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GLS Database Components Quiz

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Questions and Answers

What is the main purpose of accounting records according to the text?

To track financial statements only

To limit database access

To trace source documents from inception to financial statements and vice versa (correct)

To reconcile journal vouchers

Which advantage is NOT associated with using GL/FRS with database technology as per the text?

Detailed journal voucher listing

Centralized access to accounting records

Separation of transaction authorization and processing (correct)

Immediate update and reconciliation

What is XML primarily used for, based on the information provided?

Modeling data structure of an organization's internal database (correct)

Displaying information on Web pages

Creating databases

Describing markup languages

Which statement best describes the purpose of XBRL according to the text?

Offering expanded financial information virtually instantaneously Signup and view all the answers

What does HTML primarily define, as mentioned in the text?

Graphic elements Signup and view all the answers

Why are passwords and authorization tables described as controls in the context provided?

To improve data security measures Signup and view all the answers

What is the purpose of the General Ledger History File?

To support comparative financial analysis by storing past period data Signup and view all the answers

Which potential risk in the GL/FRS system deals with account balances that are incorrect due to unauthorized or incorrect journal vouchers?

Account balances that are wrong because of unauthorized or incorrect journal vouchers Signup and view all the answers

What issue can arise if G/L clerks have custody of physical assets according to the GL/FRS control guidelines?

Lost or damaged data Signup and view all the answers

Which file in the GLS Database is used for storing budget data by responsibility centers?

Budget Master File Signup and view all the answers

To prevent errors, fraud, and misrepresentations in financial statements, what control measure is crucial according to the text?

Access controls Signup and view all the answers

What type of reports are included in the GLS Reports section?

General ledger analysis, financial statements, and managerial reports Signup and view all the answers