ATI ACCOUNTING FINAL EXAM
x x x x
STUDY GUIDE QUESTIONS AND VERIFIED ANSWERS
x x x x x
()/ A+ GRADE
x x x x x
Accounting xInformation xSystems x- xCORRECT xANSWER x-A xsystem xthat xrecords, xprocesses,
xsummarizes, xreports xand xcommunicates xthe xresults xof xbusiness xtransactions xto xprovide xfinancial
xand xnonfinancial xinformation xto xfacilitate xdecision xmaking. x x
It xis xdesigned xto xensure xappropriate xlevels xof xinternal xcontrols xfor xthose xtransactions. x
x
What xmakes xinformation xuseful? x- xCORRECT xANSWER x-In xorder xfor xinformation xto xbe xuseful, xit
xmust xbe xrelevant xand xbe xa xfaithful xrepresentation. x x
x
Relevance: xinformation xmust xbe xrelevant xto xthe xdecision xmaker, xcapable xof xinfluencing xthe xdecisions
xof xusers x x
x
Faithful xrepresentation: xinformation xis xcomplete, xneutral, xand xis xfree xfrom xerror. xRepresents xthe
xsubstance xof xthe xunderlying xeconomic xtransaction. x
x
What xare xthe xmandatory xreporting xrequirements xfor xpublic xcorporations? x- xCORRECT xANSWER x-Tax
xreturns xand xaudited xfinancial xstatements. x
x
What xis xthe xvalue xchain? x- xCORRECT xANSWER x-A xchain xof xbusiness xprocesses xfor xa xfirm. x x
x
Primary xactivities: x x
1. Inbound xlogistics: xreceiving xand xstoring xraw xmaterials x+ xdistributing xmaterials xto xwhere xthey xare
xneeded x x
2. Operations: xactivities xthat xtransform xinputs xinto xfinished xgoods xand xservices x x
3. Outbound xlogistics: xactivities xthat xwarehouse xand xdistribute xfinished xgoods xto xcustomers x x
4. Marketing xand xsales xactivities: xidentify xneeds xand xwants xof xcustomers xto xhelp xattract xthem xto
xfirm's xproducts x x
5. Service xactivities: xprovide xsupport xof xcustomers xafter xproducts xand xservices xare xsold xto xthem x x
, x
Support xactivities: x x
1. xFirm xinfrastructure: xactivities xneeded xto xsupport xthe xfirm x(CEO, xfinance, xlegal, xand xaccounting
depts.) x x2. xHRM xactivities x x
x
3. Technology xactivities xto xsupport xvalue xcreating xactivities x x
4. Procurement xactivities: xpurchasing xinputs x(raw xmaterials, xsupplies, xequipment) x
x
What xskills xare xrequired xfor xCISA x(Certified xInformation xSystems xAuditor)? x- xCORRECT xANSWER x--
xPass xCISA xexam x x
- have x5+ xyears xin xIS/IT xaudit, xcontrol, xassurance, xor xsecurity xjob x x
- adhere xto xprofessional xcode xof xethics x
x
What xskills xare xrequired xfor xa xCIA x(Certified xInternal xAuditor)? x- xCORRECT xANSWER x-- xBachelor's
xdegree xor xhigher x x
- 5+ xyears xof xinternal xaudit xexperience xor x x
- active xstudent xin xfinal xyear xof xcollege xor x x
- active xstudent xwith xapproved xInternal xAudit xEducation xPartnership xschool x
x
What xskills xare xrequired xfor xa xCITP x(Certified xInformation xTechnology xProfessional)? x- xCORRECT
xANSWER x
-- xmember xof xAICPA xin xgood xstanding x x
- valid xCPA xlicense x x
- minimum x1,000 xhours xof xbusiness xexperience xwithin x5-year xperiod xpreceding xdate xof xCITP
application x- xpass xthe xCITP xexam x
x
x
What xis xthe xsupply xchain? x- xCORRECT xANSWER x-Supple xchain xrefers xto xthe xflow xof xmaterials,
xinformation, xpayments, xand xservices xfrom xraw xmaterials xsuppliers, xthrough xfactories xand
xwarehouses, xall xthe xway xto xthe xfinal xcustomers. xA xsupple xchain xwill xalso xinclude xthe xfirms xand
xprocesses xthat xcreate xand xdeliver xproducts, xinformation, xand xservices xto xthe xfinal xcustomers. xThe
xsupple xchain xrefers xto xa xnetwork xof xprocesses xthat xdelivers xa xfinished xgood xor xservice xto xthe xfinal
xcustomer. x
x x x x
STUDY GUIDE QUESTIONS AND VERIFIED ANSWERS
x x x x x
()/ A+ GRADE
x x x x x
Accounting xInformation xSystems x- xCORRECT xANSWER x-A xsystem xthat xrecords, xprocesses,
xsummarizes, xreports xand xcommunicates xthe xresults xof xbusiness xtransactions xto xprovide xfinancial
xand xnonfinancial xinformation xto xfacilitate xdecision xmaking. x x
It xis xdesigned xto xensure xappropriate xlevels xof xinternal xcontrols xfor xthose xtransactions. x
x
What xmakes xinformation xuseful? x- xCORRECT xANSWER x-In xorder xfor xinformation xto xbe xuseful, xit
xmust xbe xrelevant xand xbe xa xfaithful xrepresentation. x x
x
Relevance: xinformation xmust xbe xrelevant xto xthe xdecision xmaker, xcapable xof xinfluencing xthe xdecisions
xof xusers x x
x
Faithful xrepresentation: xinformation xis xcomplete, xneutral, xand xis xfree xfrom xerror. xRepresents xthe
xsubstance xof xthe xunderlying xeconomic xtransaction. x
x
What xare xthe xmandatory xreporting xrequirements xfor xpublic xcorporations? x- xCORRECT xANSWER x-Tax
xreturns xand xaudited xfinancial xstatements. x
x
What xis xthe xvalue xchain? x- xCORRECT xANSWER x-A xchain xof xbusiness xprocesses xfor xa xfirm. x x
x
Primary xactivities: x x
1. Inbound xlogistics: xreceiving xand xstoring xraw xmaterials x+ xdistributing xmaterials xto xwhere xthey xare
xneeded x x
2. Operations: xactivities xthat xtransform xinputs xinto xfinished xgoods xand xservices x x
3. Outbound xlogistics: xactivities xthat xwarehouse xand xdistribute xfinished xgoods xto xcustomers x x
4. Marketing xand xsales xactivities: xidentify xneeds xand xwants xof xcustomers xto xhelp xattract xthem xto
xfirm's xproducts x x
5. Service xactivities: xprovide xsupport xof xcustomers xafter xproducts xand xservices xare xsold xto xthem x x
, x
Support xactivities: x x
1. xFirm xinfrastructure: xactivities xneeded xto xsupport xthe xfirm x(CEO, xfinance, xlegal, xand xaccounting
depts.) x x2. xHRM xactivities x x
x
3. Technology xactivities xto xsupport xvalue xcreating xactivities x x
4. Procurement xactivities: xpurchasing xinputs x(raw xmaterials, xsupplies, xequipment) x
x
What xskills xare xrequired xfor xCISA x(Certified xInformation xSystems xAuditor)? x- xCORRECT xANSWER x--
xPass xCISA xexam x x
- have x5+ xyears xin xIS/IT xaudit, xcontrol, xassurance, xor xsecurity xjob x x
- adhere xto xprofessional xcode xof xethics x
x
What xskills xare xrequired xfor xa xCIA x(Certified xInternal xAuditor)? x- xCORRECT xANSWER x-- xBachelor's
xdegree xor xhigher x x
- 5+ xyears xof xinternal xaudit xexperience xor x x
- active xstudent xin xfinal xyear xof xcollege xor x x
- active xstudent xwith xapproved xInternal xAudit xEducation xPartnership xschool x
x
What xskills xare xrequired xfor xa xCITP x(Certified xInformation xTechnology xProfessional)? x- xCORRECT
xANSWER x
-- xmember xof xAICPA xin xgood xstanding x x
- valid xCPA xlicense x x
- minimum x1,000 xhours xof xbusiness xexperience xwithin x5-year xperiod xpreceding xdate xof xCITP
application x- xpass xthe xCITP xexam x
x
x
What xis xthe xsupply xchain? x- xCORRECT xANSWER x-Supple xchain xrefers xto xthe xflow xof xmaterials,
xinformation, xpayments, xand xservices xfrom xraw xmaterials xsuppliers, xthrough xfactories xand
xwarehouses, xall xthe xway xto xthe xfinal xcustomers. xA xsupple xchain xwill xalso xinclude xthe xfirms xand
xprocesses xthat xcreate xand xdeliver xproducts, xinformation, xand xservices xto xthe xfinal xcustomers. xThe
xsupple xchain xrefers xto xa xnetwork xof xprocesses xthat xdelivers xa xfinished xgood xor xservice xto xthe xfinal
xcustomer. x
