Athabasca University (AU ) • Intermediate Financial Accounting I
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ACC351 1
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Acct 351 6
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ACCT351- 1
Laatste content Athabasca University (AU ) • Intermediate Financial Accounting I
This network access control determines which IP packets are allowed entry to a network and which are dropped. -Correct Answers -access control list 
 
Perimeter defense is an example of which of the following preventive controls that are necessary to provide adequate security? -Correct Answers -Controlling remote access 
 
COBIT 5 management practice APO01.08 stresses the importance of ________ of both employee compliance with the organization's information security policies and overall perfo...
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Athabasca University•ACCT 351
What is the most widely used international standard for IT governance? 
a. ISACA 
b. COSO ERM 
c. COBIT 
d. COSO Internal Control—Integrated Framework 
c. COBIT 
Select the statement that is not true about COBIT 2019. 
a. Its organizational focus is IT governance. 
b. It focuses on all controls for assessing risk and providing assurance throughout an organization. 
c. It is a living document that welcomes feedback. 
d. It has five domains and 40 control objectives. 
b. It focuses on all contro...
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Athabasca University•ACCT 351
Human resource processes 
Aquire and manage employees 
Payroll processes 
Pay for employees' work 
Purchasing Process 
procurement processes, focused on acquiring the necessary resources for a business to operate 
Inventory Management 
the planning and controlling of inventories to meet the competitive priorities of the organization 
fixed assets 
includes land, land improvements, buildings, equipment and machinery. Also known as capital expenditures or CAPEX 
Fixed Asset Purchases, list the ...
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Athabasca University•Acct 351
Controls to mitigate inaccurate or invalid master data in the revenue cycle -Correct Answers -Data processing integrity controls, restriction of access to master data, review of all changes to master data 
 
Controls to mitigate poor performance in the revenue cycle -Correct Answers -managerial reports 
 
Controls to mitigate unauthorized disclosure of sensitive information in the revenue cycle -Correct Answers -Access controls, encryption, tokenization of customer personal information 
 
Name f...
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Athabasca University•ACC351
Respondent Superior -Correct Answers -A doctrine under which a principal is held liable for the wrongful acts committed by agents while acting within the scope of their agency 
 
Acts -Correct Answers -Assaults or Negligence committed while performing acts within scope of job 
 
Sole Proprietorship -Correct Answers -A business owned and managed by a single individual; No separate legal entity; No separation for liability, tax, and accounting purposes. Personal liability for debts of business 
 
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Athabasca University•ACCT351-
Modified Basis of Accounting -Correct Answers -Has to be measurable and available 
 
Accrual Basis of Accounting -Correct Answers -recognizes revenues when they are earned 
 
Current -Correct Answers --Looking for balance 
-Cash or assets that will be converted to cash -within 90 days 
-Over a year not reported current 
-Report if using current resources 
 
Economic -Correct Answers -Reporting long and short term 
 
Interfund Transactions -Correct Answers -Transactions between individual funds ...
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Athabasca University•ACCT 351
Securities and 
exchange commission -Correct Answers -The federal administrative agency that is empowered to administer federal securities laws. They can adopt rules and regulations to interpret and implement federal securities laws 
 
Reporting company -Correct Answers -companies must file periodic reports (10 Q, 10 K, 8 K) with the SEC and to their shareholders 
 
Security -Correct Answers -An interest or instrument that is common stock, preferred stock, a bond, a debenture, warrant, investme...
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Athabasca University•ACCT 351
What are the U.S. GAAP? -Correct Answers -GAAP are guidelines, procedures, and practices that a company is required to use in recording and reporting the accounting information in its audited financial statemennts 
 
They are like laws and are the rules that must be followed in audited financial reporting. These guidelines, procedures, and practices have substantial authoirtative support 
 
What Role Does FASB play is US financial Reporting? -Correct Answers -To establish and improve standards o...
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Athabasca University•Acct 351