GLS Database Components Quiz
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Questions and Answers

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?

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

    What can unauthorized access to the General Ledger result in?

    <p>Errors, fraud, and misrepresentations in financial statements</p> Signup and view all the answers

    Which file provides budget data by responsibility centers for MRS?

    <p>Responsibility Center File</p> Signup and view all the answers

    What does Sarbanes-Oxley require regarding database access?

    <p>Limited access to only authorized individuals</p> Signup and view all the answers

    Which department reconciles journal vouchers and summaries?

    <p>Accounting department</p> Signup and view all the answers

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

    <p>Operational reports</p> Signup and view all the answers

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

    <p>Detailed journal voucher listing and account activity reports</p> Signup and view all the answers

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

    <p>Centralized access to accounting records</p> Signup and view all the answers

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