Question 1

Which of the following best defines the Accounting Data Standards: Inventory Subledger?

Accepted Answer

The Accounting Data Standards: Inventory Subledger defines the inventory related data such as product master data, location data, inventory on hand data, and inventory movement. Option A describes the Accounts Receivable Subledger, Option B describes the Accounts Payable Subledger, and Option C describes the General Ledger.

Question 2

Which of the following describes a homogenous systems approach?

Accepted Answer

A homogenous systems approach refers to the use of a uniform installation of an ERP system across all divisions and subsidiaries of a company, ensuring consistency in data and processes. Option B refers to a heterogeneous systems approach, where different ERP systems are used at different locations, leading to inconsistent data and processes. Option C refers to a data warehouse approach, and option D refers to data mapping between multiple ERP systems.

Question 3

Under the guidance of the chief audit executive (CAE)or another manager,teams can develop and implement analytical techniques to aid the following audits except:

Accepted Answer

Management audits focus on evaluating the efficiency and effectiveness of management practices, which may not directly benefit from analytical techniques as much as governance, risk, or compliance audits.

Question 4

Which of the following describes an example of a flat file:

Accepted Answer

A flat file is a simple database format that stores data in a single table with user-defined attributes and without any application ties.

Question 5

Which Accounting Data Standards ledger identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts?

Accepted Answer

The Procure to Pay Subledger Standard identifies the data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts related to the procurement process. The Base Standard provides a foundation for accounting data standards, the General Ledger Standards identify data needed for financial statements, and the Inventory Subledger Standard identifies data related to inventory management.

Question 6

Which of the following best defines the Accounting Data Standards: Procure to Pay Subledger?

Accepted Answer

The Accounting Data Standards: Procure to Pay Subledger focuses on the data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts. Therefore, option B is the correct choice. Option A refers to the Order to Cash subledger, option C refers to the General Ledger, and option D refers to the Inventory subledger.

Question 7

________ ensures that all of its divisions and subsidiaries use a uniform installation of one ERP system. ________ allows for the use of bolt on the systems of companies that are acquired and uses a series of translators to convert the output of various systems into usable financial information.

Accepted Answer

The statement is referring to ensuring uniformity in the ERP system used by all divisions and subsidiaries of the company. This is an example of the homogenous systems approach. The use of bolt-on systems and translators to convert output from various systems into usable financial information is also characteristic of this approach. Therefore, option D - the homogenous systems approach; the heterogeneous systems approach is the most appropriate choice.

Question 8

Which Accounting Data Standard defines the format for files and fields as well as some master data for users and business units?

Accepted Answer

The Base Standard defines the format for files and fields as well as some master data for users and business units, serving as the foundation for other specific accounting data standards.

Question 9

Which of the following best defines the Accounting Data Standards: Order to Cash Subledger?

Accepted Answer

The Accounting Data Standards: Order to Cash Subledger focus on all data related to sales orders, accounts receivable, shipments, invoices, cash receipts, and adjustments to accounts.

Question 10

Which Accounting Data Standard focuses on sales orders,accounts receivable,shipments,invoices,cash receipts and adjustments to accounts?

Accepted Answer

The Order to Cash Subledger Standard focuses specifically on sales orders, accounts receivable, shipments, invoices, cash receipts, and adjustments to accounts. The other standards listed focus on different aspects of accounting data such as general ledger entries, inventory management, and procurement processes.

Question 11

Which Accounting Data Standard identifies product master data,location data,inventory on hand data,and inventory movement?

Accepted Answer

The Inventory Subledger Standard identifies product master data, location data, inventory on hand data, and inventory movement. The Base Standard provides a foundation for accounting data, the General Ledger Standards provide guidelines for organizing financial information, and the Procure to Pay Subledger Standard pertains to the accounts payable process.

Question 12

Under the guidance of the chief audit executive (CAE)or another manager,teams can develop and implement analytical techniques to aid the following audits except:

Accepted Answer

Archaic audits, which are not a common type of audit, are not listed as one of the options for which analytical techniques can be developed and implemented. Analytical techniques can be beneficial for all other types of audits, including financial statement audits, process efficiency audits, and forensic audits.

Question 13

________ constantly evaluates internal controls and transactions and ________ provides the status of the system so that an auditor can know at any given time whether the system is operating within the parameters.

Accepted Answer

Continuous monitoring constantly evaluates internal controls and transactions, while continuous reporting provides the status of the system. Together, they allow an auditor to know at any given time whether the system is operating within parameters. The other choices, heterogeneous and homogenous system approaches, are not relevant to this question.

Question 14

Which Accounting Data Standard includes the chart of accounts,source listings,trial balance,and GL (journal entry)detail?

Accepted Answer

The General Ledger Standards include the chart of accounts, source listings, trial balance, and GL (journal entry) detail. The Base Standard provides a foundational framework for accounting data, while the Order to Cash and Procure to Pay Subledger Standards focus on specific transactional processes. Therefore, the best choice would be General Ledger Standards.

Question 15

Which of the following best defines the Accounting Data Standards: General Ledger?

Accepted Answer

The Accounting Data Standards: General Ledger adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail.

Question 16

Which of the following is an example of systems translator software:

Accepted Answer

Mapping various tables and fields from multiple ERP systems is a characteristic of systems translator software.

Question 17

Which of the following describes a heterogeneous system approach:

Accepted Answer

A heterogeneous system approach allows different parts of an organization to use different systems or ERP solutions that best meet their specific needs, rather than forcing the entire organization to use a single, uniform system.

Question 18

Under the guidance of the chief audit executive (CAE)or another manager,teams can develop and implement analytical techniques to aid the following audits except:

Accepted Answer

Social media audits do not typically involve the use of analytical techniques.

Question 19

Which of the following describes an example of a production systems:

Accepted Answer

Production systems are designed to handle and process current transactions, collecting and reporting data as it happens, directly reflecting the operational activities of a business.

Question 20

Which of the following best defines the Accounting Data Standards: Base Standard?

Accepted Answer

The Accounting Data Standards: Base Standard defines the format for files and fields, as well as master data for users and business units. Option A describes the Sales Data Standard, Option B describes the Purchase Order Data Standard, and Option C describes the General Ledger Data Standard.

Quiz 5: The Modern Audit and Continuous Auditing

Which of the following best defines the Accounting Data Standards: Inventory Subledger?

Which of the following describes a homogenous systems approach?

Under the guidance of the chief audit executive (CAE) or another manager,teams can develop and implement analytical techniques to aid the following audits except:

Which of the following describes an example of a flat file:

Which Accounting Data Standards ledger identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts?

Which of the following best defines the Accounting Data Standards: Procure to Pay Subledger?

ensures that all of its divisions and subsidiaries use a uniform installation of one ERP system. allows for the use of bolt on the systems of companies that are acquired and uses a series of translators to convert the output of various systems into usable financial information.

Which Accounting Data Standard defines the format for files and fields as well as some master data for users and business units?

Which of the following best defines the Accounting Data Standards: Order to Cash Subledger?

Which Accounting Data Standard focuses on sales orders,accounts receivable,shipments,invoices,cash receipts and adjustments to accounts?

Which Accounting Data Standard identifies product master data,location data,inventory on hand data,and inventory movement?

Under the guidance of the chief audit executive (CAE) or another manager,teams can develop and implement analytical techniques to aid the following audits except:

constantly evaluates internal controls and transactions and provides the status of the system so that an auditor can know at any given time whether the system is operating within the parameters.

Which Accounting Data Standard includes the chart of accounts,source listings,trial balance,and GL (journal entry) detail?

Which of the following best defines the Accounting Data Standards: General Ledger?

Which of the following is an example of systems translator software:

Which of the following describes a heterogeneous system approach:

Under the guidance of the chief audit executive (CAE) or another manager,teams can develop and implement analytical techniques to aid the following audits except:

Which of the following describes an example of a production systems:

Which of the following best defines the Accounting Data Standards: Base Standard?