ACCT 4332 Mid-term Dr. Hue Questions With Complete
Solutions
Which of the following computer languages would best support
the activity of identifying the balances of the cash and cash
equivalent accounts of several companies and extracting them to
an electronic spreadsheet for analysis?
Extensible business reporting language (XBRL)
Which of the following defines the specific tags for individual
items of data when converting a human-readable financial report
to HTML?
Taxonomy
Which of the following factors does not influence the frequency
of reporting?
The conciseness of the report
Which of the following factors influences the frequency of
reporting?
The type of data reported
Which of the following formats would most likely eliminate
reentry of data and significantly reduce reporting costs for a
business?
XBRL
Which of the following is a general principle of effective
reporting?
,Comparative reporting
Which of the following is an example of exception reporting?
Providing reports of data with significant deviance from
expected results to managers
Which of the following is not a general principle that forms a
foundation for effective reporting?
Necessity for lengthy reports
Which of the following is not a general principle that forms a
foundation for effective reporting?
Emphasis on monetary measures only
Which of the following is not used for event coding in
accounting information systems?
A vendor
Which of the following is the appropriate format for tagging a
financial item in XBRL?
<Inventories>40000</Inventories>
Which of the following is/are TRUE with regard to XBRL?
XBRL has tags which provide financial information in a context.
XBRL adds the ability to search across platforms.
XBRL facilitates the handling of financial data and reduces the
potential for errors when using financial data.
(all of these are true statements about XBRL)
Which of the following languages is a financial reporting
language developed in part by the accounting profession?
,Extensible business reporting language (XBRL)
Which of the following languages uses standardized tags for
business and financial data so they can be easily searched with
web browsers?
Extensible Business Reporting Language (XBRL)
Which of the following statements is correct regarding
extensible business reporting language (XBRL)?
XBRL is used to identify the content of financial data.
Which of the following tools would allow an auditor to most
easily and efficiently compare a client company's financial
results with those of its competitors?
XBRL tagging
Which of the following would be suitable to use as a reference
identifier in an audit trail?
The document number of a check issued
Which of the following would not be suitable as a reference
identifier in an audit trail?
Purchase order number
Which relationship among reporting frequency, type of data
reported, and functional responsibilities is a common pattern?
Daily reporting of physical data for production managers
Which type of data is more useful in accounting reports that
cover a short period of time?
Physical
, An audit committee is a subcommittee under the direction of
whom?
The board of directors
From the following factors, which one is least likely to impact
the control environment?
Job descriptions
IT governance
All of the above describe IT governance.
The Foreign Corrupt Practices Act requires which of the
following?
The auditor engaged to examine the financial statements must
report to the SEC all illegal payments.
A publicly-held company must establish an independent audit
committee to monitor the effectiveness of a company's internal
controls.
U.S. firms doing business abroad must report sizable payments
to non-U.S. citizens to the U.S. Justice Department.
A company registered with the SEC must devise and maintain
an adequate internal control.
The audit committee is responsible for all of the following
except:
Establishing internal control
The effectiveness of internal control is
All of these define the effectiveness of internal control.
Solutions
Which of the following computer languages would best support
the activity of identifying the balances of the cash and cash
equivalent accounts of several companies and extracting them to
an electronic spreadsheet for analysis?
Extensible business reporting language (XBRL)
Which of the following defines the specific tags for individual
items of data when converting a human-readable financial report
to HTML?
Taxonomy
Which of the following factors does not influence the frequency
of reporting?
The conciseness of the report
Which of the following factors influences the frequency of
reporting?
The type of data reported
Which of the following formats would most likely eliminate
reentry of data and significantly reduce reporting costs for a
business?
XBRL
Which of the following is a general principle of effective
reporting?
,Comparative reporting
Which of the following is an example of exception reporting?
Providing reports of data with significant deviance from
expected results to managers
Which of the following is not a general principle that forms a
foundation for effective reporting?
Necessity for lengthy reports
Which of the following is not a general principle that forms a
foundation for effective reporting?
Emphasis on monetary measures only
Which of the following is not used for event coding in
accounting information systems?
A vendor
Which of the following is the appropriate format for tagging a
financial item in XBRL?
<Inventories>40000</Inventories>
Which of the following is/are TRUE with regard to XBRL?
XBRL has tags which provide financial information in a context.
XBRL adds the ability to search across platforms.
XBRL facilitates the handling of financial data and reduces the
potential for errors when using financial data.
(all of these are true statements about XBRL)
Which of the following languages is a financial reporting
language developed in part by the accounting profession?
,Extensible business reporting language (XBRL)
Which of the following languages uses standardized tags for
business and financial data so they can be easily searched with
web browsers?
Extensible Business Reporting Language (XBRL)
Which of the following statements is correct regarding
extensible business reporting language (XBRL)?
XBRL is used to identify the content of financial data.
Which of the following tools would allow an auditor to most
easily and efficiently compare a client company's financial
results with those of its competitors?
XBRL tagging
Which of the following would be suitable to use as a reference
identifier in an audit trail?
The document number of a check issued
Which of the following would not be suitable as a reference
identifier in an audit trail?
Purchase order number
Which relationship among reporting frequency, type of data
reported, and functional responsibilities is a common pattern?
Daily reporting of physical data for production managers
Which type of data is more useful in accounting reports that
cover a short period of time?
Physical
, An audit committee is a subcommittee under the direction of
whom?
The board of directors
From the following factors, which one is least likely to impact
the control environment?
Job descriptions
IT governance
All of the above describe IT governance.
The Foreign Corrupt Practices Act requires which of the
following?
The auditor engaged to examine the financial statements must
report to the SEC all illegal payments.
A publicly-held company must establish an independent audit
committee to monitor the effectiveness of a company's internal
controls.
U.S. firms doing business abroad must report sizable payments
to non-U.S. citizens to the U.S. Justice Department.
A company registered with the SEC must devise and maintain
an adequate internal control.
The audit committee is responsible for all of the following
except:
Establishing internal control
The effectiveness of internal control is
All of these define the effectiveness of internal control.
