Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ICAS - ABS > Module 7 > Flashcards

Module 7 Flashcards

1
Q

Electronic business

A

Refers to any online transaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

E-commerce

A

Is part of e-business requires the digital transmission of accounting transaction information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Benefits of e-commerce for businesses (7)

A
  • Can reach more geographically dispersed customer base
  • Lower overheads
  • Increased inventory range
  • Easier and quicker to fulfil orders
  • Better customer service
  • Lower sales and marketing costs
  • Would be at a disadvantage if didn’t have online presence
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Benefits of e-commerce for consumers (6)

A
  • Eletronic delivery of ebooks etc straight to device
  • Increased information available
  • Greater range of vendors and products
  • Ability to browse and purchase 24/7
  • Ability to locate more competitive prices/ delivery options
  • Increased personalisation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Three key risks of e-commerce

A
  • Financial
  • Reputational
  • Legal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

General business risks (5)

A
  • Venture is unsucessful
  • Loss of competitive advantage
  • Cash flow difficulties
  • Risk of loss of intellectual property
  • Reduction in customer satisfaction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Accounting policy/ issues associated with e-business (5)

A
  • Whether the entity is the principle/ agent
  • Treatment of introductory offers/ trade discounts
  • Revenue cut off
  • Sales and marketing barter transactions
  • Purchasing integration (in systems)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Main control company can implement to ensure internet transactions and communications are secure is…

A

Well designed, implemented and maintained system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Specific risks of e-commerce acronym

A

DESCRIP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

D >

A

Data theft and loss

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Ways data can be lost (4)

A
  • Hackers
  • Interception
  • Data corruption
  • Loss during transmission
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Controls to address data theft and loss (6)

A
  • Firewalls
  • Encryption
  • Biometric devices
  • Audit logs (locked after a certain number of attempts)
  • Authentication (something you have, know or are)
  • Challenge response (security question)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Firewall

A

System or group of systems that enforces access control policy between two networks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

E >

A

Electronic contracts repudiation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Electronic contracts repudiation

A

To deny/ refuse to accept contract is legally binding when performed online

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Controls to address electronic contracts repudiation

A
  • Confirmations (proof of delivery + return receipts)
  • Timestamps
  • Digital signatures
17
Q

S >

A

Server failure

18
Q

Server failure

A

From unintentional operational problems or malicious attacks

19
Q

Types of sever failure (3)

A
  • Denial of service attacks (flood)
  • Virus attacks
  • Spyware
20
Q

Controls to address server failure (4)

A
  • Disaster recovery
  • Virus scans
  • Anti-spyware programs
  • Anti-spam programs
21
Q

C >

A

Compliance with tax and legal requirements

22
Q

VAT jurisdiction

A

Where the supply of goods/ services takes place

23
Q

Corporation tax

A

Based on where the location of the server is

24
Q

Controls to address compliance with tax and legal requirements

A
  • Organisation must be aware of law
  • Staff training on applications of laws
  • Engage expert advisors
  • Ensure accounting policies in line with applicable legal frameworks
25
Q

R >

A

Returns of goods sold electronically

26
Q

Controls to address returns of goods (3)

A
  • Effective inventory management system
  • Discretionary returns policy
  • Ensure pricing policies reflect additional cost of returns
27
Q

I >

A

Impersonation

28
Q

Impersonation can be

A

Customer or organisation

29
Q

Methods of impersonation (2)

A
  • Spam emails/ phishing

- False websites

30
Q

Controls to address impersonation (2)

A
  • Authentication and passwords

- Customer education

31
Q

P >

A

Information privacy

32
Q

Key information privacy directive

A

Data Protection Directive

33
Q

Ramifications of breaches of information privacy legislation (5)

A
  • Loss of customer goodwill
  • Negative publicity
  • Legal action
  • Poor staff morale
  • Financial loss
34
Q

New EU guidance

A

General Data Protection Regulation (2016)

35
Q

Key organisation in UK for data protection

A

Information Commissioner’s Office (ICO)

36
Q

Controls for information privacy (4)

A
  • Well designed system that stores data accurately and securely
  • Audit logs
  • Authentication controls
  • Clear policies around data retention
37
Q

GDPR applies to who

A

All organisations collecting and processing personal data

38
Q

GDPR applies to what

A

All personal data (including IP addresses)

39
Q

Key GDPR considerations (4)

A
  • Fines for most serious offences
  • Mandatory requirement to notify ICO within 72 hours of breach of personal data
  • ‘Right to be forgotten’
  • ‘Right to access’

ICAS - ABS (21 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions