Class Notes (809,444)
Canada (493,713)
AFM 341 (2)
Brian Ma (1)
Lecture 4

AFM 341 Lecture 4: chap 9 & 10 quizzes

8 Pages
Unlock Document

University of Waterloo
Accounting & Financial Management
AFM 341
Brian Ma

Question 1 0 / 1 point A financial analyst would be more interested in an XBRL style sheet that provides information for Descriptive analysis Predictive analysis Prescriptive analysis Reporting analysis Question 2 1 / 1 point When comparing financial information from companies located in France and Canada, XBRL users would be most concerned with differences in XBRL taxonomies XBRL instances XBRL style sheets All of the above Question 3 1 / 1 point XBRL GL, or XBRL Global Ledger Taxonomy, is different from XBRL US GAAP because it facilitates: Efficient communication between the firm and financial analysts. Efficient communication within a firm. Efficient communication between the firm and its suppliers. Efficient communication between the firm and its customers. Question 4 1 / 1 point The steps in business intelligence include Gather Information, Analyze Data for Patterns, Make Decision. Analyze Data for Patterns, Gather Information, Make Decision. Create Data Warehouse, Query Data Warehouse, Make Decision. Create Data Warehouse, Analyze Data for Patterns, Make Decision. Question 1 / 1 point 5 A data warehouse may include a General economic information. Digital dashboards. XBRL style sheet. Business process activity models. According to COSO, which of the following components of the enterprise risk management integrated framework addresses an entity's integrity and ethical values? • Information and communication • Internal environment • Risk assessment • Control activities • None of the above is correct Question 2 Which of the following represents an inherent limitation of internal controls? • Shipping documents are not matched to sales invoices • Customer credit check not performed • The CEO can request a check with no purchase order • Bank reconciliations are not performed on a timely basis Question 3 Processing controls are IT general controls True False Question 4 Review of the audit log is an example of which of the following types of security control? • Preventive • Directive • Detective • Corrective Question 5 1 / 1 point What is residual risk if inherent risk is 80% and control risk is 40%? • 20% • 30% • 40% • Some other percentage Question 6 1 / 1 point Which of the following statement is correct regarding internal control? • An inherent limitation to internal control is the fact that controls can be circumvented by management override • A well-designed internal control environment ensures the achievement of an entity's control objectives • A well-designed and operated internal control environment should detect collusion perpetrated by two people • Internal control in a necessary business function and should be designed and operated to detect errors and fraud Question 7 1 / 1 point In a computerized environment, internal controls can be categorized as general controls and application controls • True • False Question 8 1 / 1 point Which of the following is an example of a validity check? • The computer ensures that a numerical amount in a record does not exceed some predetermined amount • As the computer corrects errors and data are successfully resubmitted to the system, the causes of the errors are printed out • The computer stops or flags any data entry in a record that does not match or correspond to data in an existing record • After data for a transaction are entered, the computer sends certain data back to the terminal for comparison with data originally sent Select a correct statement regarding encryption methods? • To use symmetric-key encryption, each user needs two different keys • Most companies prefer using symmetric-key encryption than asymmetric-key encryption method • Both symmetric-key and asymmetric-key encryption methods require the involvement of a certificate authority • When conducting e-business, most companies use both symmetric-key and asymmetric- key encryption methods • None of the above are correct Question 2 1 / 1 point Which of the following statements is incorrect? • A fraud prevention program starts with a fraud risk assessment across the entire firm • The audit committee typically has an oversight role in risk assessment process • Communicating a firm's fraud policy to employees is one of the most important responsibilities of management • A fraud prevention program should include an evaluation on the efficiency of business processes Question 3 1 / 1 point In a large multinational organization, which of the following job responsibilities should be assigned to be network administrator? • Managing remote access • Developing application programs • Reviewing security policy • Installing operating system upgrades Integrated test facility (ITF) is an automated technique that enables an organization's data to be continually evaluated during the normal operation of a system Question options: True False IT techniques that are needed to implement continuous auditing include • Data warehouse and data mining • Transaction logging and query tools • Computer-assisted audit techniques
More Less

Related notes for AFM 341

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.