ACCOUNTING INFORMATION SYSTEMS
15TH EDITION COMPREHENSIVE EXAM
SCRIPT SOLVED QUESTIONS GRADED A+
◉ ERP System
Answer: Increased responsiveness and flexibility while aiding in the
decision-making process. It is an enterprise-wide information
system designed to coordinate all the resources, information, and
activities needed to complete business processes such as order
fulfillment or billing.
◉ Segregation of accounting duties
Answer: This process effectively segregates the Authorization
function from, Custody and Recording.
◉ Corporate Governance
Answer: It is a set of processes and policies in managing and
organization with sound ethics to safeguard the interest of its
stakeholders.
It promotes accountability, fairness, and transparency in the
organization's relationship with it's stakeholders.
◉ Functions of Control
, Answer: Three functions of internal controls are: Preventive,
Detective and corrective controls.
◉ Types of control
Answer: General and application controls
◉ Components of internal controls
Answer: There are 8 components of internal control are: Internal
Environment, event identification, risk assessment, risk response,
control activities, information and communication, monitoring.
◉ Four categories of objective settings for internal controls are:
Answer: Strategic, operations, reporting, compliance
◉ The key criteria of business requirements for information:
Answer: Effectiveness, efficiency, confidentiality, integrity,
availability, compliance and reliability.
◉ Functions of internal control.
Answer: Prevention, detection and correction.
◉ Corporate governance
15TH EDITION COMPREHENSIVE EXAM
SCRIPT SOLVED QUESTIONS GRADED A+
◉ ERP System
Answer: Increased responsiveness and flexibility while aiding in the
decision-making process. It is an enterprise-wide information
system designed to coordinate all the resources, information, and
activities needed to complete business processes such as order
fulfillment or billing.
◉ Segregation of accounting duties
Answer: This process effectively segregates the Authorization
function from, Custody and Recording.
◉ Corporate Governance
Answer: It is a set of processes and policies in managing and
organization with sound ethics to safeguard the interest of its
stakeholders.
It promotes accountability, fairness, and transparency in the
organization's relationship with it's stakeholders.
◉ Functions of Control
, Answer: Three functions of internal controls are: Preventive,
Detective and corrective controls.
◉ Types of control
Answer: General and application controls
◉ Components of internal controls
Answer: There are 8 components of internal control are: Internal
Environment, event identification, risk assessment, risk response,
control activities, information and communication, monitoring.
◉ Four categories of objective settings for internal controls are:
Answer: Strategic, operations, reporting, compliance
◉ The key criteria of business requirements for information:
Answer: Effectiveness, efficiency, confidentiality, integrity,
availability, compliance and reliability.
◉ Functions of internal control.
Answer: Prevention, detection and correction.
◉ Corporate governance
