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ACC 340 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

SEC

A

Securities Exchange Commission,

Away is the only company that does not have to comply with SEC. Companies that file securities on national exchanges are required to file 10k reports annually.

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2
Q

EFT

A

Electronic funds transfer, quick and easy transactions that companies use to transfer funds. No paperwork is needed with these transactions.

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3
Q

Accounting information purposes?

A
  • To meet an organizations statutory reporting agreements.
  • To provide relevant and accurate accounting information to those who need it when they need it.
  • To conduct or at least enable most business processes ranging from the recording of sales orders to the reconciliation of bank accounts after liabilities have been paid.
  • To protect the organization from possible risks stemming from abuse of accounting data or of the system itself.
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4
Q

W-2 Forms

A

23,000 W-2 forms to present and former employees.

Takes a long time to fill these out and mistakes are bound to happen.

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5
Q

Activities in Accounting

A

Several activities, including decision support, operations research, modeling, information management, and the planning and implementation of information systems, are “gray areas” in which the responsibilities of accountants may overlap those of other professionals.

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6
Q

Short Answer Question

A

Computerized accounting systems include a number of key components. The first and most visible component is the computer equipment, or hardware. Computer hardware performs the es
sential functions of input, processing, storage, transmission, and output of data. The second component is the accounting activities that are used to process data. Most of these processes are embodied in accounting software, the sets of instructions that tell the hardware what to do. Such software includes general ledger, customer, and human resource accounting. Accounting procedures not automated include control of prenumbered documents (checks, for example) and operation of the accounting software.

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7
Q

The software alliance program

A

is an association of global software companies that serves as the world’s leading antipiracy organization.

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8
Q

Enterprise Resource Planning

A

Software that groups an organization’s accounting function with finance, sales, manufacturing, and human resources into a coherent, integrated system making financial and operational data available to personnel throughout the organization.

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9
Q

Anderson accounting firm

A

Anderson consulting was the company to work for back then.

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10
Q

Accounting Firms changed to Consulting firms

A 
Accenture
Cap Gemini
Bearing Point
deloitte Consulting
PWC
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11
Q

Certified Public Accountant

A

Sponsorship:American Institute of CPAs and State Boards of Public Accountancy

Only certification awarded by state agencies; necessary to express opinions on financial statements.

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12
Q

Certified Information Technology Professional

A

Sponsorship:American Institute of CPAs

Acknowledges additional training in the areas of emerging trends, security and privacy, business solutions, IT assurance and risk and data analytics.

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13
Q

Certified Management Accountant

A

Sponsorship: Institute of Management Accountants

Designed for accountants employed in the corporate world.

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14
Q

Certified Internal Auditor

A

Sponsorship: Institute of Internal Auditors

Designed for those working as internal auditors in corporations and non-profit organizations.

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15
Q

Certified Information Systems Auditor

A

Sponsorship: ISACA (formerly Information Systems Audit and Control Association)

Designed for those who audit, control, monitor and assess an organization’s information technology and business systems.

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16
Q

Certified Information Security Manager

A

Sponsorship: ISACA (formerly Information Systems Audit and Control Association)

Designed for individuals who design, build and manage enterprise information security programs.

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17
Q

Certified Fraud Examiner

A

Sponsorship: Association of Certified Fraud Examiners

Emphasizes investigation and deterrence of fraud.

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18
Q

Certified Information Systems Security Professional

A

Sponsorship: International Information Systems Security Certification Consortium

Designed for those who design and manage an information security program to protect organizations from sophisticated attacks.

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19
Q

Conventional Systems

A

Also known as legacy systems

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20
Q

Disadvantages of Legacy Systems

A
  1. Programming Com
    plexity. (
  2. Application Program and Data Dependency
  3. Poor Data Integration.
  4. Data Redundancy
  5. Lack of data quality
  6. Data Inefficiency
  7. Insufficient use of resources
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21
Q

Database

A

is an organization’s total collection of data on computer storage devices. It is an electronic store of data that can be accessed as needed by all accounting applications and by users.

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22
Q

Index File

A

An auxiliary file to a data file and is used to increase the speed at which records in the related data file are sorted and accessed.

Don’t really need one nowadays

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23
Q

Metadata

A

Data about data. Metadata about elements contain essential information about the data elements in
a database.

24
Q

Database Management System

A

A collection of software specially designed to manage the data in a database in response to instructions issued by application programs or requests made by users.

25
Q

Advantages of Database

A
  • Data Integration
  • Program and data independence
  • Programming simplification
  • Data quality and efficiency
  • Data security
26
Q

Disadvantages of a database

A
  • Increased hardware requirements
  • Required technical skills
  • Difficult conversion of conventional files
  • Vulnerability to system failure
  • Potential to error communication
27
Q

Three ways to interface with a database

A
  • Through application programs
  • Through query language
  • Through the forms and reports facilities of the database management system
28
Q

Query language

A

A query language includes commands for opening files, inserting records, deleting records, or changing the value of data elements.

A high-level, English-like language that enables users to make ad hoc, spur of the moment, requests from a computer.

29
Q

Structured Query Language, or SQL (pronounced SE’-quel

A

The most important query language used in a database.

Also endorsed by the American National Standards Institute

30
Q

Three levels of a database

A

External level, conceptual level, and internal level.

31
Q

External level

A

The external level is the way the data elements are viewed logically by individual users.

32
Q

Internal level

A

The internal level is the physical implementation of the conceptual level. It includes the file organizations used to store data on the physical storage devices.

33
Q

Relationship

A

A connection, or interaction, between tables in a database. These relationships give additional meaning to the data.

34
Q

Database Relationships

A

One to one, one to many (many to one), and many to many.

35
Q

One to one

A

A relationship in a database in which one record in the first table matches only one record in the second table, and one record in the second table matches only one record in the first table.

36
Q

One to many

A

A relationship in a database in which one record in the first table matches many records in the second table, but one record in the second table matches only one record in the first table. (The best one to use because it works

37
Q

Many to many

A

A relationship in a database in which one record in the first table can match many records in the second table, and one record in the second table can match many records in the first table.

38
Q

Data dictionary

A

special file, stored in the database itself, that provides metadata on the name, description, length, type, source, use, and location of each data element stored in the database. The data dictionary also discloses whether a data element is the primary key of a record.

39
Q

Data Administrator

A

An employee who is responsible for planning, organizing, and maintaining the database to satisfy users needs.

40
Q

Relational Database model

A

Most contemporary databases are based on the relational model.

41
Q

Primary key

A

is one or a group of data elements that uniquely identifies a record.

42
Q

Foreign Key

A

The primary key of a table that is placed in another table so the tables can be joined.

43
Q

Relational operations

A 
Selection
- Projection
- Join
- Union
- Intersection
Difference
44
Q

Virtual data Elements

A

A data element that is not stored in a database but instead is calculated on demand from other data elements that are stored in the database.

45
Q

What is an integrated set of computer programs that facilitate the creation, manipulation, and querying of integrated files called?

A

Database management system

46
Q

In the inventory module of an accounting system that uses a database, one stored record contains part number, part name, part color, and part weight. What are these individual items called?

A

Fields

47
Q

A major advantage of using a database management system is the separation of file management tasks from what or whom?

A

Application Programs

48
Q

The database approach to accounting systems and the resulting concept of database management systems have several unique characteristics not found in
conventional file systems. Which one of the following statements does NOT apply to database systems?

A

The database administrator is the par

t of the software package that instructs the operating aspects of the program when data are retrieved.

49
Q

Which of the following should not be the responsibility of a database administrator?

A

Developing applications to access the database.

50
Q

Normalized Tables

A

Database tables that are free of data redundancy and an

omalies and, thus, ensure the stability of the database over time.

51
Q

Insertion anomalies

A

An unexpected result during operation of a database in which a value for one data element cannot be stored because the value of another data element is unknown.

52
Q

Deletion Anomalies

A

An unexpected result during operation of a database in which a value for one data element you wish to keep is unexpectedly deleted at the same time that a value of another data element is deleted.

53
Q

Steps to develop a database using systems output approach

A
  1. Identify and document the system outputs and the contents of the outputs that are required by users. Mockups of the reports and documents serve as documentation of the outputs.
  2. Identify and document what data elements need to be stored to produce the output. A list serves as documentation of the necessary data elements.
  3. Determine what tables to create and what data elements to put in which tables by using a process called data normalization.
  4. Evaluate the tables to determine if additional tables need to be created.
  5. Document the tables with a data access diagram.
54
Q

Referential Integrity

A

prohibits undesired actions from occurring. For example, referential integrity ensures that sales will be made only to approved and existing customers.

55
Q

REA

A

Resource, event, and agent.

56
Q

REA framework Approach

A

Identify and document the business events, or activities, that are of interest to users and the resources and agents that are relate
d to the events.

Systems output approach: Identify and document the system outputs and the contents of the outputs that are of interest to users.

ACC 340 (3 decks)

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