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AIS > AIS 8 > Flashcards

AIS 8 Flashcards

1
Q

Represent items in sequential order

A

Sequential Codes

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2
Q

Used to prenumber source documents​

A

Sequential Codes

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3
Q

Track each transaction processed ​

Identify any out-of-sequence documents​

A

Sequential Codes

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4
Q

Represent whole classes by assigning each class a specific range within the coding scheme​

A

Block Codes

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5
Q

Used for chart of accounts ​

The basis of the general ledger​

A

Block Codes

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6
Q

Allows for the easy insertion of new codes within a block ​

A

Block Codes

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7
Q

Don’t have to reorganize the coding structure​

A

Block Codes​

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8
Q

Represent complex items or events involving two or more pieces of data using fields with specific meaning​

A

Group Codes​

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9
Q

Used for many of the same purposes as numeric codes ​

A

Alphabetic Codes​

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10
Q

Can be assigned sequentially or used in block and group coding techniques​

A

Alphabetic Codes​

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11
Q

May be used to represent large numbers of items​

Can represents up to 26 variations per field​

A

Alphabetic Codes

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12
Q

Alphabetic characters used as abbreviations, acronyms, and other types of combinations​

A

Mnemonic Codes

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13
Q

Do not require users to memorize the meaning since the code itself is informative – and not arbitrary ​

NY = New York​

A

Mnemonic Codes

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14
Q

principal FRS file based on chart of accounts​

A

General ledger master file

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15
Q

used for comparative financial support​

A

General ledger history file​

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16
Q

all journal vouchers of the current period​

A

Journal voucher file​

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17
Q

journal vouchers of past periods for audit trail​

A

Journal voucher history file​

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18
Q

financial data by responsibility centers for MRS​

A

Responsibility center file​

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19
Q

budget data by responsibility centers for MRS​

A

Budget master file​

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20
Q

listing of transactions​
allocation of expenses to cost centers​
comparison of account balances from prior periods​
trial balances​

A

General ledger analysis:

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21
Q

balance sheet​

income statement​

statement of cash flows​

A

Financial statements

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22
Q

analysis of sales​

analysis of cash​

analysis of receivables

A

Managerial reports

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23
Q

coded listing of accounts​

A

Chart of accounts

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24
Q

journal vouchers must be authorized by a manager at the source dept​

A

Transaction authorization

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25
Q

G/L clerks should not:​

have recordkeeping
responsibility for special journals or subsidiary ledgers​

prepare journal vouchers​

have custody of physical assets​

A

Segregation of duties

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26
Q

Unauthorized access to G/L can result in errors, fraud, and misrepresentations in financial statements.​

A

Access controls:

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27
Q

requires controls that limit database access to only authorized individuals.​

A

Sarbanes-Oxley

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28
Q

trace source documents from inception to financial statements and vice versa​

A

Accounting records

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29
Q

G/L dept. reconciles journal vouchers and summaries. ​

A

Independent verification ​

30
Q

details of each journal voucher posted to the G/L​

A

journal voucher listing

31
Q

the effects of journal voucher postings on G/L accounts​

A

general ledger change report

32
Q

Produce financial and nonfinancial information needed by management to “plan, evaluate, control”​

Usually seen as discretionary reporting​

A

Management Reporting Systems ​

33
Q

Can argue that Sarbanes-Oxley requires MRS ​

A

Management Reporting Systems ​

34
Q

provide a formal means for monitoring the internal controls​

A

MRS

35
Q

structures the firm around the tasks performed rather than around individuals’ unique skills​

allows specification of the information needed to support the tasks​

A

Formalization of tasks

36
Q

obligation to achieve desired results​

A

responsibility

37
Q

power to make decisions within the limits of that responsibility​

A

authority

38
Q

delegated by managers to subordinates​

define the vertical reporting channels through which information flow

A

Responsibility and authority

39
Q

the number of subordinates directly under the manager’s control​

detailed reports for managers with narrow spans of control ​

summarized information for managers with broad spans of control​

A

Span of control

40
Q

Managers should limit their attention to potential problem areas. ​

Reports should focus on changes in key factors that are asymptomatic of potential problems.​

A

Management by exception

41
Q

firm’s goals and objectives​
scope of business activities​
organizational structure​
management philosophy​
long-term, with broad scope and impact​
non-recurring , with high degree of uncertainty​
need highly summarized information​
require external & internal information sources​

A

Strategic planning decisions

42
Q

subordinate to strategic decisions ​
short term ​
specific objectives​
recur often​
fairly certain outcomes​
limited impact on the firm ​

A

Tactical planning decisions

43
Q

using resources as productively as possible in all functional areas ​

evaluating the performance of subordinates against standards​

A

Management control decisions

44
Q

deal with routine tasks​

narrower focus, dependent on details ​

highly structured​

short time frame​

A

Operational control decisions

45
Q

Reflects and affects how well decision makers understand and solve problems​

A

Problem Structure

46
Q

Report objectives - reports must have value or information content ​

They should…​

reduce the level of uncertainty associated with a problem facing the decision maker​

influence the behavior of the decision maker in a positive way​

A

Management Reports

47
Q

Report Attribute useful to decision making​

A

Relevance

48
Q

Report Attribute that is appropriate level of detail​

A

Summarization

49
Q

Report Attributes that identify risks​

A

Exception orientation

50
Q

Report Attributes that is free of material errors​

A

Accuracy

51
Q

Report Attributes that refers to essential information​

A

Completeness

52
Q

Report Attributes that is in time for decisions​

A

Timeliness

53
Q

Report Attributes ataht refers to understandable format​

A

Conciseness

54
Q

produced at specified intervals, e.g., weekly​

A

scheduled reports

55
Q

triggered by events, e.g., inventory levels drop to a certain level​

A

on-demand reports

56
Q

designed and created “as needed” ​

situations arise that require new information​

A

Ad hoc reports

57
Q

Implies that every economic event that affects the organization is the responsibility of and can be traced to an individual manager​

Incorporates the fundamental principle that responsibility-area managers are accountable for items that they control​

A

Responsibility Accounting​

58
Q

helps management achieve financial objectives by setting measurable goals for each organizational segment.​

A

Budgeting

59
Q

flows downward and becomes increasingly detailed at each lower level.​

A

Budget information

60
Q

flows upward as responsibility reports.​

A

performance information

61
Q

responsible for keeping costs within budgetary limits​

A

Cost center

62
Q

Responsible for both cost control and revenue generation​

A

Profit center

63
Q

has general authority to make a wide range of decisions affecting costs, revenue, and investments in assets​

A

Investment center

64
Q

help to appropriately assign authority and responsibility.​

A

MRS and compensation schemes

65
Q

If _______ are not carefully designed, managers may engage in actions not optimal for the organization.​

A

compensation measures

66
Q

Occurs when managers receive more information than they can assimilate ​

A

Information Overload​

67
Q

Can cause managers to disregard formal information and rely on informal—probably inferior—cues when making decisions​

A

Information Overload​

68
Q

Stimulate behavior consistent with firm objectives​

Managers consider all relevant aspects, not just one​

A

ppropriate performance measures​

69
Q

Example of inappropriate measures that can affect the quality of the items purchased​

A

price variance

70
Q

Example of inappropriate measures that can affect quality control, material usage efficiency, labor relations, plant maintenance​

A

quotas

71
Q

Example of inappropriate measures that can affect plant investment, employee training, inventory reserve levels, customer satisfaction​

A

profit measures

AIS (8 decks)

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