UTK INMT 341 Final Exam UPDATED Questions and Answers Verified 100% Correct

UTK INMT 341 Final Exam UPDATED Questions and Answers Verified 100% Correct Efficiency - ANSWER -How quickly I can do things Effectiveness - ANSWER -Do them correctly, accuracy Integrity - ANSWER -Represents what is actually true Nonrepudiation - ANSWER -Can't deny having done something Privacy - ANSWER -Protecting information at a certain level, don't want data breaches Reliability - ANSWER -Doesn't go offline, there when I need it Segregation of Duties - ANSWER -people have one job Timely - ANSWER -Access when needed Transparent - ANSWER -We can all see it Validity - ANSWER -Representative of what actually happened Internal Control - ANSWER -A process designed to provide reasonable assurance regarding the achievement of objectives related to operations, reporting, and compliance Information Security - ANSWER -Protection of information assets from harm, physical and logical security Lockboxes - ANSWER -Improve efficiency of processing customer payments and enhances control over receipt of payments What is the last step the OTC process? - ANSWER -Record approved sales order A Sales Invoice is filled out using data from - ANSWER -The shipment and delivery event Vendor Invoice - ANSWER -A bill sent to a customer from a seller What is the trigger for a vendor to pick goods - ANSWER -There is an existing valid, open sales order What does the inventory master data store reflect? - ANSWER -A hold of the inventory in the order Order To Cash collection of cash - ANSWER -Custodial AND recordkeeping Preventing an unauthorized shipment of goods requires - ANSWER -A valid, open sales order Which documents don't need access to data - ANSWER -Record approved sales order, billing, record shipment of goods ALL NEED ACCESS TO DATA What is used to measure an economic event and is recorded in the general ledger? - ANSWER -Sales Invoice Sales Order is considered closed when it has been - ANSWER -Shipped and billed When is the general ledger updated? - ANSWER -During the record billing information process What is part of the record sales order information process? - ANSWER -Check customer credit Bill of Lading - ANSWER -a legal contract that defines responsibility for goods while they are in transit What is it called when a vendor applies payments by customer to individual purchases? - ANSWER -Specific Invoice How to approach liability recognition? - ANSWER -Two way matching What is the tickler files open invoice - ANSWER -Helps with trouble tracking open invoices and paying them What is used as an authorization to obtain goods from a warehouse and prepare them for shipment? - ANSWER -Valid open sales order AND picking slip What is the document with the payment and is part of the sales invoice - ANSWER -Remittance Advice What is it called when you get credit approval without documented payment history - ANSWER -Specific authorization Why should inventory be checked? - ANSWER -To check if it can be fulfilled or if it will be on backorder What are the benefits of two-way matching - ANSWER -Reduces the time lag between receipt of goods and recording financial measurements What is a customer order - ANSWER -When a purchasing agent generates a document to order goods from a vendor and the vendor receives it (what the vendor calls it) Defense in Depth - ANSWER -The concept of protecting a computer system with a series (layers) of defensive mechanisms such that if one mechanism fails, another will already be in place to detect or prevent an attack Time Influence on Controls - ANSWER -P (D+C)