ACG 4401 PINSKER FAU Exam 1
UPDATED QUESTIONS AND CORRECT
ANSWERS
Which of the following statements about the control environment is false? - CORRECT
ANSWER Management's attitude toward internal control and ethical behavior have
little impact on employee beliefs or actions.
The Balance Scorecard approach is advocated (by the book in the notes) as a control for
which General Ledger and Reporting Activity? - CORRECT ANSWER Produce
management reports
What was the biggest pressure on finance functions according to the "How Automation is
Driving Indian Finance Teams..." JOA article? (Also a major point I make in my lectures) -
CORRECT ANSWER Increasing the need to demonstrate the value to business
The documentation skills that accountants require vary with their job function. However, they
should at least be able to do which of the following? - CORRECT ANSWER Read
documentation to determine how the system works.
While all functions of internal controls are important for "defense-in-depth," which function
did I say was the most important for companies to invest the majority of their resource in? -
CORRECT ANSWER Preventative controls
Which is the main purpose for XBRL? - CORRECT ANSWER To make machine to
machine communication more efficient.
Why is it important to learn/understand documentation? - CORRECT ANSWER -It
helps one understand the quality of internal controls employed
-It can help a new employee understand the new job and its responsibilities
- It can help an external auditor understand a client's AIS
UPDATED QUESTIONS AND CORRECT
ANSWERS
Which of the following statements about the control environment is false? - CORRECT
ANSWER Management's attitude toward internal control and ethical behavior have
little impact on employee beliefs or actions.
The Balance Scorecard approach is advocated (by the book in the notes) as a control for
which General Ledger and Reporting Activity? - CORRECT ANSWER Produce
management reports
What was the biggest pressure on finance functions according to the "How Automation is
Driving Indian Finance Teams..." JOA article? (Also a major point I make in my lectures) -
CORRECT ANSWER Increasing the need to demonstrate the value to business
The documentation skills that accountants require vary with their job function. However, they
should at least be able to do which of the following? - CORRECT ANSWER Read
documentation to determine how the system works.
While all functions of internal controls are important for "defense-in-depth," which function
did I say was the most important for companies to invest the majority of their resource in? -
CORRECT ANSWER Preventative controls
Which is the main purpose for XBRL? - CORRECT ANSWER To make machine to
machine communication more efficient.
Why is it important to learn/understand documentation? - CORRECT ANSWER -It
helps one understand the quality of internal controls employed
-It can help a new employee understand the new job and its responsibilities
- It can help an external auditor understand a client's AIS
