1.
Bots are more creative than humans
2.
Bots do no need to take time off
3.
Bots improve efficiency
4.
Bots can eliminate human errors
Q 1 / 30
1.
A contra asset is not an accounting term
2.
A contra asset has a credit balance and therefore a negative effect on total assets
3.
A contra asset with a positive balance will increase overall liabilities
4.
A contra asset has a debit balance and therefore a positive effect on total assets
Q 2 / 30
1.
data backups
2.
physical inventory check
3.
employee background checks
4.
physical locks on inventory warehouse
Q 3 / 30
1.
April
2.
March
3.
no record required
4.
February
Q 4 / 30
1.
A person who has control over an asset should not safeguard that asset.
2.
A person who has temporary or permanent custody of an asset should not account for that asset.
3.
A person who has record-keeping responsibility should not make journal entries.
4.
A person who has operational responsibility should not authorize transactions for the area.
Q 5 / 30
1.
direct materials, direct and indirect labor, and fixed overhead
2.
direct materials, indirect labor, and variable and fixed overhead
3.
direct materials, direct labor, and both variable and fixed overhead
4.
direct materials, direct and indirect labor, and variable overhead
Q 6 / 30
1.
Accruals are past cash receipts and payments, while deferrals are expected future cash receipts and payments.
2.
Both accruals and deferrals are both expected future cash receipts and payments.
3.
Accruals are expected future cash receipts and payments, while deferrals are past cash receipts and payments.
4.
Both accruals and deferrals are not expected past cash receipts and payments.
Q 7 / 30
1.
assigned responsibility
2.
segregation of duties
3.
fraud prevention
4.
collusion
Q 8 / 30
1.
review of manufacturing plan
2.
segregation of duties
3.
bank reconciliations
4.
approval process
Q 9 / 30
1.
zero-based budgeting
2.
master budgeting
3.
rolling budgets
4.
bottom-up budgeting
Q 10 / 30
1.
disposal of a major product line or major geographical area of operations
2.
sale of unused or obsolete equipment and discontinued inventory
3.
a plant shutdown or decommissioning of a facility
4.
net income or loss for products completed and sold
Q 11 / 30
1.
Only the assets are reflected in the cash flow statement, and the net income expenses correlate with the liabilities.
2.
The net income goes to retained earnings, but the cash flow remains independent.
3.
The gross profit goes to retained earning, and the shareholder equity total is added to the cash flow statement
4.
The net income goes to the retained earning and to the cash flow statement
Q 12 / 30
1.
internal business
2.
learning and growth
3.
quantitative
4.
customer
Q 13 / 30
1.
deposits in transit
2.
bank service fees
3.
outstating checks
4.
electronic fund transfers/payments
Q 14 / 30
1.
a thorough internal control activity
2.
a violation of assignment of responsibility
3.
a violation of segregation of duties
4.
a support process to avoid fraud
Q 15 / 30
1.
3
2.
2
3.
0.5
4.
0.33
Q 16 / 30
1.
all attestation services
2.
all professional services
3.
all tax services
4.
all consulting engagements
Q 17 / 30
1.
custody, payment, and recording
2.
authorization, custody, and execution
3.
authorization, custody, and recording
4.
custody, execution, and payment
Q 18 / 30
1.
how much the value of capital assets will change in response to a change in sales
2.
how much the operating income of a company will change in response to a change in sales
3.
the valuation of assets to determine how much additional debt the company can borrow
4.
how much the sales of a company will change in response to a change in operating income
Q 19 / 30
1.
limited employee turnover within the accounting and finance department
2.
management's disregard of regulations and regulatory authorities
3.
regularly reported bank reconciliations, including deposits in transit
4.
capital assets sold at a loss before being depreciated fully
Q 20 / 30
1.
assignment of responsibility
2.
audit verification
3.
segregation of duties
4.
review and reconciliation
Q 21 / 30
1.
The auditor can interpret accounting principles applicable to the country in which the client operates.
2.
The auditor has extensive education beyond what is required for an accountant
3.
The auditor can adapt to a rapidly changing profession.
4.
The auditor has expertise in the gathering and interpretation of audit evidence.
Q 22 / 30
1.
assessing the company's compliance with environmental laws and regulations
2.
evaluating whether the organization is meeting the metrics set by management in order to achieve the goals and objectives set forth by the board of directors
3.
assessing the organization's control mechanisms for overall efficiency and reliability
4.
evaluating compliance with applicable laws, regulations, policies, and procedures
Q 23 / 30
1.
The balanced scorecard aligns an organization's operational activities with its mission.
2.
The balanced scorecard focuses on these four primary areas: financial, customer, internal process, and learning and growth.
3.
The balanced scorecard measures, tracks, and reports on a balance of qualitative and financial data and metrics.
4.
The balanced scorecard ensures the organization's profitability aligns with director compensation and dividend expectations.
Q 24 / 30
1.
information and communication
2.
risk mitigation
3.
monitoring
4.
control environment
Q 25 / 30
1.
depreciation value
2.
prepaid asset
3.
depreciation expense
4.
book value
Q 26 / 30
1.
200
2.
2000
3.
350
4.
20
Q 27 / 30
1.
external auditors
2.
senior management
3.
board of directors
4.
union of employee representatives
Q 28 / 30
1.
Debt asset, credit equity
2.
Debt liablity, credit asset.
3.
Debit asset, credit liability
4.
Debit equity, credit asset.
Q 29 / 30
1.
Notes to the financial statements
2.
An auditor's report
3.
Listing of the stockholders
4.
Management discussion and analysis
Q 30 / 30