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Accounting > ACC 321 > Flashcards

ACC 321 Flashcards

1
Q

Value system level model

A

Vendors, distributors, retailers, customers (supply chain partners)

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2
Q

Value chain model

A

Processes and their systems within a company

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3
Q

REA Model (business porocess model)

A

Rea model for sub-system

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4
Q

Flowchart (task level model)

A

Specific tasks performed by specific individuals within sub-systems

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5
Q

Business process

A

A set of activities that takes one or more inputs and creates an output that is of value to the customer

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6
Q

Value chain

A

Is a purposeful network of business processes that asemble the individual compnents into a final product that has value to the customer

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7
Q

Core business processes

A

Revenue cycle, expenditure cycle, production cycle, payroll cycle, finanacing cycle

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8
Q

Four major steps in data processing

A

Data input, data storage, data processing, info output

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9
Q

Master file

A

Stores cumulatice info about an organizations entities

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10
Q

Transaction file

A

Contains records of individual events that occur dirinf a fiscal period

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11
Q

Three main types of outputs

A

Documents reports queries

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12
Q

Documents

A

Records of transactions or other company data printed or stored

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13
Q

Reports

A

Documents that are used by employees to control operational activities and make decisions

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14
Q

Queries

A

User request for specific pieces of information

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15
Q

Different types of business enterprise risk

A

Economy, industry, enterprise, business process, accounting info systme

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16
Q

Economic risk

A

Industry, economy, competitor, legal, regulatory, change, treasury, credit, trading

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17
Q

Industry risk

A

Competitive, customers needs/wants, revolutionary product development

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18
Q

Enterprise risk

A

Reputation, stragegic focus, parent company support, patent protection, employee turnover, training

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19
Q

Operational risk

A

Operational and compliance

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20
Q

Accounting information system risks

A

Financial, operational, and technology

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21
Q

Enterprise risk management

A

Identifyinf, assessing and mitigating riaks for better business performance

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22
Q

Sas #99

A

Auditors responsibility to detect fraud

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23
Q

Sox

A

Ceo and cfo must certify quarterly and annual financial statements. Have to have internal control report

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24
Q

The fraud triangle

A

Three conditions that are present when fraud occurs. Pressure, opportunity, and rationalization

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25
Q

Fraud tree

A

Corruption, asset misappropriation, and financial statement fraud

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26
Q

Frequency of fraud

A

Asset misappropriation happens the most then corruption then financial statement

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27
Q

Financial loss associated with fraud

A

Financial statement highest, then corruption then asset

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28
Q

Initial detection of fraud

A

Tip is the most way we find out

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29
Q

Three objectives of coso

A

Operations, reporting, and compliance

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30
Q

Four compnay units of coso

A

Entity, division, operating unit, function

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31
Q

Five risk and control components

A

Control enviornment, risk assesment, control activities, info and comminication, monitoring activities

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32
Q

Control enviornment

A

Demonstrates commitment to integrity and ethical values, exercises oversight responsibily, establishes structure authority abd responsibility demonstrates commitment to competence enforces accountablilty

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33
Q

Risk assesment

A

Specifies relevant objectives, identifies and analyses risk, assesses fraud risk, identifies and analyzes significant change

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34
Q

Likelihood

A

The probablility that the threat will occur

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35
Q

Exposure (impact)

A

The potential dollar loss

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36
Q

What happens if either likelihood or impact increases?

A

The materiality of the event and the need to protect against it rises

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37
Q

Four risk reponses

A

Reduce, avoid, share, accept

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38
Q

Reduce

A

Implement an effective system of internal controls

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39
Q

Avoid

A

Do not engage in any activities that produce risk

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40
Q

Share

A

Transfer some of the risk to others via insurance

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41
Q

Accept

A

Do not avoid reduce or share

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42
Q

Inherent risk

A

The risk that exsist before management takes any response

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43
Q

Residual risk

A

The risk that remains after management implements internal controls or some other risk response

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44
Q

Control activities

A

Selects and develops control activities, selects and develops general controls over technology, develops through policies and procedures

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45
Q

Information and communication

A

Uses relevant info, comminicated internally, communicates externally

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46
Q

Monitoring

A

Conducts ongoing and separate evaluations, evaluates and comminicated deficienties. Must be monitored on ongoing basis and change when needed

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47
Q

Cybersecurity information sharing act of 2015

A

Companies must let everyone know when there has been a breach

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48
Q

Organized crime motive

A

Immediate financial gain, collect info for future gain

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49
Q

Organized crime target

A

Financial payments, pii and phi, payment cards

50
Q

Organized crime impact

A

Costly regulatory penalities, lawsuite, loss of customer confidence

51
Q

Nation state motive

A

Economic political and military advantage

52
Q

Nation state target

A

Trade secrets, sensitive business info, emerging tech, critical infrastructure

53
Q

Nation state impact

A

Loss of competitive advantage, disruption of critical infrastructure

54
Q

Insiders motive

A

Personal advantage or monetary gain profession revenge and patriotism

55
Q

Insider target

A

Sales deals market strategies corp secretz ip and r&dn business operations and personal info

56
Q

Insiders impact

A

Trade secret disclosure, operational disruption, brand and reputation and national security impact

57
Q

Hacktivist motive

A

Influence political or social change pressure business to change your practices

58
Q

Hackivist target

A

Corp secrets, sensitive business info, info related to key executives employees customers and partners

59
Q

Hackivist impact

A

Disruption of business acticities brand and reputation and loss of customer confidence

60
Q

Unsophisticated attackers

A

You are attacked because you are on the internet and have a vulnerability

61
Q

Sophisticated attackers

A

You are hacked because you are on the internet and have info of value

62
Q

Corporate espionage

A

Your current or former employee seeks financial gain from selling your ip

63
Q

State sponsored attacks

A

You are targeted because of who you are what you do or the value of your ip

64
Q

What can i do to protect myself?

A

Protect credentials, social engineering have security defense

65
Q

Security defense

A

First line-management, second line-risk management, third line-internal audit

66
Q

Database forms

A

Input data

67
Q

Database reports

A

Output of database queries

68
Q

What makes up an enterprise

A

Personnel, r&d, sales, production, services, accounting

69
Q

Tier 1: client computer

A

Includes an interface that permits dats entry and retrieval

70
Q

Tier 2: applicatiob server

A

Consisting of specialized computers that store application software programs

71
Q

Tier 3: database

A

Consisting of a large centralized relational database and rdbms

72
Q

Five categories of control activities

A

Approval or authroization, design and use of documents and records, safeguard assets records and data, independent checks on performance, segregation of duties

73
Q

Internal controls perform three important functions

A

Preventitive controls, detective controls, corrective controls

74
Q

Three functions that need to be separated to acheieve separation of duties

A

Custodial functions, recording functions, and authorization functions

75
Q

Information security

A

Policies and procedures to secure info assets including it hardware softeare and stored data

76
Q

Information risk management

A

Managing risk related to informatjon assets and it

77
Q

COBIT

A

Private model of choice to sufficiently demonstrate it controls

78
Q

COBIT controls

A

It delivery must enable the organization to achieve its objectives, promotes processes focus and process ownership, looks ar fiduciary quality and security needs of enterprises, 7info criteria to define business requirements

79
Q

COBIT information criteria

A

Quality, fiduciary, security

80
Q

COVIT IT processes

A

Domains, processes, and activities

81
Q

COBIT IT resources

A

People, application systems, technology, facilities, data

82
Q

IT architecture

A

Consists of architecture for computers networks and databases

83
Q

Access control

A

For a user to be allowed access to a secured system the user should be identified authenticated and then authorized to access the system

84
Q

Operations security

A

Actvitities and procedures required to keep information technology running securely

85
Q

Crytography

A

Is the encoding dats in a form that only the sender and intended reciever can understand

86
Q

Encryption

A

Is the method of convering plaintext data into unreadable for called ciphertext

87
Q

Ciphertext

A

Is converted back into plaintext using decryption

88
Q

Sales order entry

A

All the activities involved in soliciting and processing customer orders

89
Q

DFD squares

A

People, companies, business functions

90
Q

DFD circles

A

Processes

91
Q

DFD rectangles

A

Database

92
Q

DFD arrows

A

How information flows

93
Q

DFD words on arrows

A

Documents

94
Q

Picking list

A

A document that authorizes the warehouse to release merchandise to the shipping department

95
Q

Outputs of the sales process

A

Bad debt report, cash receipts forecast, customer listing, sales analysis reports

96
Q

Bill of lading

A

A document that acts as a legal contract defining responsibility of goods while they are in transit

97
Q

Sales invoice

A

Notifies the customer of the amount to be paid and where to remit payment

98
Q

Deposit slip

A

A itemized slip showing the exact amount of paper money, coin, and checks beinf deposited go an account

99
Q

Sales returns

A

Authorizing, accepting, and providing credit for returned items

100
Q

Three times account adjustements are made

A

Goods are returned, goods are damages, accounts are uncollectible

101
Q

Foreign key

A

Is the same field that links to a primary key in another table

102
Q

REA

A

Economic resource, economic event, economic agent

103
Q

Step 1 REA

A

Identify the economic exchange of events. The pair of events that reflect the give get in the cycle

104
Q

Step two REA

A

Identify resources and agents. Identify the resources affected by each event and the agents who participate in those events

105
Q

Every event must be linked to at least one

A

Resources

106
Q

Every event must be linked to at least two

A

Participating agents

107
Q

Commitment

A

Orders goods but has not paid and has not recieved goods. A promise to execute and economic event in the future

108
Q

Step three REA

A

Cardinalities. Determine for each relationship

109
Q

Attributes

A

Contain information which is required to produce desidred forms and reports

110
Q

Association class

A

Used for many to many associated with attributes

111
Q

Controls for Incomplete or inaccurate customer order

A

Threat in sales orfer entry. Completeness checks, auto lookup of data, reasonableness test compairing historical dats

112
Q

Controls for sales to customers with poor credit

A

Separation od duties, salespeople have read only access to customer credit data, credit approved before selling inventory, accurate records of customer sales and limits

113
Q

Controls for orders that arent legitiamte

A

Receipt of signed purchase order, digital signitures and certificates, controls with online transactions

114
Q

Controls for stockouts, carrying cost, and markdowns

A

Accurate inventory control and forecasting, online inventory systems that allow recording of changes in real time, physical counts of inventory, review of sales forecast

115
Q

Control for shipping errors

A

Use bar codes and rfid tags, field checks and completion checks, packing slip and bill of lading shouldnt be printed until shipment is verrified

116
Q

Controls for theft of inventory

A

Secure location with restricted access, rfid tags

117
Q

Controls for failure to bill customers

A

Segregate shipping and billing functions and documents should be numbered in order

118
Q

Controls for billing error

A

Computer retrieve prices from inventory master file, check quantities on packing slip against on sales orders

119
Q

Controls for theft of cash

A

Segration of duties, min handling of money, remittance advice

120
Q

Controls for loss alteration or unautorized disclousure of data

A

Everything backed up regularly, controls utilized, encryption

Accounting (30 decks)

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