(WGU D217) ACCT 3360 - Accounting Information Systems - Final Assessment Guide (WGU D217) ACCT 3360 - Accounting Information Systems - Final Assessment Guide (WGU D217) ACCT 3360 - Accounting Information Systems - Final Assessment Guide (WGU D217) ACCT 3360 - Accounting Information Systems - Final ...
,1. Multiple Choice: What is the primary purpose of an Accounting
Information System (AIS)?
a) To collect financial data
b) To process financial transactions
c) To provide financial reporting to stakeholders
d) To ensure compliance with tax laws
Correct Answer: c) To provide financial reporting to
stakeholders
Rationale: The main purpose of an AIS is to aggregate, process,
and communicate financial information to decision-makers.
2. Fill-in-the-Blank: The __________ is a set of rules and
procedures designed to ensure the accuracy and integrity of
financial reports.
Correct Answer: internal control system
Rationale: The internal control system is crucial for ensuring the
reliability of financial reporting.
3. True/False: XBRL (eXtensible Business Reporting Language) is
only used for reporting financial information to external
stakeholders.
Correct Answer: False
, Rationale: XBRL is used for both internal and external financial
reporting, enhancing the communication process.
4. Multiple Response: Which of the following are objectives of
financial accounting? (Select all that apply)
a) Recording transactions
b) Budgeting and forecasting
c) Reporting to external stakeholders
d) Decision making
Correct Answers: a) Recording transactions, c) Reporting to
external stakeholders
Rationale: Financial accounting focuses on recording historical
financial information and providing reports to external parties.
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