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Acc 218 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Information System

A

Gathers, processes, and formats reports from data

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2
Q

Accounting Information System

A

Reports are specific to accounting

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3
Q

Business Model

A

How you plan to profit

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4
Q

Business Process

A

How objectives are acheived

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5
Q

Business Event

A

Events that result in economic activity

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6
Q

3 Business Processes

A

1) Acquisition & payment
2) Conversion
3)Marketing & Sales

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7
Q

Fundamental Characteristics of Useful Information

A

1) Relevance
2) Faithful Representation

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8
Q

Enhancing Characteristics of Useful Information

A

1) Verifiability
2) Timeliness
3) Understandability
4) Comparability

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9
Q

ERM

A

Enterprise Risk Management- Risk analysis and controls

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10
Q

Internal Risk

A

1) Operational Risk- day to day activity
2) Financial Risk- money related
3) Reputation Risk- name of the company

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11
Q

External Risk

A

1) Compliance- regulation and laws
2) Strategic- based on company strategy
3) Physical- weather, crime, etc

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12
Q

Risk Score

A

Likelihood x Impact

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13
Q

Risk Appetite

A

How much risk a company is willing to take on

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14
Q

Inherent Risk

A

Natural levels of risk prior to controls

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15
Q

Residual Risk

A

Risk levels after controls are implemented

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16
Q

4 Risk Responses

A

1) Accept
2) Mitigate
3) Transfer
4) Avoid

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17
Q

3 Objectives of Internal Controls

A

1) Preventative- before something goes wrong
2) Detective- find if something has gone wrong
3) Corrective- address what has gone wrong

18
Q

Management Override

A

Internal controls not functioning because management is not following procedure

19
Q

Collusion

A

People working together to circumvent controls

20
Q

Physical Controls

A

Someone physically doing something (eg. locking a door)

21
Q

IT General Control

A

Controls applied to all software (eg. passwords, data backup)

22
Q

IT Application Controls

A

Controls applied to a specific application (eg. looks for completeness or validity)

23
Q

Manual Controls

A

Similar to physical controls, someone doing something

24
Q

Automated Controls

A

System completes controls consistently

25
Q

4 Phases of business process maturity model

A

1) Limited- low controls
2) Informal- some processes defined
3) Defined- processes formally documented
4) Optimized

26
Q

COSO objectives

A

1) Compliance
2) Reporting
3) Operations

27
Q

COSO components

A

1) Control Environment
2) Risk Assessment
3) Control Activities
4) Information & Communication
5) Monitoring

28
Q

OLTP

A

Online Transaction Processing- recording transactions

29
Q

OLAP

A

Online Analytical Processing- leveraging data from OLTP

30
Q

Real-time processing Adv/ Dis

A

Advantage- Immediate upon data collection
Disadvantage- Less efficient

31
Q

Batch processing Adv/ Dis

A

Advantage- more efficient & simple, less errors
Disadvantage- Data is not up to date at all times

32
Q

3rd Party Software Risks

A

Copyright infringement, data breeches, disruption, updates

33
Q

In-House Developed Software Risks

A

Expensive, takes a long time, software may be developed poorly, changes in external market, Fraud

34
Q

System Integrations

A

2 systems joining together when companies are acquired or join

35
Q

Types of System Integration

A

1) Lift and Shift- move acquired system into the data center and maintain both simultaneously
2) Immediate Integration- eliminate original system

36
Q

Centralized System Adv/Dis

A

Advantage- Easy set up, good security, easily accessible data, cheap
Disadvantage- Disruption creates problems for everyone, High traffic causes issues, remote employees may have lags

37
Q

Decentralized System Adv/Dis

A

Advantage- Reduced central processing power and storage, better for remote employees, disruption creates less problems
Disadvantage- Higher security risk, more expensive

38
Q

Distributed System Adv/Dis

A

Advantage- Better communication, faster processing, reduced hardware costs, easily growable
Disadvantage- Most expensive, most complex

39
Q

ERP and common modules

A

Enterprise Resource Planning
1) Human Recourses Management
2) Financial
3) Production
4) Supply Chain Management
5) Customer Relation Management
6) Sales Management

40
Q

Cost and Benefit or ERP

A

Cost- licensing, hardware, training, consulting, customization
Benefits- Improved data transparency and quality, future cost savings, increased quality and efficiency, automation of routine business processes

Acc 218 (2 decks)

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