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CIS430 Unit 5 Quiz C8 Latest 2017
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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 responsibility for developing markets for and selling of the output of the organization

Question 2

A profit center manager has responsibility for both cost control and revenue generation

True

False

Question 3

The core benefits of XBRL adoption include all of the following except:

Improved information quality

Cost reduction through tagging of each item with information so that data is easy to identify

Cost reduction through the ability to use data just once

Cost reduction through enhancing comparability of information because XBRL lays out a common set of definitions by which all organizations will tag their data

Question 4

An audit trail should:

Provide the ability to answer inquiries from customers or vendors

Be able to reconstruct files if they are destroyed

Provide historical data required by auditors

Fulfill government requirements

Provide a means for preventing, detecting and correcting errors

All of the above.

Question 5

XBRL

is an application of XML to business information reporting, that uses tags or structure, that will make data dramatically easier to create, aggregate, distribute and analyze

will improving the quality of the information used by companies, analysts and investors to make decisions

enables the creation of “interactive, intelligent” data that allows information to be automatically processed and analyzed and vastly improves transparency

is an acronym for eXtensible Business Reporting Language (XBRL)

Question 6

At what level of management is the long range planning function most important?

at top management levels

at middle management levels

at lower management levels

for staff functions e. for line functions

Question 7

The General ledger System (GLS) may be characterized as a hub in the center that is connected to other systems of the firm through spokes of information

True

False

Question 8

Which of the following is NOT a potential exposure of the FRS?

defective audit trail

general ledger accounts that are out of balance with subsidiary accounts

unauthorized access to the check register

unauthorized access to the general ledger

Question 9

The Ozment Corporation uses a performance reporting system that shows online the data for each subordinate who reports to a supervisor. The data presented show the actual costs incurred during the period, the budgeted costs, and all variances from budget for that subordinate’s department. The name of this system of reporting is

responsibility accounting

flexible budgeting

program budgeting

cost benefit accounting

 

 

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