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AIS > Exam 3 > Flashcards

Exam 3 Flashcards

1
Q

What fraud examples did we learn about with respect to payroll and fixed assets

A

Ghost employee, Inflated hour kickback

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2
Q

How can RFID be used in payroll cycle

A

Time tracking

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3
Q

What is a paymaster

A

Someone who is appointed to distribute wages

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4
Q

Which journal acts as a check register

A

Cash Disbursements journal

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5
Q

What are three types of administrative process

A

Source of capital processes, investment process, general ledger process

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6
Q

what is capital

A

the funds used
to acquire long-term,
capital assets of an
organization

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7
Q

what are capital processes

A

Authorize raising of capital, execute raising of capital, properly account for capital

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8
Q

what are investment processes

A

authorize, execute, manage, account properly

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9
Q

what type of fraud is a concern for administrative processes

A

Management fraud

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10
Q

5 categories of adjusting entries

A

Accruals, deferrals/ prepaids, estimate, revaluation, corrections

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11
Q

what is the difference between a temporary and permanent accounts? Give examples?

A

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.

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12
Q

what is a journal voucher

A

a document used to record financial transactions in the general ledger.

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13
Q

GL trends and critical success factors

A

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

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14
Q

what is an accounts receivable aging schedule

A

an accounting table that shows a company’s accounts receivables, ordered by their due dates

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15
Q

What is the difference between data and information

A

Data- set of facts collected from transactions

Information- interpretation of data that have been processes

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16
Q

what are the 3 v’s of big data

A

Volume- size of dataset

Velocity- rate of data flow

Variety- data from multiple repositories, domains, or types

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17
Q

what is scrubbing data

A

the process of fixing incorrect, incomplete, duplicate or otherwise erroneous data in a data set.

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18
Q

what is data visualization? why is it important

A

Graphical representation of information and data by using visual elements like charts, graphs, maps to see trends, outliers, and patterns

19
Q

what is big data? data analytics

A

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

20
Q

What creates journal entries

A

Journals

21
Q

Journals vs ledgers

A

Journals- create journal entries

ledgers- are balances

22
Q

general vs special journals

A

general- place of original entry for transactions that are not recorded in special journals

special- used for everyday transactions

23
Q

general vs subsidiary ledgers

A

general- detail of entire set of accounts

subsidiary ledgers-detailed information regarding routine transactions

24
Q

steps for payroll cycle (class notes)

A

Update employee information
collect employee time
prepare payroll
disburse payroll

25
Q

most important control (payroll master file)

A

batch totals

26
Q

what is the difference between human resources and payroll

A
27
Q

what is a ghost employee

A

an employee added to your payroll to collect a wage, even though they aren’t employed by your company.

28
Q

How is purchasing a Fixed Asset the same/different than purchasing inventory?

A
29
Q

How is SOD implemented for Fixed Assets (i.e., what does each department do)?

A
30
Q

Journal Entries with fixed assets

A
31
Q

Know how to calculate depreciation expense from a fixed assets subsidiary ledger

A
32
Q

know steps and order for accounting transaction cycle (book

A
33
Q

Why is it called a cycle?

A
34
Q

save vs post (gp

A
35
Q

How to fix a posting error versus a saved batch (gp)

A
36
Q

What is Financial > Inquiry > Journal Entry Inquiry used for? (gp)

A
37
Q

What is auto-receive (on Receivings Transaction Entry (gp)

A
38
Q

Controls built-in to GP

A
39
Q

What is an account key? What are account segments? (gp)

A
40
Q

Why is a bank reconciliation performed?

A
41
Q

How do you know when it is correctly done?

A
42
Q

Calculate depreciation expense from a FA subsidiary ledger. What journal entry is
created

A
43
Q

HR/ Payroll is part of what process

A

Expenditure

AIS (2 decks)

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