Question 

1
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The objective of the personnel function is to effectively manage competent and reliable
employees since employees are viewed as valuable resource to a business.

Select one:
True 
False

Question 2
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It is the obligation of an individual to account for its activities, accept responsibility for
them, and to disclose the results in a transparent manner.

Select one:
a.
Authority
b.
Responsibility
c.
All of the above
d.
Accountability

Question 3
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Authority arises due to accountability.

Select one:
True
False 

Question 4
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It is the conversion of raw data to useful information

Select one:
a.
Data Sources
b.
Data Processing
c.
Information
d.
Data Collection

Question 5
Correct
Mark 1.00 out of 1.00

Flag question
 Question text
Information system is the set of formal procedures by which data are collected, processed
into information, and distributed to users. These users can be both internal and external
users.

Select one:
True 
False

Question 6
Correct
Mark 1.00 out of 1.00

Flag question

Question text
This is the functional area in the company who is in charge in the activity of getting the
product to the customer after the sale.

Select one:
a.
Distribution
b.
Accounting
c.
Marketing
d.
Finance

Question 7
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Non-financial transaction is an economic event that has an effect on the company's assets,
liabilities and/or equities.

Select one:
True
False 

Question 8
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The similarities of information system and accounting is the final output that is being used
by the users of information.

Select one:
True 
False

Question 9
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The following are the objectives of information system, except:

Select one:
a.
To support the stewardship function of management.
b.
To support the firm's day-to-day operations.
c.
To support management decision making.
 d.
All are objectives of information system

Question 10
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Authority is never delegated.

Select one:
True
False 

Question 1
Correct
Mark 1.00 out of 1.00

Flag question

Question text
General Ledger is a book of accounts of all the balance sheet and income statement
accounts

Select one:
True 
False

Question 2
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Which symbol represents accounting records?

Select one:
a.

b.

c.

d.

Feedback
Your answer is correct.

Question 3
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Documents provide evidence of the transaction and initiates the transaction processing

Select one:
True 
False

Question 4
Correct
Mark 1.00 out of 1.00

Flag question

Question text
All of the following can provide evidence of an economic event except

Select one:
a.
source document
b.
turn-around document
c.
master document
d.
product document

Question 5
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Transactions that are usually being recorded in general journals are cash disbursements
transactions only.

Select one:
True
False 

Question 6
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
Product document is a document containing the details of a transaction.

Select one:
True
False 

Question 7
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which account is least likely to have a subsidiary ledger?

Select one:
a.
Sales
b.
accounts receivable
c.
fixed assets
d.
Inventory

Question 8
Correct
Mark 1.00 out of 1.00

Flag question
 Question text
A control account is a general ledger account which is supported by a subsidiary ledger.

Select one:
True 
False

Question 9
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The portion of the monthly bill from a credit card company is an example of a turn-around
document.

Select one:
True 
False

Question 10
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The order of the entries made in the ledger is by

Select one:
a.
transaction number
b.
date
c.
user
 d.
account number

Question 1
Incorrect
Mark 0.00 out of 1.00

Flag question

Question text
The order of the entries made in the general journal is by

Select one:
a.
account number
b.
transaction number
c.
date
d.
user

Question 2
Correct
Mark 1.00 out of 1.00

Flag question

Question text
In general, a special journal would not be used to record

Select one:
a.
depreciation
b.
purchases
c.
sales
d.
cash disbursements

Question 3
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which symbol represents accounting records?

Select one:
a.

b.

c.

d.

Feedback
Your answer is correct.

Question 4
Correct
Mark 1.00 out of 1.00

Flag question
 Question text
Turnaround documents are product documents of one system that become source
documents for another system.

Select one:
True 
False

Question 5
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Directing work-in-process through its various stages of manufacturing is part of the
conversion cycle.

Select one:
True 
False

Question 6
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The accounting information system consists of the records and methods used to initiate,
identify, analyze, classify, and record the organization's transactions and to account for the
related assets and liabilities.

Select one:
True 
False

Question 7
Correct
Mark 1.00 out of 1.00

Flag question

Question text
This is the functional area in the company who is in charge inmanaging the financial
resources of the firm through banking and treasury activities, portfolio management, credit
evaluation, cash disbursements, and cash receipts.

Select one:
a.
Distribution
b.
Marketing
c.
Finance
d.
Accounting

Question 8
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Asset misappropriation is the most common fraud scheme.

Select one:
True 
False

Question 9
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
This ensures that all material transactions processed by the information system are valid and
in accordance with management's objectives.

Select one:
a.
Transaction Authorization
b.
Accountability
c.
Responsibility
d.
Segregation of Duties

Question 10
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The AIS must include controls to ensure

Select one:
a.
safety and availability of data.
b.
both safety and availability of data and information produced from data is accurate
c.
information produced from data is accurate.
d.
marketing initiatives match corporate goals.
Question 11
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which document is not a type of source document?

Select one:
a.
an employee time card
b.
a paycheck
c.
a sales return receipt
d.
a sales order

Question 12
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The objective of the personnel function is to effectively manage competent and reliable
employees since employees are viewed as valuable resource to a business.

Select one:
True 
False

Question 13
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
In a medium-sized or larger organization, adequate segregation of duties can never be
achieved.

Select one:
True
False 

Question 14
Correct
Mark 1.00 out of 1.00

Flag question

Question text
All data processed and information stored in an accounting information system are
mandatory for financial reporting purposes.

Select one:
True
False 

Question 15
Correct
Mark 1.00 out of 1.00

Flag question

Question text
A system is a collection of related resources designed to help a company achieve specified
objectives.

Select one:
 True 
False

Question 16
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The basic goal of accounting information systems is to convert financial data into
information.

Select one:
True 
False

Question 17
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Information system only comprise nonfinancial information.

Select one:
True
False 

Question 18
Correct
Mark 1.00 out of 1.00

Flag question
 Question text
The general journal is used to record recurring transactions that are similar in nature.

Select one:
True
False 

Question 19
Incorrect
Mark 0.00 out of 1.00

Flag question

Question text
Transaction authorization within an organization may be either specific or general. An
example of specific transaction authorization is the

Select one:
a.
Establishment of a customer's credit limits
b.
Establishment of sales prices
c.
Approval of a construction budget for a new warehouse
d.
Setting of automatic reorder points

Question 20
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It is a process of gathering data, of which is believed to be the first operational stage in the
information system.

Select one:
 a.
Information
b.
Data Collection
c.
Data Sources
d.
Data Processing

Question 21
Correct
Mark 1.00 out of 1.00

Flag question

Question text
It is a document that is a resulting product of a transaction processing

Select one:
a.
Primary Document
b.
Secondary Document
c.
Source Document
d.
Product Document

Question 22
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Information system is defined as a systematic process of providing financial information of
an organization or unit that is intended to be useful in making decisions.

Select one:
True
False 

Question 23
Incorrect
Mark 0.00 out of 1.00

Flag question

Question text
Proper segregation of functional responsibilities calls for separation of the functions of

Select one:
a.
Authorization, execution, and payment.
b.
Authorization, execution, and recording.
c.
Authorization, payment, and recording.
d.
Custody, execution, and reporting

Question 24
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Transactions that are usually being recorded in general journals are cash disbursements
transactions only.

Select one:
 True
False 

Question 25
Incorrect
Mark 0.00 out of 1.00

Flag question

Question text
The term "fraud" refers to an intentional act by one or more individuals among
management, those charged with governance, employees, or third parties, involving the use
of deception to obtain an unjust or illegal advantage. Which statement is correct regarding
fraud?

Select one:
a.
Misstatement of the financial statements may not be the objective of some frauds
b.
Fraud involving one or more members of management or those charged with governance is
referred to as "employee fraud"
c.
Fraud involving only employees of the entity is referred to as "management fraud".
d.
Auditors make legal determinations of whether fraud has actually occurred

Question 26
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Control activities sets the tone for the organization and influences the control awareness of
its management and employees.

Select one:
 True
False 

Question 27
Correct
Mark 1.00 out of 1.00

Flag question

Question text
The management information system benefits of information technology include
automation, information organization, and communication.

Select one:
True
False 

Question 28
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Which of the following is not part of the control environment?

Select one:
a.
The function of the board of directors and its committees.
b.
Organizational structure and methods of assigning authority and responsibility.
c.
Information and communication systems.
d.
Management philosophy and operating style.

Question 29
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Transactions that are usually being recorded in special journals are cash receipts
transactions only.

Select one:
True
False 

Question 30
Correct
Mark 1.00 out of 1.00

Flag question

Question text
This is the functional area in the company who is in charge in managing the financial
resources of the firm through banking and treasury activities, portfolio management, credit
evaluation, cash disbursements, and cash receipts.

Select one:
a.
Accounting
b.
Marketing
c.
Finance
d.
Distribution