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AIS Final Study Guide Questions and Answers Graded A+
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AIS Final Study Guide Questions and Answers Graded A+ Which of the following is not essential to the definition of AIS? A. Software B. Documents C. Decision Makers D. Financial Data A The FASB conceptual framework links AIS with that other area of accounting? A. Taxation B. Audit...

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  • August 4, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ais final study guide questions and answers graded
  • which of the following is not essential to the def
  • the fasb conceptual framework links ais with that
  • most ais comprise parts a two b f

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AIS Final Study Guide Questions and
Answers Graded A+
Which of the following is not essential to the definition of AIS?

A. Software
B. Documents
C. Decision Makers
D. Financial Data - answer A

The FASB conceptual framework links AIS with that other area of accounting?

A. Taxation
B. Auditing
C. Cost Accounting
D. Financial Accounting - answer D

Most AIS comprise _____________ parts

A. Two
B. Four
C. Five
D. Some other number - answer C

Terms like "master file" and "transaction file" are most commonly associated with which
generic element of the AIS?

A. Inputs
B. Storage
C. Outputs
D. Internal Controls - answer B

All of the following are assumptions in the FASB conceptual framework except:

A. Full disclosure
B. Monetary unit
C. Periodicity
D. Going concern - answer A

Which of the following is an example of an internal control in the AIS?

A. Bank reconciliation
B. Sales order

,C. Balance sheet
D. Steps in the accounting cycle - answer A

Which of the following provides the best example of "materiality" as the term is used in
the FASB conceptual framework?

A. Preparing an operating budget
B. Expensing the cost of a wastebasket
C. Reporting investments at their fair market value
D. Providing information for decisions - answer B

All of the following are facts about AIS except:

A. They should all involve some form of internal control
B. They always incorporate information technology
C. They usually provide general-purpose financial statements as outputs
D. They can enclose three types of storage files - answer B

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, general ledger software
C. Internal control, balance sheet
D. Input, general ledger software - answer B

Which of the following statements shows the strongest level of information
competence?

A. Never using Wikipedia to do research
B. Consulting the AICPA website for information on fraud examination
C. Investigating an author's professional background
D. Using only scholarly information as the basis for a paper - answer B

Which of the following best explains the relationship between bookkeeping and
accounting?

A. Bookkeeping is one activity involved in accounting
B. Accounting is one activity involved in bookkeeping
C. Bookkeeping and accounting are two terms for the same thing
D. Bookkeeping never involves human judgment, while accounting always does -
answer A

How many trial balances are commonly prepared as part of the 10 steps in the
accounting cycle?

, A. One
B. Two
C. Three
D. More than three - answer C

Which of the following is the best example of an accrued revenue?

A. Interest earned but not received on a note receivable
B. Interest received but not earned on a note receivable
C. Sales on account
D. Purchases on account - answer A

All of the following chart of accounts coding systems typically use numbers except:

A. Block
B. Hierarchical
C. Mnemonic
D. Sequential - answer C

Human judgment can be involved in the AIS via:

A. Designing source documents
B. Recognizing recordable transactions
C. Estimating amounts
D. All of the above - answer D

BRN Corporation has two divisions: California and Nevada. Both divisions have the
same basic chart of accounts, which numbers current assets in the 100s, plant assets in
the 200s, and so on. BRN differentiates them with an appended "C" or "N" after the
account number. From BRN's point of view, the chart of accounts coding system would
best be described as:

A. Block
B. Hierarchical
C. Mnemonic
D. Sequential - answer B

Consider the data from Question 1 (BRN). From divisions' point of view, the chart of
accounts coding system would best be described as:

A. Block
B. Hierarchical
C. Mnemonic
D. Sequential - answer A

Which of the following characteristic of all adjusting entries?

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