Mastersolution

Question 1 FRS is an acronym for Federal Reporting System. True False Question 2 MRS is an acronym for Management Reporting System. True False Question 3 Management reporting is often called discretionary reporting because it is not mandated as is financial reporting. True False Question 4 A company with a wide span of control tends to have relatively more layers of management. True False Question 5 The FRS is the Futures Recognition System. True False Question 6 The employee who maintains the c...

Question 1 Which statement below best describes an investment center? The authority to make decisions affecting the major determinants of profit, including the power to choose its markets and sources of supply, and significant control over the amount of invested capital The authority to make decisions over the most significant costs of operations, including the power to choose the sources of supply The authority to provide specialized support to other units within the organization The responsibi...

Question 1 The documents in a voucher packet include all of the following except a check a purchase order an invoice a receiving report Question 2 The greatest advantage of the automated inventory system over its manual counterpart is improved ability to manager inventory needs True False Question 3 Vendors approved by an organization are maintained in a valid vendor file. Insuring that vendors used are in the valid vendor file will insure the most competitive price will be obtained False True Q...

Question 1 Which type of control is considered a compensating control? segregation of duties access control supervision accounting records Question 2 In regard to the bill of lading which of the following is false? The shipping clerk normally prepares the bill of lading It is a formal contract between the seller and the shipping company It establishes legal ownership and responsibility for assets in transit It is completed before the packing slip and shipping notice Question 3 The bill of lading...

Question 1 All the following are factors in the fraud triangle except Ethical behavior of an individual (rationalization) Pressure exerted on an individual at home and job related Materiality of the assets Opportunity to gain access to assets Question 2 0 out of 0 points Which of the following best describes lapping? applying cash receipts to a different customer’s account in an attempt to conceal previous thefts of funds inflating bank balances by transferring money among different bank accou...

Question 1 Directing work-in-process through its various stages of manufacturing is part of the conversion cycle. True False Question 2 Real time systems process transactions individually at the moment the event occurs. There are no time lags between occurence and recording. True False Question 3 Management is responsible for evaluating and reporting on a company's controls. True False Question 4 Bat Batch processing of non-critical accounts improves operational efficiency. True False Question 5...

Question 1 Which of the following is not a major factor that contributes to small business fraud? Inadequate employee prescreening Too much trust Limited controls Excessive cash on hand Question 2 A shell company fraud involves: stealing cash from an organization before it is recorded stealing cash from an organization after it has been recorded setting up a fake company and manufacturing false purchase orders, receiving reports, and invoices A clerk pays a vendor twice for the same products and...

Question 1 Which of the following is false? A reference file stores data that are used as standards for processing transactions. A master file generally contains account data. An archive file contains records of past transactions that are retained for future reference. A transaction file is a temporary file of transaction records used to change or update data in a master file. All of the above are true. Question 2 Which of the following is true of the relationship between subsidiary ledgers and ...

CIS430 Unit 2 Self Quiz C2 Question 1 Directing work-in-process through its various stages of manufacturing is part of the conversion cycle. True False Question 2 Real time systems process transactions individually at the moment the event occurs. There are no time lags between occurence and recording. True False Question 3 Management is responsible for evaluating and reporting on a company's controls. True False Question 4 Bat Batch processing of non-critical accounts improves operational effic...

CIS430 Unit 2 Quiz C2 Question 1 Which of the following is false? A reference file stores data that are used as standards for processing transactions A master file generally contains account data An archive file contains records of past transactions that are retained for future reference A transaction file is a temporary file of transaction records used to change or update data in a master file All of the above are true Question 2 Which of the following is true of the relationship between subsi...