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Exam 16: The General Ledger and Business Reporting Glbrprocess

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Question 1

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The intent of the ______________________________ is to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws,and for other purposes.

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Sarbanes-O...

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Question 2

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Continuous assurance (continuous auditing) will lead to:

A) fewer financial statement audits
B) use of audit modules embedded in ERP systems
C) convergence of GAAP and IFRS
D) All of the above

E) A) and D)
F) A) and C)

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Question 3

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A performance report compares actual results with budgeted expectations.

Which of the following advises and assists the cost center,profit center,and investment center managers in preparing the budget?

XML is an XBRL-based language consisting of a set of tags that are used to unify the presentation of business reporting information into a single format that can be easily read by almost any software package and can be easily searched by Web browsers.

An account in the chart of accounts has the number 7111.Which of the following does the 7 likely represent?

An instance document is an XBRL document that contains all information,at a given point in time,including tags,about the occurrence of an item.

Discuss the following components of the balanced scorecard:

The managerial reporting officer is responsible for reporting GAAP financial statements.

______________________________ implies that Generally Accepted Accounting Principles (GAAP)and International financial Reporting Standards (IFRS)will blend together,with differences reconciled,and ultimately we will have one set of standards that can be used worldwide.

The financial reporting officer typically prepares performance reports.

Which of the following individuals should possess the greatest knowledge of GAAP?

The financial reporting system is also known as the responsibility accounting/reporting system.

A(n)______________________________ process is any business process that accumulates business event data that are then communicated to and processed within the GL.

Which of the following items is a component of the balanced scoreboard methodology?

______________________________ is a generalized system for the customized tagging of data to enable the definition,transmission,and interpretation of data over the Internet.It uses predefined tags to let information providers create uniform information for users.

A(n)______________________________ report compares actual results with budgeted expectations.

The general ledger process is concerned with preparing external financial statements,ensuring they conform to GAAP,generating Web-based forms of key financial statement and related business reporting via the Internet,and supporting the generation of both ad hoc and predetermined business reports.

The coding system typically used in the general ledger chart of accounts is:

The general ledger master data does not contain: