AIS Exam 1: Basics || 100% SOLVED!!
AICPA Core Competency Framework correct answers Broad Business Competencies
Personal Competency
Functional Competency
FASB Components AIS achieves correct answers Provide financial reporting
Identify and measure elements of financial statements
Provide timely, reliable, and relevant info to users
Full disclosure principle
AIS Structure correct answers Inputs, Processes, Outputs, Storage, Internal Controls
Information Competence correct answers Find
Evaluate
Use
Communicate
Criteria for evaluating information competence correct answers Authority
Accuracy
Objectivity
Currency
Coverage
Accounting correct answers Identify economic/financial information to measure and
communicate to make an informed decision/judgement
Bookkeeping correct answers Identify economic/financial info
Measure info
Source Document Internal Controls correct answers Sequential Numbering
Physical Security
Transaction Limit
Recordable Transaction types correct answers Internal
External
Why use Coding Systems correct answers Efficient data entry and processing
Frequent use
Save time and money
Coding Systems Broad Categories correct answers Sequential
Block
Hierarchical
Mnemonic
Internal Control correct answers Ongoing Process
Affecting many people in organization
Achieve reasonable assurance the 4 purposes of IC are achieved
AICPA Core Competency Framework correct answers Broad Business Competencies
Personal Competency
Functional Competency
FASB Components AIS achieves correct answers Provide financial reporting
Identify and measure elements of financial statements
Provide timely, reliable, and relevant info to users
Full disclosure principle
AIS Structure correct answers Inputs, Processes, Outputs, Storage, Internal Controls
Information Competence correct answers Find
Evaluate
Use
Communicate
Criteria for evaluating information competence correct answers Authority
Accuracy
Objectivity
Currency
Coverage
Accounting correct answers Identify economic/financial information to measure and
communicate to make an informed decision/judgement
Bookkeeping correct answers Identify economic/financial info
Measure info
Source Document Internal Controls correct answers Sequential Numbering
Physical Security
Transaction Limit
Recordable Transaction types correct answers Internal
External
Why use Coding Systems correct answers Efficient data entry and processing
Frequent use
Save time and money
Coding Systems Broad Categories correct answers Sequential
Block
Hierarchical
Mnemonic
Internal Control correct answers Ongoing Process
Affecting many people in organization
Achieve reasonable assurance the 4 purposes of IC are achieved
