API- APPLICATION PROGRAMMING INTERFACE

Question 1

THE KEY ENTITIES OF API ECOSYSTEM

Answer 1

1. API OWNER
2. API PROVIDER (PRODUCER/PUBLISHER CREATOR
3. API CONSUMER

Question 2

RIGHTS OF API PROVIDER

Answer 2

1. DEFINE PUBLISH TERMS OF USE (INCLUDING SLA)
2. MODIFY THE IMPLEMENTATION OF THE API AT ANYTIME, AS LONG AS THE NEW IMPLEMENTATION COMPLIES WITH THE API DEFINITION AND AGREED SLAs ARE MET

Question 3

Types of API

Answer 3

REST (Representational State Transfer)

SOAP (Simple Object Access Protocol)

WebSocket

RPC (Remote Procedure Call)

Question 4

API’s Role in Accounting Process

IAREC

Answer 4

▪ Integration of Software Systems
▪ Automation of operations
▪ Real-time financial data
▪ Enhanced security
▪ Customization and extensibility

Question 5

API and the Audit Trail

RPSE

Answer 5

▪ Recording transaction histories
▪ Providing transparency
▪ Supporting regulatory compliance
▪ Easy data export and integration

Question 6

Key Features of API-Based Audit Trails

ACSS

Answer 6

▪ Automatic generation of audit records for every transaction or system action.

▪ Comprehensive logging (user, timestamp, request
type, affected data, result/status, and more).

▪ Standardization of log formats across applications for easier compliance and review.

▪ Support for real-time alerts when suspicious actions are detected.

Question 7

Benefits of API

BLIB

Answer 7

▪ Better integration and automation
▪ Less coordination effort
▪ Increased adaptability
▪ Business model innovation

Question 8

Advantages of API

IIBIN

Answer 8

▪ Increased interoperability
▪ Improved efficiency
▪ Better user experience
▪ Increased flexibility
▪ New revenue streams

Question 9

Disadvantages of API

SCCDG

Answer 9

▪ Security concerns
▪ Complexity
▪ Compatibility issues
▪ Dependency on third-party developers
▪ Governance and management

Question 10

Strengths of API

IS

Answer 10

▪ Interoperability and flexibility
▪ Scalability and tooling-support

Question 11

Weaknesses of API

SD

Answer 11

▪ Security risks
▪ Dependency on external services