Ais Chapter 14 & 16

Front 1

The employee/payroll master data is the central repository of data about people who work for an organization.

A) True
B) False

Back 1

True

Front 2

In an imprest system, the bank account is reimbursed for the exact amount of the disbursements made from the fund.

A) True
B) False

Back 2

True

Front 3

The payroll process maintains records containing data for payroll taxes and fringe benefits, attendance reporting, timekeeping, and paying employees for work performed.

A) True
B) False

Back 3

True

Front 4

The employee wage and tax statement is known as a W-4.

A) True
B) False

Back 4

False

Front 5

The cashier is in charge of payroll check disbursement.

A) True
B) False

Back 5

True

Front 6

The general ledger process comprises all of the following except:

A) providing information for financial reporting
B) servicing the needs of managerial reporting
C) classifying data by general ledger accounts
D) ensuring that the external financial statements conform to GAAP

Back 6

D

Front 7

GAAP based financial statements are sent by:

A) the controller
B) the treasurer
C) the financial reporting officer
D) the managerial reporting officer

Back 7

C

Front 8

Which of the following individuals should possess the greatest knowledge of GAAP?

A) managerial reporting officer
B) budgeting department manager
C) financial reporting officer
D) managerial reporting officer

Back 8

C

Front 9

Inputs to a GL/BR process typically include all of the following except:

A) adjusting entry journal voucher
B) adjusted trial balance
C) finalized budget
D) GAAP-based financial statements

Back 9

D

Front 10

Which of the following statements related to XBRL is false?

A) is an XML-based language consisting of a set of tags that are used to unify the presentation of business reporting information into a single format
B) it is easily read by almost any software package, and easily searched by Web browsers
C) it provides an identifying tag for each individual item of data that is computer readable
D) it treats financial information as a block of text

Back 10

D

Front 11

An account in the chart of accounts has the number 7111. Which of the following does the 7 likely represent?

A) Revenues
B) sales region
C) merchandise sales
D) golf merchandise sales

Back 11

A