ACC 340 Final Exam

ACC 340 Final Exam
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ACC 340 Final Exam
ACC/340 Final Exam
1. Three objectives of a company’s internal control system should be safeguarding assets, checking the accuracy and reliability of accounting data, and promoting operational efficiency. A fourth objective of a company’s internal control system should be:
a. Preventing embezzlement of assets
b. Encouraging adherence to prescribed managerial policies
c. Avoiding the payment of overtime to company employees
d. Revising standards for production costs on a weekly basis
2. Control activities and monitoring are one and the same. T or F
3. General controls within IT environments that affect personnel include:
a. Use of computer accounts
b. Separation of duties
c. Informal knowledge of employees
d. all of the above affect personnel
4. Contingency planning includes the development of a formal disaster recovery plan T or F
5. What has been the effect on accountants in those organizations which have computerized their data processing functions?
a. The need for accountants has disappeared
b. The accountants have become “pure” bookkeepers
c. The accountants have become involved in more decision making activities
d. The accountants’ decision making activities have drastically declined
6. Since accountants are not normally computer programmers working within the information processing subsystem, it is unnecessary for them to understand the capabilities and limitations of computers
T or F
7. An advantage of an extranet is that:
a. It can disseminate information corporate wide
b. It can be accessed by selected trading partners
c. Users can employ common web browsers to access...