Exam 3 Flashcards
What fraud examples did we learn about with respect to payroll and fixed assets
Ghost employee, Inflated hour kickback
How can RFID be used in payroll cycle
Time tracking
What is a paymaster
Someone who is appointed to distribute wages
Which journal acts as a check register
Cash Disbursements journal
What are three types of administrative process
Source of capital processes, investment process, general ledger process
what is capital
the funds used
to acquire long-term,
capital assets of an
organization
what are capital processes
Authorize raising of capital, execute raising of capital, properly account for capital
what are investment processes
authorize, execute, manage, account properly
what type of fraud is a concern for administrative processes
Management fraud
5 categories of adjusting entries
Accruals, deferrals/ prepaids, estimate, revaluation, corrections
what is the difference between a temporary and permanent accounts? Give examples?
Temporary (nominal) - recorded on a company’s income statement, which assesses profit and loss over a stretch of time.
Permanent- recorded on a company’s balance sheet, which provides a snapshot of what the company owns and owes at a specific point in time.
what is a journal voucher
a document used to record financial transactions in the general ledger.
GL trends and critical success factors
Trends- integrated global systems, drill down tool, single sources of data, automatic reconciliation, shared or outsources services
Success factors- authority levels clearly define, GL procedures documented, reconciliation procedures in place
what is an accounts receivable aging schedule
an accounting table that shows a company’s accounts receivables, ordered by their due dates
What is the difference between data and information
Data- set of facts collected from transactions
Information- interpretation of data that have been processes
what are the 3 v’s of big data
Volume- size of dataset
Velocity- rate of data flow
Variety- data from multiple repositories, domains, or types
what is scrubbing data
the process of fixing incorrect, incomplete, duplicate or otherwise erroneous data in a data set.
what is data visualization? why is it important
Graphical representation of information and data by using visual elements like charts, graphs, maps to see trends, outliers, and patterns
what is big data? data analytics
Big data- datasets which are too large and complex to be analyzed traditionally
Data Analytics- process of evaluating large sets of data with the purpose of drawing conclusions to address business questions
What creates journal entries
Journals
Journals vs ledgers
Journals- create journal entries
ledgers- are balances
general vs special journals
general- place of original entry for transactions that are not recorded in special journals
special- used for everyday transactions
general vs subsidiary ledgers
general- detail of entire set of accounts
subsidiary ledgers-detailed information regarding routine transactions
steps for payroll cycle (class notes)
Update employee information
collect employee time
prepare payroll
disburse payroll
