensible Business Reporting
Language
Which regulatory body requires large corporations to submit their financial
statements using XBRL? - Answer-Securities and Exchange Commission
,Business intelligence is a computer-based technique for accumulating and analyzing
data from databases and data warehouses to support ______________________. -
Answer-Managerial decision making
In the process of business intelligence, you first gather information, then
________________ and finally make decisions based on the information gained. -
Answer-analyze the information
Who was the person who contemplated the use of XML to electronically deliver
financial information in 1998? - Answer-Charles Hoffman
XBRL is based on which standard for Internet communication among businesses? -
Answer-XML
The SEC requires large public companies to format their financial statements using
XBRL for which media? - Answer-Website
The XBRL specification ____________. - Answer-outlines the technical framework
for XBRL
XBRL assurance is needed to ensure which of the following? - Answer-The reports
generated using XBRL are complete and received on a timely basis.
What is the definition of the XBRL specification? - Answer-The XBRL specification
provides the underlying technical details of what XBRL is and how it works.
Data mining is a technique used to analyze data for what purpose? - Answer-
Business intelligence
An XBRL _______________ is a document containing XBRL elements for firm
financial information. - Answer-Instance document
A data mart takes a subset of information from a data warehouse to serve a
________ purpose. - Answer-specific
Continuous tracking of month-to-date orders would be an example of which of
these? - Answer-Digital dashboard
Examples of an external database used in a data warehouse might include which
data source? - Answer-Competitor information
In 2009, the _____ requires that financial statements be submitted using XBRL. -
Answer-SEC
The "S" in the AMPS model stands for _____ . - Answer-Share the story
Which party would have the most interest in monitoring blogs and social media to
assess the probability of the collectibility of bad debts? - Answer-Company
Accountant
, True or false: Data analytics allows auditors to vastly expand sampling beyond
current traditional sample sizes, but does not allow the ability to test the full
population of transactions. - Answer-False
The analysis needed to address the question, 'Can we forecast whether the
company will have a profit next year?', is _____ analysis. - Answer-Predictive
True or false: Data analytics comes up with computer algorithms that make decisions
automatically without human intervention. - Answer-False
Data analytics professionals spend up to ____% of their time cleaning data for
analysis? - Answer-90
According to the textbook, audit data standards include all but the following benefits
to accountants and auditors. - Answer-Is useful for those preparing tax returns
The AMPS model is performed ______ . - Answer-Once or many times to address
questions
True or false: Business intelligence allows firms to monitor competitors, customers
and suppliers. - Answer-True
True or false: In general, data analytics requires the auditor to pull data at the client
site before an external audit is completed. - Answer-False
ETL stands for which process for scrubbing raw data to make it ready for analysis? -
Answer-Extract, Transform, and Load
A study from McKinsey Global Institute estimates that Big Data could generate up to
_____ trillion in value per year in just a subset of industries impacted. - Answer-3
The data analytics skill sets that should be developed are all but the following: -
Answer-Decision making
According to the textbook, audits are expected to provide all but the following above
and beyond the assurance perspective. - Answer-Help companies reduce future
audit fees
According to the textbook, companies are empowered by using data analytics to do
all but the following: - Answer-Prevent fraud
The data analytics skill sets that should be developed are all but the following: -
Answer-Knowledge of audit data standards
According to the textbook, audit data standards include all but the following benefits
to accountants and auditors. - Answer-Is less expensive to implement and use.
ACCOUNTING 3510 EXAM 1
QUESTIONS WITH CORRECT
ANSWERS
The CGMA Competency Framework classifies skills into _______ important sets. -
Answer-four or 4
Pools represent _________ in a process. - Answer-participants or organizations
The CGMA Competency Framework describes four broad sets of skills anchored by
a commitment to ________ , integrity, and professionalism. - Answer-ethics
True or false: Sequence flows are used between pools, and messsage flows are
used within pools. - Answer-False
True or false: Activity models show the sequence of workflow tasks in a business
process. - Answer-True
Which of the following is a business management support of the accounting/finance
function? - Answer-Performance measurement, reporting and analysis
A business process is a _________ sequence of activities that uses resources to
transform specific inputs into outputs to achieve a business goal. - Answer-defined
A graphical representation presents information more ________ than a written
description. - Answer-concise or concisely
In BPMN, organizations are modeled as pools and departments within organizations
are modeled as _________ within a pool. - Answer-lanes or swimlanes
Data warehouses are ______________ a company's operational database. -
Answer-kept separate from
__________ is a technique used to analyze data for business intelligence purposes.
- Answer-Data mining
Financial statement items are tagged in XBRL by either manual tagging by
professionals knowledgeable of the firm's financial reports or automatically by a(n)
_____________________. - Answer-enterprise system
What is the definition of XBRL instance documents? - Answer-An XBRL instance
document is a document containing XBRL elements containing firm financial
information.
,A data warehouse is a collection of information gathered from an assortment of
_________ and internal databases to facilitate reporting for decision making. -
Answer-external
The XBRL GL is used to facilitate which kind of communication by the firm? -
Answer-Internal communication
What term describes taking the XBRL data and making it readable by humans? -
Answer-XBRL Style Sheets
Why are data warehouses kept separate from a company's main operational
database? - Answer-So that they can run queries without affecting the performance
of the company's operational systems.
_________________ are tagged in XBRL by either manual tagging by professionals
knowledgeable of the firm's financial reports or automatically by an enterprise
system. - Answer-Financial statement items
Data warehouses often serve as a repository of the firm's (historical/forecast) data. -
Answer-historical
True or false: XBRL GL links the chart of accounts used in the general ledger with
the accounts consistent with XBRL's taxonomy. - Answer-True
XBRL style sheets can format data for _____________. - Answer-A PDF file
Examples of an internal database used in a data warehouse might include which
data source? - Answer-General ledger
For a grocery store chain, answering a question like, how much cranberry sauce did
we sell last Thanksgiving would be a good question for which type of data source? -
Answer-Data mart
Systems used to support ____________ decision making are called decision support
systems. - Answer-Managerial
Another word for business intelligence is ________ intelligence. - Answer-
competitive
In the process of business intelligence, you first gather information, then analyze
patterns or ________ - Answer-trends
Tracking and reporting the number of days without an accident would be an example
of which of these? - Answer-Digital dashboard
XBRL is an acronym for which words? - Answer-Extensible Business Reporting
Language
Which regulatory body requires large corporations to submit their financial
statements using XBRL? - Answer-Securities and Exchange Commission
,Business intelligence is a computer-based technique for accumulating and analyzing
data from databases and data warehouses to support ______________________. -
Answer-Managerial decision making
In the process of business intelligence, you first gather information, then
________________ and finally make decisions based on the information gained. -
Answer-analyze the information
Who was the person who contemplated the use of XML to electronically deliver
financial information in 1998? - Answer-Charles Hoffman
XBRL is based on which standard for Internet communication among businesses? -
Answer-XML
The SEC requires large public companies to format their financial statements using
XBRL for which media? - Answer-Website
The XBRL specification ____________. - Answer-outlines the technical framework
for XBRL
XBRL assurance is needed to ensure which of the following? - Answer-The reports
generated using XBRL are complete and received on a timely basis.
What is the definition of the XBRL specification? - Answer-The XBRL specification
provides the underlying technical details of what XBRL is and how it works.
Data mining is a technique used to analyze data for what purpose? - Answer-
Business intelligence
An XBRL _______________ is a document containing XBRL elements for firm
financial information. - Answer-Instance document
A data mart takes a subset of information from a data warehouse to serve a
________ purpose. - Answer-specific
Continuous tracking of month-to-date orders would be an example of which of
these? - Answer-Digital dashboard
Examples of an external database used in a data warehouse might include which
data source? - Answer-Competitor information
In 2009, the _____ requires that financial statements be submitted using XBRL. -
Answer-SEC
The "S" in the AMPS model stands for _____ . - Answer-Share the story
Which party would have the most interest in monitoring blogs and social media to
assess the probability of the collectibility of bad debts? - Answer-Company
Accountant
, True or false: Data analytics allows auditors to vastly expand sampling beyond
current traditional sample sizes, but does not allow the ability to test the full
population of transactions. - Answer-False
The analysis needed to address the question, 'Can we forecast whether the
company will have a profit next year?', is _____ analysis. - Answer-Predictive
True or false: Data analytics comes up with computer algorithms that make decisions
automatically without human intervention. - Answer-False
Data analytics professionals spend up to ____% of their time cleaning data for
analysis? - Answer-90
According to the textbook, audit data standards include all but the following benefits
to accountants and auditors. - Answer-Is useful for those preparing tax returns
The AMPS model is performed ______ . - Answer-Once or many times to address
questions
True or false: Business intelligence allows firms to monitor competitors, customers
and suppliers. - Answer-True
True or false: In general, data analytics requires the auditor to pull data at the client
site before an external audit is completed. - Answer-False
ETL stands for which process for scrubbing raw data to make it ready for analysis? -
Answer-Extract, Transform, and Load
A study from McKinsey Global Institute estimates that Big Data could generate up to
_____ trillion in value per year in just a subset of industries impacted. - Answer-3
The data analytics skill sets that should be developed are all but the following: -
Answer-Decision making
According to the textbook, audits are expected to provide all but the following above
and beyond the assurance perspective. - Answer-Help companies reduce future
audit fees
According to the textbook, companies are empowered by using data analytics to do
all but the following: - Answer-Prevent fraud
The data analytics skill sets that should be developed are all but the following: -
Answer-Knowledge of audit data standards
According to the textbook, audit data standards include all but the following benefits
to accountants and auditors. - Answer-Is less expensive to implement and use.
