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AIS final exam Questions and Answers graded A+ Which of the following is not essential to the definition of an accounting information system? a. Software b. Documents c. Decision makers d. Financial data a. Software All of the following are facts about an Accounting Information System ...

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  • August 4, 2024
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  • 2024/2025
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  • ais final exam questions and answers graded a
  • which of the following is not essential to the def
  • all of the following are facts about an accounting
  • which of the following is the best example of an i

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AIS final exam Questions and Answers
graded A+
Which of the following is not essential to the definition of an accounting information
system?
a. Software
b. Documents
c. Decision makers
d. Financial data - answer a. Software

All of the following are facts about an Accounting Information System (AIS) except:
a. An AIS should provide some form of internal control
b. An AIS always incorporates information technology
c. An AIS usually provides generic purpose financial statements as an output
d. An AIS can involve three types of storage files - answer b. An AIS always
incorporates information technology

Which of the following is the best example of an Internal Control in the Accounting
Information System?
a. Bank reconciliation
b. Balance sheet
c. Steps in the accounting cycle
d. Sales order - answer a. Bank reconciliation

According to the book Double Entry, why is double-entry bookkeeping so important?
a. Double entry bookkeeping enable capitalism to flourish
b. Double entry bookkeeping is still in daily use around the world
c. Double entry bookkeeping made the wealth and cultural growth of the renaissance
possible
d. All of the above - answer d. all of the above

Who is the "father" of double entry bookkeeping?
a. Leonardo Da Vinci
b. Piero Della Francesca
c. Luca Pacioli
d. Simon Kuznets - answer c. Luca Pacioli

Which of the remaining four business processes most closely relates to the payroll
portion of the Human Resource Process?
a. Sales/collection
b. Acquisition/payment
c. Conversion
d. Financing - answer b. acquisition/payment

,Which of the following best pairs a generic element of the AIS with a specific example of
that element:
a. Input, balance sheet
b. Internal control, balance sheet
c. Internal control, general ledger software
d. Input, general ledger software - answer c. internal control, general ledger software

Terms like "master file" and "transaction file" are most commonly associated with which
generic element of the accounting information system?
a. Input
b. Storage
c. Output
d. Internal controls - answer b. storage

According to the book Double Entry, which four Italian city-states does the author
specifically mention in connection with the growth of double-entry bookkeeping?
a. Florence, Pisa, Rome, Venice
b. Florence, Genoa, Rome, Venice
c. Florence, Genoa, Pisa, Rome
d. Florence, Genoa, Pisa, Venice - answer d. Florence, Genoa, Pisa, Venice

According to Senator Robert F. Kennedy's March 1968 speech, which of the following
does the Gross National Product include in its measurement?
a. The health of children
b. The beauty of poetry
c. Wisdom and learning
d. Air pollution - answer d. Air pollution

According to the book Double Entry, what group invented writing?
a. Accountants
b. Storytellers
c. Lawyers
d. Priests - answer a. accountants

BRN Corporation has two divisions: California and Nevada. Both divisions use the same
chart of accounts. Current assets use numbers in the 100s; plant assets use numbers in
the 200s; etc. When the divisions transfer data to the corporate system, BNN adds the
letter C to account numbers that the California division submits and the letter N to the
account numbers that the Nevada division submits. From the point of view of BNN,
which of the following coding systems best describes its chart of accounts?
a. Sequential
b. Block
c. Hierarchical
d. Mnemonic - answer c. hierarchical

,What is the next number in the Fibonacci sequence (0, 1, 1, 2, 3, 5, 8, 13, 21)?
a. 8
b. 13
c. 34
d. None of the above - answer c. 34

According to the book Double Entry, which of the following statements about bills of
exchange is true?
a. The catholic church outlawed the use of bills of exchange in Europe
b. The bill of exchange is a form of usury (charging interest on loans)
c. Bills of exchange gambled on exchange-rate variations
d. All of the above - answer c. bills of exchange gambled on exchange-rate
variations

Which of the following coding systems best describes "ACCT-307"?
a. Sequential
b. Block
c. Hierarchical
d. Mnemonic - answer d. mnemonic

According to the book Double Entry, who introduced Arabic numerals to Italy?
a. Leonardo Da Vinci
b. Piero Della Francesca
c. Luca Pacioli
d. Leonardo de Pisa - answer d. leonardo de pisa

Consider the trial balance of DMN Corporation in Table 2.1 of your text. Based on the
trial balance only, DMN s income statement would report:
a. Net income of $7,500
b. Net loss of $7,500
c. Net income of $1,300
d. Net loss of $1,300 - answer d. net loss of $1,300

Human judgment involved when using an AIS system includes:
a. Determining if and when to record a transaction
b. Estimating amounts
c. Interpreting accounting rules
d. All of the above - answer d. all of the above

Consider the trial balance of DMN Corporation in Table 2.1 of your text. Based on the
trial balance only, which of the following income statement items is equal to $7,500?
a. Revenue
b. Gross Profit (or Gross Margin)
c. Net income
d. Net loss - answer b. gross profit (or gross margin)

, Which of the following is a characteristic of all adjusting entries?
a. The accounting system records them in the journal, but does not post them to the
ledger
b. They always include one nominal account and one permanent account
c. They always involve estimates
d. They always include either the cash or the Retained Earnings accounts - answer
b. they always include one nominal account and one permanent account

What is the listing of account names and corresponding codes used by an accounting
system?
a. Module
b. Chart of accounts
c. Inactive account
d. Master account - answer b. chart of accounts

Which of the following statements is false about the bills of exchange that merchants
used in Venice in the 1400s?
a. The bills of exchange allowed the transfer of funds between merchants in different
cities
b. The bills of exchange allowed the transfer of funds within a local market
c. The bills of exchange eliminated the need to physically ship gold to pay merchants
d. Merchants who honored bills of exchange from other merchants also charged a
commission - answer b. The bills of exchange allowed the transfer of funds within a
local market

What was the balance in Student Company's payroll cash account per the bank (First
Bank) on December 31, 2017?
a. $5,563.28
b. $227,921.18
c. $941.98
d. $123,829.35 - answer c. $941.98

What was the balance in Student Company's operating cash account per the bank (First
Bank) on December 31, 2017?
a. $5,563.28
b. $123,829.35
c. $941.98
d. $227,921.18 - answer d. $227,921.18

The sum of the vendor numbers in a batch of invoices is an example of a:
a. Hash total
b. Record count
c. Batch total
d. Quantity total - answer a. hash total

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