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AFM275 MCQs > Chapter 6: Technology concepts > Flashcards

Chapter 6: Technology concepts Flashcards

1
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A
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2
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Large banks around the world:

a. are beginning to require companies to use XBRL in their loan application processes.
b. are yet to require companies to use XBRL in their loan application processes.
c. are not convinced on the benefits of XBRL.
d. none of the options are correct.

A

Large banks around the world:

*a. are beginning to require companies to use XBRL in their loan application processes.

b. are yet to require companies to use XBRL in their loan application processes.
c. are not convinced on the benefits of XBRL.
d. none of the options are correct.

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3
Q

XBRL will potentially assist in strengthening information transparency because:

a. it offers greater search power and customised information for different stakeholders.
b. it is a typology based on specific business reporting requirements.
c. it is technically superior to HTML and reduces the reporting time by businesses.
d. it offers paperless reporting based on industry-specific standards.

A

XBRL will potentially assist in strengthening information transparency because:

a. it offers greater search power and customised information for different stakeholders.

b. it is a typology based on specific business reporting requirements.
c. it is technically superior to HTML and reduces the reporting time by businesses.
d. it offers paperless reporting based on industry-specific standards.

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4
Q

What type of data is contained in the “noSQL databases”?

a. Sparse data.
b. Dense data.
c. MOLAP data.
d. None of the above.

A

What type of data is contained in the “noSQL databases”?

*a. Sparse data.

b. Dense data.
c. MOLAP data.
d. None of the above.

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5
Q

HTML code:

a. uniquely identifies each computer connected to the internet.
b. provides tags for financial statement data displayed on the web.
c. provides standards that specify a set of tags for data on the web.
d. provides instructions for the display of a web page.

A

HTML code:

a. uniquely identifies each computer connected to the internet.
b. provides tags for financial statement data displayed on the web.
c. provides standards that specify a set of tags for data on the web.

d. provides instructions for the display of a web page.

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6
Q

Which types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information?

a. Government agencies.
b. Non-profit organisations.
c. Publicly listed companies.
d. All types of organisations.

A

Which types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information?

a. Government agencies.
b. Non-profit organisations.
c. Publicly listed companies.

*d. All types of organisations.

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7
Q

The problem with publishing an annual report as an Adobe PDF is:

a. that not all computers are able to read Adobe PDF documents.
b. that the information is not secure and the figures can be altered.
c. that it is difficult for users to manipulate the information with any degree of efficiency.
d. none of the options are correct.

A

The problem with publishing an annual report as an Adobe PDF is:

a. that not all computers are able to read Adobe PDF documents.
b. that the information is not secure and the figures can be altered.

*c. that it is difficult for users to manipulate the information with any degree of efficiency.

d. none of the options are correct.

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8
Q

What is cloud computing?

a. A model of computing that provides computer services through the internet to a net pooled of resources that provide these services.
b. Cloud computing is the same as next-generation server virtualisation.
c. A computer science technique in which a machine performs its function by outsourcing certain steps to humans, usually as microwork.
d. An emulation of a particular computer system which operates based on the computer architecture and functions of a real or hypothetical computer.

A

What is cloud computing?

*a. A model of computing that provides computer services through the internet to a net pooled of resources that provide these services.

b. Cloud computing is the same as next-generation server virtualisation.
c. A computer science technique in which a machine performs its function by outsourcing certain steps to humans, usually as microwork.
d. An emulation of a particular computer system which operates based on the computer architecture and functions of a real or hypothetical computer.

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9
Q

Which of the following countries do not have XBRL financial requirements yet?

a. Australia.
b. China.
c. Japan.
d. Malaysia.

A

Which of the following countries do not have XBRL financial requirements yet?

a. Australia.
b. China.
c. Japan.

*d. Malaysia.

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10
Q

The statement that “All current software can import, export and process data in XBRL format” is put forward on the basis that:

a. these pieces of software can manipulate XML.
b. these pieces of software are designed specifically to support XBRL.
c. these pieces of software are semantic-based.
d. these pieces of software are GAAP and IFRS compliant.

A

The statement that “All current software can import, export and process data in XBRL format” is put forward on the basis that:

*a. these pieces of software can manipulate XML.

b. these pieces of software are designed specifically to support XBRL.
c. these pieces of software are semantic-based.
d. these pieces of software are GAAP and IFRS compliant.

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11
Q

______________ are the dictionaries that define each accounting item that can be tagged in XBRL.

a. Taxonomies
b. Schemas
c. Elements
d. Data dictionaries

A

______________ are the dictionaries that define each accounting item that can be tagged in XBRL.

*a. Taxonomies

b. Schemas
c. Elements
d. Data dictionaries

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12
Q

Before XBRL, external users of financial information:

a. manipulated PDF documents to obtain the information they wanted.
b. used XML decoding tools to obtain the information they wanted.
c. had to identify and re-input data before undertaking financial analysis.
d. all the options are correct.

A

Before XBRL, external users of financial information:

a. manipulated PDF documents to obtain the information they wanted.
b. used XML decoding tools to obtain the information they wanted.

*c. had to identify and re-input data before undertaking financial analysis.

d. all the options are correct.

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13
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14
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15
Q

Which of the following statements is correct?

a. Australia has mandated XBRL reporting from 2011.
b. The use of XBRL is compulsory for all publicly listed US companies.
c. The use of XBRL is compulsory for all publicly listed US and Canadian companies.
d. All the options are correct.

A

Which of the following statements is correct?

a. Australia has mandated XBRL reporting from 2011.

*b. The use of XBRL is compulsory for all publicly listed US companies.

c. The use of XBRL is compulsory for all publicly listed US and Canadian companies.
d. All the options are correct.

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16
Q

Which of the following is not an advantage of XBRL?

a. Interchangeable data
b. Less accurate financial reporting
c. Recognition by major accounting package vendors
d. Paperless reporting

A

Which of the following is not an advantage of XBRL?

a. Interchangeable data

b. Less accurate financial reporting

c. Recognition by major accounting package vendors
d. Paperless reporting

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17
Q

The first country to formally require XBRL for public company financial reporting was:

a. Canada.
b. The United States.
c. China.
d. Brazil.

A

The first country to formally require XBRL for public company financial reporting was:

a. Canada.
b. The United States.

*c. China.

d. Brazil.

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18
Q

Corporate regulators worldwide are:

a. currently assessing whether to accept XBRL.
b. waiting to see if the SEC in the United States will allow XBRL.
c. gradually moving towards mandating XBRL for corporate filings and reporting.
d. none of the options are correct.

A

Corporate regulators worldwide are:

a. currently assessing whether to accept XBRL.
b. waiting to see if the SEC in the United States will allow XBRL.

*c. gradually moving towards mandating XBRL for corporate filings and reporting.

d. none of the options are correct.

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19
Q

Which of the following is correct?

a. There are different ways to apply XBRL tags.
b. There is a debate in the accounting information systems community as to where to tag data.
c. There are two main ways to apply XBRL tags.
d. Whichever way we choose to apply XBRL tags will not affect core processes and data quality.

A

Which of the following is correct?

a. There are different ways to apply XBRL tags.
b. There is a debate in the accounting information systems community as to where to tag data.
c. There are two main ways to apply XBRL tags.

*d. Whichever way we choose to apply XBRL tags will not affect core processes and data quality.

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20
Q

What does XBRL stand for?

a. Exchangeable Business Reporting Language.
b. Extensible Business Reporting Language.
c. Executable Business Reporting Language.
d. Extensive Business Reporting Language.

A

What does XBRL stand for?

a. Exchangeable Business Reporting Language.

*b. Extensible Business Reporting Language.

c. Executable Business Reporting Language.
d. Extensive Business Reporting Language.

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21
Q

What is the main advantage of the cloud computing model?

a. The services provided by the cloud computing model could be accessed on an as-needed basis. In other words, as your business grows you can use more services as you need them.
b. Cloud provides could claim immunity to service outages and internet slowdowns.
c. Cloud computing is perfectly secure and the privacy of the cloud-based data is totally guaranteed.
d. None of the above.

A

What is the main advantage of the cloud computing model?

*a. The services provided by the cloud computing model could be accessed on an as-needed basis. In other words, as your business grows you can use more services as you need them.

b. Cloud provides could claim immunity to service outages and internet slowdowns.
c. Cloud computing is perfectly secure and the privacy of the cloud-based data is totally guaranteed.
d. None of the above.

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22
Q

Please indicate the four major areas in an organisation:

a. sales and marketing, finance, manufacturing and human resources.
b. functional, divisional, matrix and marketing.
c. sales and marketing, processing, purchase and human resources.
d. a and c are both correct.

A

Please indicate the four major areas in an organisation:

*a. sales and marketing, finance, manufacturing and human resources.

b. functional, divisional, matrix and marketing.
c. sales and marketing, processing, purchase and human resources.
d. a and c are both correct.

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23
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24
Q

What are the core modules of the SAP Business Suite?

a. Financial accounting.
b. Controlling and profitability analysis.
c. Human resources, sales and distribution.
d. All the above.

A

What are the core modules of the SAP Business Suite?

a. Financial accounting.
b. Controlling and profitability analysis.
c. Human resources, sales and distribution.

*d. All the above.

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25
Q

Metadata is:

a. complex data that is required for XBRL.
b. data that describes other data.
c. complex data that is required for HTML processes to take place.
d. none of the options are correct.

A

Metadata is:

a. complex data that is required for XBRL.

*b. data that describes other data.

c. complex data that is required for HTML processes to take place.
d. none of the options are correct.

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26
Q

XBRL is based on:

a. HTML.
b. GML.
c. XML.
d. SGML.

A

XBRL is based on:

a. HTML.
b. GML.

*c. XML.

d. SGML.

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27
Q

The four major functions that are linked by an ERP system are:

a. sales/marketing, manufacturing, accounting/finance, and human resources.
b. sales/marketing, manufacturing, customer and accounting/finance.
c. customer, sales/marketing, production, accounting/finance and human resources.
d. customer, sales/marketing, production, accounting/finance.

A

The four major functions that are linked by an ERP system are:

a. sales/marketing, manufacturing, accounting/finance, and human resources.

b. sales/marketing, manufacturing, customer and accounting/finance.
c. customer, sales/marketing, production, accounting/finance and human resources.
d. customer, sales/marketing, production, accounting/finance.

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28
Q

Which of the following is more likely to be a tag in XML instead of HTML?

a. font /font
b. creditor /creditor
c. body /body
d. button /button

A

Which of the following is more likely to be a tag in XML instead of HTML?

a. font /font

*b. creditor /creditor

c. body /body
d. button /button

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29
Q

XBRL can be used for:

a. external financial reporting only.
b. internal financial reporting only.
c. both external and internal financial reporting.
d. exchanging financial information between business partners only.

A

XBRL can be used for:

a. external financial reporting only.
b. internal financial reporting only.

*c. both external and internal financial reporting.

d. exchanging financial information between business partners only.

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30
Q

What best describes the big data phenomenon:

a. computing software that can heal itself.
b. green computing initiatives.
c. software services that can be leased.
d. data that has come from social media or environmental systems.

A

What best describes the big data phenomenon:

a. computing software that can heal itself.
b. green computing initiatives.
c. software services that can be leased.

d. data that has come from social media or environmental systems.

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31
Q

Which of the following is NOT a major benefit offered by XBRL?

a. Cost saving in supplying financial data.
b. Greater efficiency in using financial data.
c. Improved accuracy and reliability in supplying financial data.
d. Enhanced encryption in supplying financial data.

A

Which of the following is NOT a major benefit offered by XBRL?

a. Cost saving in supplying financial data.
b. Greater efficiency in using financial data.
c. Improved accuracy and reliability in supplying financial data.

*d. Enhanced encryption in supplying financial data.

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32
Q

Which of the following is not identified as a source of XBRL-related cost savings?

a. Increased data processing capability.
b. Decreased data redundancy.
c. Increased technology capabilities.
d. Decreased costs of bookkeeping.

A

Which of the following is not identified as a source of XBRL-related cost savings?

a. Increased data processing capability.
b. Decreased data redundancy.

*c. Increased technology capabilities.

d. Decreased costs of bookkeeping.

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33
Q
A
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34
Q

XML does not:

a. offer a set of industry-based protocols for sharing data in e-business exchanges.
b. add data tags after reports are created.
c. add data tags before reports are created.
d. define relationships between data.

A

XML does not:

a. offer a set of industry-based protocols for sharing data in e-business exchanges.
b. add data tags after reports are created.
c. add data tags before reports are created.

d. define relationships between data.

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35
Q

Currently, financial information is:

a. rarely presented on a web page using html standards.
b. often presented on a web page using html standards.
c. often presented on a web page using XBRL standards.
d. none of the options are correct.

A

Currently, financial information is:

a. rarely presented on a web page using html standards.

*b. often presented on a web page using html standards.

c. often presented on a web page using XBRL standards.
d. none of the options are correct.

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36
Q
A
37
Q

When the XBRL tagging is applied to a document, the resulted XBRL tagged document is called:

a. taxonomy document.
b. taxonomy dictionary.
c. instance dictionary.
d. instance document.

A

When the XBRL tagging is applied to a document, the resulted XBRL tagged document is called:

a. taxonomy document.
b. taxonomy dictionary.
c. instance dictionary.

*d. instance document.

38
Q

The main issue of XBRL tags in an accounting system is to ensure the tags that are set up against the chart of accounts codes in the __________ are correct and have been verified.

a. accounts payable ledger
b. general ledger
c. accounts receivable ledger
d. inventory ledger

A

The main issue of XBRL tags in an accounting system is to ensure the tags that are set up against the chart of accounts codes in the __________ are correct and have been verified.

a. accounts payable ledger

*b. general ledger

c. accounts receivable ledger
d. inventory ledger

39
Q

Which of the following best describes the relationship between accounting information systems and accounting standards?

a. Accounting information systems must comply with all accounting standards.
b. Accounting standards dictate the way an accounting information system must store and handle financial data.
c. Accounting information systems that recognise and comply with accounting standards are advantageous for tax purposes.
d. There is no direct relationship between accounting standards and accounting information systems.

A

Which of the following best describes the relationship between accounting information systems and accounting standards?

a. Accounting information systems must comply with all accounting standards.

b. Accounting standards dictate the way an accounting information system must store and handle financial data.
c. Accounting information systems that recognise and comply with accounting standards are advantageous for tax purposes.
d. There is no direct relationship between accounting standards and accounting information systems.

40
Q

Which of the following is the coding structure that would be used for Australia and New Zealand?

a. XBRL.
b. IFRS.
c. GAAP.
d. XML.

A

Which of the following is the coding structure that would be used for Australia and New Zealand?

a. XBRL.

*b. IFRS.

c. GAAP.
d. XML.

41
Q

Regulatory authorities in ___________________ have various XBRL financial requirements?

a. Europe, Canada, Singapore, Japan, Korea and Malaysia
b. Europe, Australia, Singapore, Japan, Korea and Canada
c. Europe, Australia, Singapore, Japan, Korea and China
d. none of the options are correct

A

Regulatory authorities in ___________________ have various XBRL financial requirements?

a. Europe, Canada, Singapore, Japan, Korea and Malaysia
b. Europe, Australia, Singapore, Japan, Korea and Canada

*c. Europe, Australia, Singapore, Japan, Korea and China

d. none of the options are correct

42
Q

In relation to XBRL, a taxonomy is an XML __________ and the set of __________ that references it.

a. standard; linkbases
b. schema; linkbases
c. standard; tags
d. schema; tags

A

In relation to XBRL, a taxonomy is an XML __________ and the set of __________ that references it.

a. standard; linkbases

*b. schema; linkbases

c. standard; tags
d. schema; tags

43
Q

IFRS stands for:

a. International Financial Reporting Structure.
b. International Financial Reporting Standards.
c. International Financial Reporting Schemes.
d. International Financial Reporting System.

A

IFRS stands for:

a. International Financial Reporting Structure.

*b. International Financial Reporting Standards.

c. International Financial Reporting Schemes.
d. International Financial Reporting System.

44
Q

In which country is the XBRL mandated for filing reports of business financial accounts?

a. Australia.
b. New Zealand.
c. Both Australia and New Zealand.
d. Neither Australia nor New Zealand.

A

In which country is the XBRL mandated for filing reports of business financial accounts?

a. Australia.
b. New Zealand.
c. Both Australia and New Zealand.

*d. Neither Australia nor New Zealand.

45
Q

The statement, “a collection of XML linking language that extends links that document the semantics of concepts in taxonomy,” is used to define:

a. XBRL elements.
b. XBRL tags.
c. XBRL linkbases.
d. XBRL instance documents.

A

The statement, “a collection of XML linking language that extends links that document the semantics of concepts in taxonomy,” is used to define:

a. XBRL elements.
b. XBRL tags.

*c. XBRL linkbases.

d. XBRL instance documents.

46
Q

There are ________ main ways to code financial accounts.

a. two
b. three
c. four
d. none of the options are correct

A

There are ________ main ways to code financial accounts.

*a. two

b. three
c. four
d. none of the options are correct

47
Q

To improve audit quality in terms of XBRL, one can:

(i) audit the coding of XBRL.
(ii) audit the tagging of XBRL.
(iii) audit the changes in XBRL tags.
(iv) audit the classifications in the XBRL taxonomy.
a. (i) (ii) (iii) (iv)
b. (i) (ii) (iii)
c. (iii) (iv)
d. (i) (ii)

A

To improve audit quality in terms of XBRL, one can:

(i) audit the coding of XBRL.
(ii) audit the tagging of XBRL.
(iii) audit the changes in XBRL tags.
(iv) audit the classifications in the XBRL taxonomy.

*a. (i) (ii) (iii) (iv)

b. (i) (ii) (iii)
c. (iii) (iv)
d. (i) (ii)

48
Q
A
49
Q

The XBRL adopts a __________ approach.

a. unstructured
b. semantic
c. top-down
d. bottom-up

A

The XBRL adopts a __________ approach.

a. unstructured

*b. semantic

c. top-down
d. bottom-up

50
Q

XBRL allows meanings to be embedded within strings of financial data. This meaning is conveyed by:

a. embedding tags that identify where separate pieces of data start and end within strings of data.
b. embedding comments at the end of the strings of data.
c. specifying the meaning of data at the schema document.
d. having a set of internationally agreed meanings assigned to specific types of data.

A

XBRL allows meanings to be embedded within strings of financial data. This meaning is conveyed by:

*a. embedding tags that identify where separate pieces of data start and end within strings of data.

b. embedding comments at the end of the strings of data.
c. specifying the meaning of data at the schema document.
d. having a set of internationally agreed meanings assigned to specific types of data.

51
Q
A
52
Q

Which of the following is more likely to have similar XML?

a. The music industry and the fishing industry.
b. The government and the finance industry.
c. A university and a college.
d. A construction company and a real estate agency.

A

Which of the following is more likely to have similar XML?

a. The music industry and the fishing industry.
b. The government and the finance industry.

*c. A university and a college.

d. A construction company and a real estate agency.

53
Q
A
  1. FI - financial accounting
  2. CO - controlling and profitability analysis
  3. SD - sales and distribution
  4. HR - human resources
  5. MM - materials management
54
Q

When XBRL tagging is applied to a file containing data, the XBRL tagged document is called:

a. a defined linkbase.
b. a reference linkbase.
c. an instance document.
d. all the options are correct.

A

When XBRL tagging is applied to a file containing data, the XBRL tagged document is called:

a. a defined linkbase.
b. a reference linkbase.

*c. an instance document.

d. all the options are correct.

55
Q
A
56
Q

Which of the following statements is correct?

a. XML is a content language.
b. HTML is a content language and XML is a tagging language.
c. XML has predefined tags that control how content appears when displayed on a computer screen.
d. None of the options are correct.

A

Which of the following statements is correct?

*a. XML is a content language.

b. HTML is a content language and XML is a tagging language.
c. XML has predefined tags that control how content appears when displayed on a computer screen.
d. None of the options are correct.

57
Q

Using XBRL for internal purposes means that:

a. an organisation can set up the coding structure of the items they want to tag to match industry wide standards.
b. an organisation can set up the coding structure of the items they want to tag to match what is particularly suitable for that company.
c. an organisation must set up the coding structure of the items they want to tag to match a global standard.
d. none of the options are correct.

A

Using XBRL for internal purposes means that:

a. an organisation can set up the coding structure of the items they want to tag to match industry wide standards.

*b. an organisation can set up the coding structure of the items they want to tag to match what is particularly suitable for that company.

c. an organisation must set up the coding structure of the items they want to tag to match a global standard.
d. none of the options are correct.

58
Q

The coding structures for XBRL are:

a. country specific.
b. region specific.
c. the same for every country.
d. developed by the SBR.

A

The coding structures for XBRL are:

*a. country specific.

b. region specific.
c. the same for every country.
d. developed by the SBR.

59
Q
A
60
Q

Please indicate what is a hybrid accounting information system?

a. A system which includes accounting functions as well as modules for sales and human resources.
b. A dynamic system that exhibits both continuous and discrete dynamic behaviour.
c. A cost accounting system that includes features of both a job costing and process costing system.
d. A way of working, organising or doing something that is composed of elements of two separate systems.

A

Please indicate what is a hybrid accounting information system?

*a. A system which includes accounting functions as well as modules for sales and human resources.

b. A dynamic system that exhibits both continuous and discrete dynamic behaviour.
c. A cost accounting system that includes features of both a job costing and process costing system.
d. A way of working, organising or doing something that is composed of elements of two separate systems.

61
Q

Which of the following is NOT a type of linkbase?

a. Calculation linkbase.
b. Extension linkbase.
c. Presentation linkbase.
d. Reference linkbase.

A

Which of the following is NOT a type of linkbase?

a. Calculation linkbase.

*b. Extension linkbase.

c. Presentation linkbase.
d. Reference linkbase.

62
Q

By attaching meaning to strings of text, XBRL adopts a __________.

a. semantic approach
b. non-semantic approach
c. referencing to data approach
d. none of the options are correct

A

By attaching meaning to strings of text, XBRL adopts a __________.

*a. semantic approach

b. non-semantic approach
c. referencing to data approach
d. none of the options are correct

63
Q

What is the main feature of the sparse data?

a. This is data generated from web services or environment systems, but not every option on a page is accessed and only data that is accessed is recorded.
b. The end report shows all possible data values within a grouping, irrespective of whether they exist.
c. An empty value is used where no data exist. The cube stores the real data values and the empty values are easily addressable and query-able.
d. None of the above.

A

What is the main feature of the sparse data?

*a. This is data generated from web services or environment systems, but not every option on a page is accessed and only data that is accessed is recorded.

b. The end report shows all possible data values within a grouping, irrespective of whether they exist.
c. An empty value is used where no data exist. The cube stores the real data values and the empty values are easily addressable and query-able.
d. None of the above.

64
Q

Which of the following option(s) is a type of cloud computing?

a. Software as a Service (SaaS).
b. Hardware as a Service (HaaS).
c. Infrastructure as a Service (IaaS).
d. All the above.

A

Which of the following option(s) is a type of cloud computing?

a. Software as a Service (SaaS).
b. Hardware as a Service (HaaS).
c. Infrastructure as a Service (IaaS).

*d. All the above.

65
Q

The advantages of XBRL are:

a. reduced data manipulation.
b. paperless reporting.
c. reduced accounting time.
d. all the options are correct.

A

The advantages of XBRL are:

a. reduced data manipulation.
b. paperless reporting.
c. reduced accounting time.

*d. all the options are correct.

66
Q
A
67
Q

The advantages of PDF files are:

a. that they can be securely locked so that the figures cannot be changed.
b. that they can be easily manipulated and changed by users.
c. the software to produce them is very cheap.
d. none of the options are correct.

A

The advantages of PDF files are:

*a. that they can be securely locked so that the figures cannot be changed.

b. that they can be easily manipulated and changed by users.
c. the software to produce them is very cheap.
d. none of the options are correct.

68
Q

It is advocated that every accountant and financial professional should be familiar with XBRL. However, which of the following is actually NOT required in this regard?

a. Knowing how to navigate the XBRL taxonomies.
b. Knowing how to use the XBRL taxonomies.
c. Knowing how to create XBRL instance documents.
d. Knowing how to obtain a high level of XBRL assurance.

A

It is advocated that every accountant and financial professional should be familiar with XBRL. However, which of the following is actually NOT required in this regard?

a. Knowing how to navigate the XBRL taxonomies.
b. Knowing how to use the XBRL taxonomies.
c. Knowing how to create XBRL instance documents.

*d. Knowing how to obtain a high level of XBRL assurance.

69
Q

Pinsker and Shaomin interviewed four businesses adopting XBRL in the United States, Germany, South Africa and Canada to look at what they perceived would be the result from implementing XBRL. They found:

a. the expected result was a reduction in costs, but the US company was more interested in strategic advantage.
b. the expected result was a reduction in costs, but the German company was more interested in strategic advantage.
c. the expected result was an increase in costs by the US company, whilst the Canadian company was more interested in creating a perception of being innovative.
d. the expected result was a reduction in costs by the US company, whilst the Canadian company was more interested in creating a perception of being innovative.

A

Pinsker and Shaomin interviewed four businesses adopting XBRL in the United States, Germany, South Africa and Canada to look at what they perceived would be the result from implementing XBRL. They found:

*a. the expected result was a reduction in costs, but the US company was more interested in strategic advantage.

b. the expected result was a reduction in costs, but the German company was more interested in strategic advantage.
c. the expected result was an increase in costs by the US company, whilst the Canadian company was more interested in creating a perception of being innovative.
d. the expected result was a reduction in costs by the US company, whilst the Canadian company was more interested in creating a perception of being innovative.

70
Q

What is the main reason for the design of ERP systems?

a. ERP systems are designed to capture a wide range of information about all business transactions and processes related to the typical four major areas of an organisation.
b. ERP systems are designed to advance various functions of the business.
c. ERP systems are designed to have multi-facilities e.g. work in multi-currencies and multi-platforms.
d. None of the above.

A

What is the main reason for the design of ERP systems?

*a. ERP systems are designed to capture a wide range of information about all business transactions and processes related to the typical four major areas of an organisation.

b. ERP systems are designed to advance various functions of the business.
c. ERP systems are designed to have multi-facilities e.g. work in multi-currencies and multi-platforms.
d. None of the above.

71
Q

If you want to search for data held by a stock exchange that uses XBRL, you can:

a. download the XBRL reports directly into Microsoft Excel or Microsoft Word.
b. download the XBRL reports directly into Microsoft Access or Microsoft Word.
c. download the XBRL reports directly into Microsoft Excel or Microsoft Access.
d. none of the options are correct.

A

If you want to search for data held by a stock exchange that uses XBRL, you can:

a. download the XBRL reports directly into Microsoft Excel or Microsoft Word.
b. download the XBRL reports directly into Microsoft Access or Microsoft Word.

*c. download the XBRL reports directly into Microsoft Excel or Microsoft Access.

d. none of the options are correct.

72
Q

XBRL _________ incorporated into the vast majority of ERP systems, accounting packages and office software.

a. has yet to be
b. has been
c. is currently being
d. will not be

A

XBRL _________ incorporated into the vast majority of ERP systems, accounting packages and office software.

a. has yet to be

*b. has been

c. is currently being
d. will not be

73
Q
A
74
Q

What is a phablet?

a. A phone/tablet device that is bigger than a phone and smaller than a tablet and have increased functionality.
b. A very thin, portable computer, usually battery-powered, having a touchscreen as the primary interface and input device and lacking a physical keyboard.
c. A portable computer, usually battery-powered, small enough to rest on the user’s lap and having a screen that closes over the keyboard like a lid.
d. None of the above.

A

What is a phablet?

*a. A phone/tablet device that is bigger than a phone and smaller than a tablet and have increased functionality.

b. A very thin, portable computer, usually battery-powered, having a touchscreen as the primary interface and input device and lacking a physical keyboard.
c. A portable computer, usually battery-powered, small enough to rest on the user’s lap and having a screen that closes over the keyboard like a lid.
d. None of the above.

75
Q

The Securities Exchange Commission in the US specified that all public companies that prepare financial statements in accordance with at least US GAAP and all foreign private issuers that prepare their financial statements using IFRS must provide their financial statements to the SEC and their corporate websites in:

a. PDF format.
b. XBRL format.
c. HTML format.
d. hard-copy.

A

The Securities Exchange Commission in the US specified that all public companies that prepare financial statements in accordance with at least US GAAP and all foreign private issuers that prepare their financial statements using IFRS must provide their financial statements to the SEC and their corporate websites in:

a. PDF format.

*b. XBRL format.

c. HTML format.
d. hard-copy.

76
Q

What is the main advantage of a hybrid information system?

a. The ability to integrate an organisation’s operations with its financial functions.
b. The ability to use both cash basis and accrual basis of accounting.
c. The ability to interact real valued states and finite valued states.
d. None of the above.

A

What is the main advantage of a hybrid information system?

*a. The ability to integrate an organisation’s operations with its financial functions.

b. The ability to use both cash basis and accrual basis of accounting.
c. The ability to interact real valued states and finite valued states.
d. None of the above.

77
Q

Continuous auditing looks at:

a. the output rather than the process.
b. the process rather than the output.
c. the process and the output.
d. the outputs from XBRL tagged accounts.

A

Continuous auditing looks at:

a. the output rather than the process.

*b. the process rather than the output.

c. the process and the output.
d. the outputs from XBRL tagged accounts.

78
Q

Why ERP system is attractive to businesses?

a. These systems link the typical major functions of an organisation and the organisation’s suppliers and customers in the value chain.
b. It is an integrated system that operates in real time without relying on periodic updates.
c. An ERP system can support all applications of an organisation.
d. None of the above.

A

Why ERP system is attractive to businesses?

*a. These systems link the typical major functions of an organisation and the organisation’s suppliers and customers in the value chain.

b. It is an integrated system that operates in real time without relying on periodic updates.
c. An ERP system can support all applications of an organisation.
d. None of the above.

79
Q

Which one of the following ERP systems is the dominant player in the ERP market?

a. MYOB.
b. Epicor.
c. Infor.
d. SAP.

A

Which one of the following ERP systems is the dominant player in the ERP market?

a. MYOB.
b. Epicor.
c. Infor.

*d. SAP.

80
Q
A
81
Q

Which of the following statements is not true about cloud computing?

a. It removes all concern about data and systems security for businesses.
b. It relies on the internet as the platform for delivering services to users.
c. It consists of three types of services: SaaS, IaaS (including HaaS) and PaaS.
d. It allows smaller firms to use resources that may have been previously unaffordable.

A

Which of the following statements is not true about cloud computing?

a. It removes all concern about data and systems security for businesses.

b. It relies on the internet as the platform for delivering services to users.
c. It consists of three types of services: SaaS, IaaS (including HaaS) and PaaS.
d. It allows smaller firms to use resources that may have been previously unaffordable.

82
Q

What does MRP stand for?

a. Manufacturing Resources Planning.
b. Money Resources Planning.
c. Material Return Program.
d. Material Requirements Planning.

A

What does MRP stand for?

a. Manufacturing Resources Planning.
b. Money Resources Planning.
c. Material Return Program.

*d. Material Requirements Planning.

83
Q
A
84
Q

Tagging is the process of associating an item in accounts to the XBRL __________ in an XBRL __________.

a. element; taxonomy
b. tag; schema
c. element; schema
d. tag; taxonomy

A

Tagging is the process of associating an item in accounts to the XBRL __________ in an XBRL __________.

a. element; taxonomy
b. tag; schema

*c. element; schema

d. tag; taxonomy

85
Q

In terms of XBRL, improved audit quality can occur as long as:

a. the taxonomy has correctly classified items of data at source.
b. the XBRL document represents a true and fair view of the firm.
c. any changes that are made to the tags are disallowed.
d. the stock exchanges have XBRL filing as part of their filing requirements.

A

In terms of XBRL, improved audit quality can occur as long as:

*a. the taxonomy has correctly classified items of data at source.

b. the XBRL document represents a true and fair view of the firm.
c. any changes that are made to the tags are disallowed.
d. the stock exchanges have XBRL filing as part of their filing requirements.

86
Q

DTD is:

a. a dependency specification for XBRL.
b. a set of specifications for XML tags.
c. a set of specifications for HTML tags.
d. None of the options are correct.

A

DTD is:

a. a dependency specification for XBRL.

*b. a set of specifications for XML tags.

c. a set of specifications for HTML tags.
d. None of the options are correct.

87
Q

A taxonomy contains a __________ that contains the __________ in the financial accounts.

a. schema; elements
b. dictionary; elements
c. schema; tags
d. dictionary; tags

A

A taxonomy contains a __________ that contains the __________ in the financial accounts.

*a. schema; elements

b. dictionary; elements
c. schema; tags
d. dictionary; tags

88
Q

What type of functions are included in the materials management module of the SAP Business Suite?

a. Functions related to payment or purchase to pay processes, including the management of products while they are in stock.
b. Functions related to the revenue or sales order to cash process.
c. Functions related to recruitment, management and administration of personnel.
d. None of the above.

A

What type of functions are included in the materials management module of the SAP Business Suite?

*a. Functions related to payment or purchase to pay processes, including the management of products while they are in stock.

b. Functions related to the revenue or sales order to cash process.
c. Functions related to recruitment, management and administration of personnel.
d. None of the above.

AFM275 MCQs (11 decks)

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