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AUDCIS > IAAUDCIS CHAPTER 6: Transaction processing and financial reporting systems overview > Flashcards

IAAUDCIS CHAPTER 6: Transaction processing and financial reporting systems overview Flashcards

1
Q

Economic event that affects the assets and equities of the firm

A

Financial Transactions

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2
Q

Time lag between the due to credit relations with suppliers

A

Expenditure Cycle

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3
Q

Time lag between the due to credit relations with customers

A

Revenue Cycle

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4
Q

Used to capture and formalize transaction data needed for transaction processing

A

Source Documents (Manual Systems Accounting Record)

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5
Q

The result of transaction processing

A

Product Documents (Manual Systems Accounting Record)

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6
Q

A product document of one system that becomes a source document for another system

A

Turnaround Documents (Manual Systems Accounting Record)

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7
Q

A record of chronological entry

A

Journals (Manual Systems Accounting Record)

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8
Q

Specific classes of transactions that occur in high frequency

A

Special Journals (Manual Systems Accounting Record)

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9
Q

Nonrecurring, infrequent and dissimilar

A

General Journal (Manual Systems Accounting Record)

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10
Q

A book of financial accounts

A

Ledger (Manual Systems Accounting Record)

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11
Q

Shows activity for each account listed on the chart of accounts

A

General Ledger (Manual Systems Accounting Record)

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12
Q

Shows activity by details for each account type

A

Subsidiary Ledger (Manual Systems Accounting Record)

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13
Q

Audit Trail

A

Source Document - Journal - General Ledger - Financial Statements
Financial Statements - General Ledger - Journal - Source Document

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14
Q

Generally contains account data (General Ledger and Subsidiary File)

A

Master File (Computer Files)

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15
Q

A temporary file containing transactions since the last update

A

Transaction File (Computer Files)

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16
Q

Contains relatively constant information used in processing (tax tables, customer addresses)

A

Reference File (Computer Files)

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17
Q

Contains past transactions for reference purposes

A

Archive Files (Computer Files)

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18
Q

is a documentation technique to represent the relationship between entities in a system

A

Entity Relationship Diagram (ERD)

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19
Q

Represents the numerical mapping between entities (one to one, one to many, many to many)

A

Cardinalities

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20
Q

Uses symbols to represent the processes, data sources, data flows and entities in a system.

A

Data Flow Diagrams (DFD)

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21
Q

Illustrates the relationship among processes and the documents that flow between them

A

Documents Flowcharts

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22
Q

Used to represent the relationship between the key elements – input sources, programs and output products of computer systems

A

System Flowcharts

23
Q

illustrates the logic used in programs

A

Program Flowcharts

24
Q
  • client based server
  • process transactions real time
  • relational database tables
  • high degree of process integration & data sharing
  • mainframe based
  • uses batch processing
A

Modern Systems

25
Q
  • mainframe- based applications
  • batch oriented
  • uses flat files for data storage
  • uses hierarchical and network databases
  • single user environment data storage (discourages information integration)
A

Legacy Systems

26
Q

Transaction - Update Program - Master - Backup Program - Backup Master - Recovery Program - Master

A

Database Backup Procedures

27
Q
  • a group of similar transactions that are accumulated over time and then processed together.
  • independent from one another
  • time lag exists between the event and the processing
A

Batch Processing

28
Q

Keystroke - Edit Run - Sort Run - Update Run - Backup Procedure

A

Steps in Batch Processing/Sequential File

29
Q

source documents are transcribed by clerk for processing later

A

Keystroke

30
Q

identifies clerical errors and places them into an error file

A

Edit Run

31
Q

places transaction file in the same order as the master file using a primary key

A

Sort Run

32
Q

changes the value of appropriate fields in the master file to reflect the transaction

A

Update Run

33
Q

original master continues to exist and a new master file is created

A

Backup Procedure

34
Q

Advantages of Batch Processing

A
  • can increase efficiency
  • provides control over the transaction processing
35
Q
  • process transactions individually at the moment the economic event occurs
  • have no time lag between the economic event and the processing
  • require greater resources than batch processing since it requires dedicated processing capacity however, cost differentials are decreasing
  • often have longer systems development
A

Real-Time systems

36
Q

Sequential Codes
Block Codes
Group Codes
Alphabetic Codes
Mnemonic Codes

A

Data Coding Schemes

37
Q

hub connected to other systems
sources of input for other systems
flows as feedback
provides data to MRS & FRS

A

General Ledger System

38
Q

principal FRS file based on chart of accounts

A

General Ledger Master File

39
Q

used for comparative history file

A

General Ledger History File

40
Q

all journal vouchers of the current period

A

Journal Voucher File

41
Q

journal vouchers of past period audit trails

A

Journal Voucher History File

42
Q

financial data by responsibility center for MRS

A

Responsibility Center File

43
Q

Budget data by responsibility centers for MRS

A

Budget Master File

44
Q

Listing of transactions
Allocation of expenses to cost enters
Comparison of account balances from prior periods

A

General Ledger Analysis

45
Q

Analysis of sale
Analysis of cash
Analysis of receivables

A

Managerial reports

46
Q

Transaction Authorization
Segregation of duties
Access Controls
Accounting Records
Independent Verification

A

GL/FRS Control Issues

47
Q

Details of each journal voucher posted to the G/L

A

Journal Voucher Listing

48
Q

The effects of journal voucher postings on G/L accounts

A

General Ledger Change Report

49
Q

Format used to produce Web Pages

A

HTML: Hyper Text Markup Language

50
Q

meta-language for describing markup languages

A

XML: eXtensible Markup Language

51
Q

XML-based language for standardizing methods for preparing, publishing and exchanging financial information (Financial Statements)

A

XBRL: eXtensible Business Reporting Language

52
Q

incorrect taxonomy results in invalid mapping that may cause material misrepresentation of financial data

A

Taxonomy Creation

53
Q

ensure that appropriate taxonomy and tags have been applied

A

Validation of instance documents

54
Q

impact on auditor responsibility as a consequence of real-time distribution of financial statements

A

Audit Scope and timeframe

AUDCIS (2 decks)

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