WGU D217 Accounting Information Systems Training Exam Questions And Correct Answers.
3 views 0 purchase
Course
WGU D217
Institution
WGU D217
Which of the following is a problem usually associated with the flat-file approach to data management? - Answer data redundancy
Which problem is characteristically associated with the flat-file approach to data management? - Answer the inability to determine what data is available
A des...
WGU D217 Accounting Information
Systems Training Exam Questions And
Correct Answers.
Which of the following is a problem usually associated with the flat-file approach to data management? -
Answer data redundancy
Which problem is characteristically associated with the flat-file approach to data management? - Answer
the inability to determine what data is available
A description of the physical arrangement of records in the database is - Answer the internal view.
Which of the following may provide many distinct views of the database? - Answer the user view
The update anomaly in unnormalized tables - Answer occurs because of data redundancy.
The deletion anomaly in unnormalized tables - Answer may result in the loss of important data.
Which document triggers the revenue cycle? - Answer the customer purchase order
Which department is least likely to be involved in the revenue cycle? - Answer The accounts payable
department is least likely to be involved in the revenue cycle. Accounts payable is charged with
managing the segment of the expenditure cycle that involves payments to vendors and creditors.
The purpose of the sales invoice is to - Answer The purpose of the sales invoice is to bill the customer.
The sales invoice will be sent to the customer for payment. At the same time the invoice will also update
inventory, send a journal to the general ledger, and record the sales journal.
,Which type of control is considered a compensating control for customer payments? - Answer
Supervision is a compensating control for customer payments. Compensating controls are put in place
when more effective controls are deemed too difficult or costly to implement. Supervision is the simplest
and most common form of compensating control.
Commercial accounting systems have fully integrated modules. The word "integrated" means that -
Answer The word "integrated" means that the transfer of information among modules occurs
automatically. In a fully integrated system, the shipping advice will generate the request for invoice
automatically. This eliminates the risk that the invoice request is not processed or is processed for a
different amount.
A copy of the purchase order (PO) is sent to the - Answer A copy of the purchase order (PO) is sent to
the vendor. The purchase order is the formal document that tells the vendor what material is needed, at
what price, in what quantity and on what date.
The departments involved in the purchasing process are purchasing, receiving, inventory control and -
Answer The departments involved in the purchasing process are purchasing, receiving, inventory
control and accounts payable. Accounts payable completes the purchasing process by authorizing and
executing the cash disbursement based on a signal from receiving or inventory control.
When a cash disbursement in payment of an accounts payable is recorded - Answer When a cash
disbursement in payment of an accounts payable is recorded the liability account is decreased. On the
Balance Sheet, accounts payable is a current liability. When a cash disbursement is recorded, the liability
will be reduced.
The greatest risk of misappropriation of funds occurs in - Answer The greatest risk of misappropriation
of funds occurs in accounts payable. This may take the form of payments for goods not ordered or
received and to vendors that do not exist. The risk can be reduced through supervision, segregation of
duties, independent verification, or automated processes.
In a firm with proper segregation of duties, adequate supervision as a compensating control is still
necessary in - Answer In a firm with proper segregation of duties, adequate supervision is most critical
in receiving. Every day materials arrive on the receiving dock. Until those receipts are recorded in the
system, they are invisible to anyone but the receivers and their supervisors. Supervision is a
compensating control appropriate before more automated controls take effect. Scanning technology and
automated three-way match are technological controls that reduce risk.
, The fixed asset system records the - Answer The fixed asset system records the purchase of a new
plant. The fixed asset system records property, plant, and equipment used in the operation of the
business. These represent the largest investments of the firm.
In a technology enabled payroll system, Personnel, Time Keeping, Payroll, and Accounts Payable connect
to which department to pay employees? - Answer In a technology-enabled payroll system, Personnel,
Time Keeping, Payroll and Accounts Payable connect to cash disbursements to pay employees. Personnel
inputs the basic employee information and rate of pay; Time Keeping collects hours worked and verifies
time cards; Payroll inputs the hours worked into the payroll system which calculates gross and net pay,
taxes, and other deductions; Accounts Payable approves the payment amount; and finally cash
disbursements issues pay checks or direct deposit. The general ledger will be updated after the cash
disbursement occurs.
An important reconciliation in the payroll system is - Answer An important reconciliation in the payroll
system is that the general ledger compares the labor distribution summary from cost accounting to the
disbursement voucher from accounts payable. Cost accounting will be tracking the job tickets to properly
account for work in process. Accounts payable will produce a disbursement voucher based on input from
timecards. Job tickets and timecards should match when hours and hourly rates are extended.
Which of the following situations represents an internal control weakness? - Answer The distribution of
paychecks by the employees' immediate supervisor is an internal control weakness. Paychecks should go
directly to employees either by mail or through direct deposit. Giving the responsibility for distribution
to the supervisor creates the possibility of loss, theft, or withholding of pay from an employee that the
supervisor simply does not like. An additional risk arises if the employee is absent on payday and the
supervisor has no secure storage for the check until the employee is back.
Which of the following is NOT a reasonable control for fixed assets? - Answer Requiring that fully
depreciated assets be disposed of immediately is not a reasonable control for fixed assets. Fully
depreciated assets may have years of useful life remaining. For example, manufacturing machinery may
be depreciated over three years but many factories use machines that are 10, 15, or 20 years old if they
are well maintained.
What type of data is found in the general ledger master file? - Answer Balances for each account in the
chart of accounts are found in the general ledger master file. The text describes the general ledger file as
the information hub for the accounting system. Each record in the general ledger master file corresponds
with one of the accounts in the chart of accounts. Each record is either a GL Master account (i.e., Sales)
or a control account (i.e. Accounts Receivables control)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestSolver9. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.09. You're not tied to anything after your purchase.
