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Technology in Investment Management > Chapter 7: The Impact of Technology on Financial Control > Flashcards

Chapter 7: The Impact of Technology on Financial Control Flashcards

1
Q

5 responsibilities MSRTF

What are the Roles of the Financial Control Function?

A
  • Management Accounting
  • Statutory Reporting
  • Regulatory Reporting
  • Tax Management
  • Financial Ops
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2
Q

2 reasons

What is the System Impact on Financial Control (Equities Trading System)?

A
  • Calculating the commision that is to be paid by the clients.
  • Trade Processing errors, resulting in inaccurate data being sent to a general ledger.
    - Caused by Human Errors or Technical Errors
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3
Q

2 reasons

What is the System Impact on Financial Control (Bonds Trading System)?

A
  • Calculates interest that is due to the holder
  • Trade Processing errors, resulting in inaccurate data being sent to a general ledger.
    - Caused by Human Errors or Technical Errors
  • Can also cause inaccurate REFERENCE data, due to interest needing to be paid.
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4
Q

What is the System Impact on Financial Control (FX Trading System)?

A
  • Calculates interest and trade proceeds.
  • Trade Processing errors, resulting in inaccurate data being sent to a general ledger.
    - Caused by Human Errors or Technical Errors
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5
Q

4 reasons

What is the System Impact on Financial Control (Derivatives Trading System)?

A
  • The accuracy of the sources availible
  • The accuracy of the reference data for the underlying instrument.
  • Human error
  • Technical error
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6
Q

Ops roles at work?? 7 reasons

What is the System Impact on Financial Control (Main Settlement System)?

A
  • Inaccurate reference data (client instructions)
  • Inaccurate reference data (market prices)
  • Corporate action processig problems
  • System limitations
  • Human errors
  • Problems receiving external data (Clearing houses etc)
  • Problems with interfaces
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7
Q

1 big reason

What is the System Impact on Financial Control (Reconcilliation System)?

A
  • If time frames are inaccurate then there is no way of proving the datas accuracy.
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8
Q

2 reason, try to elborate on them

What is the System Impact on Technology Department?

A
  • Development Impacts
  • Support Impacts
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9
Q

what is it AKA?

What is the General Ledger?

A

AKA the “nominal ledger”

The main accounting record of a business which uses the double entry book keeping conventions.

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10
Q

D or C?

For a General Ledger, What is the Accounting Convention for an Asset?

A

Debit

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11
Q

D or C?

For a General Ledger, What is the Accounting Convention for a Liability?

A

Credit

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12
Q

D or C?

For a General Ledger, What is the Accounting Convention for Revenue?

A

Credit

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13
Q

D or C?

For a General Ledger, What is the Accounting Convention for Expenses?

A

Debit

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14
Q

D or C?

For a General Ledger, What is the Accounting Convention for Gains?

A

Credit

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15
Q

D or C?

For a General Ledger, What is the Accounting Convention for Losses?

A

Debit

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16
Q

D or C?

For a General Ledger, What is the Accounting Convention for Shareholder Equity?

A

Credit

17
Q

What is Posting?

A

Recording the amounts as credits and debits on the page of the general ledger.

18
Q

What is a Trial Balance?

A

The listing of all the account names and the sum of their balances.

19
Q

Bookkeeping Equiation?

A

Assets = Liabilities + Stakeholders Equity

20
Q

4

Reference Data Items?

A

1) A unique alphanumeric code to identify the account
2) The name of the account
3) A code that represents the type of account
4) The identity of the currency in which postings are made.

21
Q

Balance Information Items?

A

1) The opening balance of the account
2) The date of the opening balance
3) The closing balance of the account
4) The date of the closing balance

22
Q

Transaction Information Items?

A

1) The date of the transaction was carried out
2) The date the transaction is expected to settle
3) The date the T was entered into the GLS
4) The money value of the transaction
5) A description of the transaction
6) A code to represent the trasactio
7) Configuration origin code|
8) A unique transaction refernece number

23
Q

It rhymes

What is an Explosion Table?

A

Contains the rules for deciding to which account a monetary amount of a transaction should be posted to

24
Q

What do Explosion Tables Use “Indirect References”?

A

To prevent the tables form being millions of rows long.

25
Q

What Does a Stock Record Show?

A

The ownership of the securities and the locstion of the stock

Technology in Investment Management (9 decks)

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