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business
accounting information systems

Questions and Answers of Accounting Information Systems

Distinguish between entity relationship diagrams, data flow diagrams, document flowcharts, and system flowcharts.
Distributed Data Processing Explain why an organization would choose to install a distributed instead of a centralized computer environment.
The REA model is based on the premise that“business data must not be preformatted or artificially constrained and must reflect all relevant aspects of the underlying economic events.” What does
What is the most likely system acquisition method—in-house, turnkey, backbone, or vendor-supported—for each of the following situations?• A plumbing supply company with 12 employees that sells
Do you agree with the statement, “The term IT auditor should be considered obsolete because it implies a distinction between regular auditors and auditors who examine computerized AIS”?Why or why
Discuss the importance of accounting independence in accounting information systems. Give an example of where this concept is important(use an example other than inventory control).
What is a flat-file system?
What rules govern data collection?
What is system decomposition and subsystem interdependency? How are they related?
Distinguish between natural and artificial systems.
The objectives of the data collection activity of the general model for AIS are to collect data that area. relevant and redundant.b. efficient and objective.c. efficient and redundant.d. efficient
Which of the following is NOT a database management task?a. retrievalb. storagec. summarizationd. deletion
Which of the following is a disadvantage of distributed data processing?a. End-user involvement in systems operation is decreased.b. Disruptions due to mainframe failures are increased.c. The
Data Attributes Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the record types below. Identify which attribute is the primary key for the
Characteristics of Useful Information All records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting,
Communications Before the mid-1970s, systems programmers and businesspeople (including accountants)did not communicate well with one another.The programmers were criticized for using too much jargon,
Functional Segmentation The current organization structure of Blue Sky Company, a manufacturer of small sailboats, is presented below.Required:a. What operational problems (inefficiency, errors,
Organization Functions Based on Figure 1-8, draw a diagram of functional segments for a manufacturer of diversified products. The general characteristics of the firm are as follows:a. The
Organization Functions Based on Figure 1-8, draw a diagram of functional segments for an oil company that has the following operations:a. A head office in New York City responsible for international
Flat-File versus Database Model Outline the traditional problems associated with the flat-file model that are resolved by the database model.
Information System Categorization Classify the following items as either:TPS—transaction processing system FRS—financial reporting system MRS—management reporting systema. Variance reportsb.
AIS & MIS Features List some AIS and MIS information from which salespeople may benefit. Clearly indicate whether the information item would be an output of a traditional AIS or MIS system.Finally,
AIS Model Examine the diagram below and determine what essential mechanism is missing. Once you have identified the missing element, discuss its importance. Data Collection Database Management Data
Subsystems Use the human body system to illustrate the concepts of system decomposition and subsystem interdependency. Draw a hierarchical chart similar to the one in Figure 1-2 and discuss the
Users of Information Classify the following users of information as either:I—internal user T—external user: trading partner S—external user: stakeholdera. Internal Revenue Serviceb. Inventory
What are the four levels of activity in the pyramid representing the business organization?Distinguish between horizontal and vertical flows of information.
Are there any indications that the internal environment at Greater Providence may have been deficient? If so, how could it have contributed to this embezzlement?
Discuss whether Greater Providence’s auditors should have been able to detect this fraud.
Discuss how Greater Providence might improve its loan review procedures at bank headquarters to minimize its fraud risk. Was it a good idea to rotate the assignments of loan review clerks? Why, or
Discuss how Greater Providence Deposit & Trust might improve its control procedures over the disbursement of loan funds to minimize the risk of this type of fraud. In what way does this case indicate
Explain the pressures, opportunities, and rationalizations that were present in the Guisti fraud.
Identify the preventive, detective, and corrective controls at GPD&T, and discuss whether they were effective.
Good internal controls require that the custody, recording, and authorization functions be separated.Explain which of those functions Guisti had and how the failure to segregate them facilitated the
How did Guisti commit the fraud, conceal it, and convert the fraudulent actions to personal gain?
PriceRight Electronics (PEI) is a small wholesale discount supplier of electronic instruments and parts. PEI’s competitive advantage is its deep-discount, 3-day delivery guarantee, which allows
Spring Water Spa Company is a 15-store chain in the Midwest that sells hot tubs, supplies, and accessories. Each store has a full-time, salaried manager and an assistant manager. The sales personnel
The Langston Recreational Company (LRC) manufactures ice skates for racing, figure skating, and hockey. The company is located in Kearns, Utah, so it can be close to the Olympic Ice Shield, where
A manufacturing firm’s controller created a fake subsidiary. He then ordered goods from the firm’s suppliers, told them to ship the goods to a warehouse he rented, and approved the vendor
Many employees of a firm that manufactures small tools pocket some of the tools for their personal use. Because the quantities taken by any one employee are immaterial, the individual employees do
Many documents are not approved.REQUIRED For each of the eight conditions detected by the Covington internal audit staff:a. Describe a possible cause of the condition.b. Recommend actions to be taken
An unexplained decrease in the gross profit percentage has occurred.
Many original documents are missing or lost. However, there are substitute copies of all missing originals.
There are many customer refunds and credits.
Alterations have been made to physical inventory counts and to perpetual inventory records.
There are occasional discrepancies between physical inventory counts and perpetual inventory records.
Bad debt write-offs are prepared and approved by the same employee.
Daily bank deposits do not always correspond with cash receipts.
The management at Covington, Inc., recognizes that a well-designed internal control system provides many benefits. Among the benefits are reliable financial records that facilitate decision making
Do this for procedure A, procedure B, and both procedures together.
During a recent review, ABC Corporation discovered that it has a serious internal control problem. It is estimated that the impact associated with this problem is $1 million and that the likelihood
The Gardner Company, a client of your firm, has come to you with the following problem. It has three clerical employees who must perform the following functions:a. Maintain the general ledgerb.
The following description represents the policies and procedures for agent expense reimbursements at Excel Insurance Company.Agents submit a completed expense reimbursement form to their branch
Explain how the principle of separation of duties is violated in each of the following situations. Also, suggest one or more procedures to reduce the risk and exposure highlighted in each example.a.
Describe the differences between general and specific authorization.
Discuss the internal environment and identify the elements that comprise the internal environment.
Discuss the weaknesses in COSO’s internal control framework that led to the development of the COSO Enterprise Risk Management framework.
Explain why the Foreign Corrupt Practices Act was important to accountants.
Which of the following is NOT an independent check?a. bank reconciliationb. periodic comparison of subsidiary ledger totals to control accountsc. trial balanced. re-adding the total of a batch of
Maria’s concerns about Springer’s loosely defined lines of authority and possible use of “creative accounting” are matters of management policy. With respect to Jason’s control procedures
Is a violation of control procedures acceptable if management has authorized it?
Because Ed Yates had a logical explanation for every unusual transaction, should Jason describe these transactions in his report?
Describe how to communicate information and monitor control processes in organizations.
Describe control activities commonly used in companies.
Explain how to assess and respond to risk using the Enterprise Risk Management (ERM) model.
Describe the control objectives companies need to set and how to identify events that affect organizational uncertainty.
Describe the major elements in the internal environment of a company.
Compare and contrast the COBIT, COSO, and ERM control frameworks.
Explain basic control concepts and explain why computer control and security are important.
What pieces of personal information are most valuable to identity fraudsters?
What are the most effective means of detecting identity theft?
What measures can consumers take to protect against the online brokering of their personal data?
What is the most common way that fraudsters use personal data?
What are some of the most common electronic means of stealing personal information?
How has the Internet made detecting and identifying identity fraudsters difficult?
How did Shadowcrew members conceal their identities? How can average citizens protect their identities while interacting online?
A few years ago, the Japanese government announced that computers in the country’s parliament suffered a cyber-attack originating in China. The Japanese computers were infected when a politician
When your cell phone dies, a nodding acquaintance gives you a USB wall charger. Unbeknownst to you, this device can eavesdrop on most wireless Microsoft keyboards. To which computer fraud and abuse
You visited Moviepass.tv, a movie download service, and browse the movie selections at the site. Three days later, oversized pop-up ads began to appear claiming that you had signed up for a three-day
After experiencing a larger than usual amount of credit card fraud, the bank issuing the cards was able to determine that most of the credit cards had been used in only one location—a restaurant in
You receive an email that says: “We are offering you a special $50 coupon for being such a good customer. This offer is limited to the first 100 people, so click here immediately to claim your
You find a web application that uses the following query structure to authenticate users: “SELECT * FROM userstable WHERE username 5 ‘userinput1’ and password5‘userinput2’;” You replace
A man used false names, addresses, and social security numbers to create 58,000 banking and brokerage accounts. To verify that the accounts were set up properly, the institutions would make deposits
A hacker from Croatia inserted a malicious string of code in a popular news website’s database. When a researcher from a financial institution requested a page from the website, it was sent along
After a Windows vulnerability was discovered, the point-of-sale payment card system of more than 100 companies was attacked by crooks. Microsoft released a patch to fix the vulnerability a few weeks
Sanford Wallace sent phishing messages to Facebook users that tricked 500,000 of them into providing their passwords and user account information. He accessed their accounts and over a three-month
In August 2011, the Hong Kong Stock Exchange (HKEx) suspended trading for seven stocks after its news announcement website HKExnews was hit by a distributed denialof-service (DoS) attack. This site
A customer of a bank received the following email:Dear Valued Customer!As part of our continuing commitment to protect your account and to reduce instance of fraud on our website, we are performing a
The controller of a small business received the following e-mail with an authenticlooking e-mail address and logo:From: Big Bank [antifraud@bigbank.com]To: Justin Lewis, Controller, Small Business
A few years ago, news began circulating about a computer virus named Michelangelo that was set to “ignite” on March 6, the birthday of the famous Italian artist. The virus attached itself to the
What is social engineering? Describe at least four social engineering techniques.DISCUSSION QUESTIONS
When U.S. Leasing (USL) computers began acting sluggishly, computer operators were relieved when a software troubleshooter from IBM called. When he offered to correct the problem they were having, he
Describe the different types of malware used to harm computers.
Explain how social engineering techniques are used to gain physical or logical access to computer resources.
Compare and contrast computer attack and abuse tactics.
Recommend one or more controls to prevent or detect each means of committing fraud.
What control weaknesses make each fraud possible?
What risk factor, unusual item, or abnormality would alert you to each fraud?
Figure 5-3 shows the employees and external parties that deal with Heirloom. Explain how Heirloom could defraud the bank and how each internal and external party, except the bank, could defraud
What could the victimized companies have done to prevent Miller’s embezzlement?
Why do companies hesitate to prosecute whitecollar criminals? What are the consequences of not prosecuting? How could law enforcement officials encourage more prosecution?

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