Podcast
Questions and Answers
What is the purpose of the General Ledger History File?
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?
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?
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?
Which of the following is a control issue related to GL/FRS system?
What can unauthorized access to the General Ledger result in?
What can unauthorized access to the General Ledger result in?
Which file provides budget data by responsibility centers for MRS?
Which file provides budget data by responsibility centers for MRS?
What does Sarbanes-Oxley require regarding database access?
What does Sarbanes-Oxley require regarding database access?
Which department reconciles journal vouchers and summaries?
Which department reconciles journal vouchers and summaries?
What type of reports are the journal voucher listing and general ledger change report?
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 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?
What is one advantage of GL/FRS using database technology mentioned in the text?
