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

UTK INMT 341 Final Exam UPDATED Questions and Answers Verified 100% Correct 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) General Controls - ANSWER -Apply to all areas of an organization and include internal accounting controls, operational controls, administrative controls, organizational security policies, etc IS-Specific Controls - ANSWER -Include: strategy and direction of the IT function, general organization and management of the function, access to resources, database admin, etc. IT General Controls (ITGC) - ANSWER -a combination of hardware, software, and manual procedures that create an overall control environment. They are essential to ensure that information systems are reliable and that behavior can be predicted, system-wide IT Application Controls - ANSWER -Specific controls unique to each computerized application, such as payroll or order processing Control system layers - ANSWER -- management (non-IT general) controls - IT general controls (ITGC) - IT application controls How to determine which controls are needed: - ANSWER -- nature of the risk - cost benefit of the control - vulnerabilities identified - risk appetite - risk strategy - risk tollerance - nature of technology Identity and Access Management (IAM) - ANSWER -A framework of business processes, policies and technologies that facilitates the management of electronic or digital identities - single sign on - two-factor authentication 3 Tasks of an IAM - ANSWER -1. Identify 2. Authenticate 3. Authorize Principle of Least Privilege - ANSWER -The practice of limiting access to the minimal level that will allow normal functioning. Applied to employees, the principle of least privilege translates to giving people the lowest level of user rights that they can have and still do their jobs Access Control List (ACL) - ANSWER -internal computerized table of access rules (permissions) regarding the levels of computer access permitted to logon IDs and computer terminals. Change Management - ANSWER -The process of monitoring change requests, approving changes, documenting changes, testing changes, scheduling changes, implementing and following up on changes Router - ANSWER -A packet is a unit that travels over a network and contains both routing information and data Hub - ANSWER -A common connection point for devices in a network, hubs are used to connect segments of a local area network DMZ (demilitarized zone) - ANSWER -A sub-network that separates an internal local area network from other untrusted networks, usually the Internet. Server - ANSWER -A computer program that provides services to other computer programs in the same or other computers Firewall - ANSWER -A network security system, either hardware or software based, that uses riles to control incoming and outgoing network traffic IPS Intrusion Prevention System - ANSWER -Uses rules to make decisions about packets