GLS Database Components Quiz

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What is the purpose of the General Ledger History File?

To list all journal vouchers of the current period

To provide financial data by responsibility centers for MRS

To compare account balances from prior periods

To record journal vouchers of past periods for audit trail (correct)

Which of the following is considered a potential risk in the GL/FRS system?

Unposted journal entries (correct)

Properly prepared journal entries

Appropriate access to the G/L

Equal debits and credits

What issue can arise if subsidiary accounts are not equal to G/L control accounts?

Inappropriate access to G/L

Easier access to G/L data

Improved financial statements accuracy

Mismatched account balances (correct)

Which of the following is a control issue related to GL/FRS system?

Allowing G/L clerks to prepare journal vouchers Signup and view all the answers

What can unauthorized access to the General Ledger result in?

Errors, fraud, and misrepresentations in financial statements Signup and view all the answers

Which file provides budget data by responsibility centers for MRS?

Responsibility Center File Signup and view all the answers

What does Sarbanes-Oxley require regarding database access?

Limited access to only authorized individuals Signup and view all the answers

Which department reconciles journal vouchers and summaries?

Accounting department Signup and view all the answers

What type of reports are the journal voucher listing and general ledger change report?

Operational reports Signup and view all the answers

What is a compensating control in the context of GL/FRS using database technology?

Detailed journal voucher listing and account activity reports Signup and view all the answers

What is one advantage of GL/FRS using database technology mentioned in the text?

Centralized access to accounting records Signup and view all the answers

GLS Database Components Quiz

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Questions and Answers

What is the purpose of the General Ledger History File?

Which of the following is considered a potential risk in the GL/FRS system?

What issue can arise if subsidiary accounts are not equal to G/L control accounts?

Which of the following is a control issue related to GL/FRS system?

What can unauthorized access to the General Ledger result in?

Which file provides budget data by responsibility centers for MRS?

What does Sarbanes-Oxley require regarding database access?

Which department reconciles journal vouchers and summaries?

What type of reports are the journal voucher listing and general ledger change report?

What is a compensating control in the context of GL/FRS using database technology?

What is one advantage of GL/FRS using database technology mentioned in the text?

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