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11 Cards in this Set

  • Front
  • Back

The employee/payroll master data is the central repository of data about people who work for an organization.


A) True
B) False

True

In an imprest system, the bank account is reimbursed for the exact amount of the disbursements made from the fund.


A) True
B) False

True

The payroll process maintains records containing data for payroll taxes and fringe benefits, attendance reporting, timekeeping, and paying employees for work performed.


A) True
B) False

True

The employee wage and tax statement is known as a W-4.


A) True
B) False

False

The cashier is in charge of payroll check disbursement.


A) True
B) False

True

The general ledger process comprises all of the following except:


A) providing information for financial reporting
B) servicing the needs of managerial reporting
C) classifying data by general ledger accounts
D) ensuring that the external financial statements conform to GAAP


D


GAAP based financial statements are sent by:


A) the controller
B) the treasurer
C) the financial reporting officer
D) the managerial reporting officer

C

Which of the following individuals should possess the greatest knowledge of GAAP?


A) managerial reporting officer
B) budgeting department manager
C) financial reporting officer
D) managerial reporting officer

C

Inputs to a GL/BR process typically include all of the following except:


A) adjusting entry journal voucher
B) adjusted trial balance
C) finalized budget
D) GAAP-based financial statements

D

Which of the following statements related to XBRL is false?


A) is an XML-based language consisting of a set of tags that are used to unify the presentation of business reporting information into a single format
B) it is easily read by almost any software package, and easily searched by Web browsers
C) it provides an identifying tag for each individual item of data that is computer readable
D) it treats financial information as a block of text

D

An account in the chart of accounts has the number 7111. Which of the following does the 7 likely represent?


A) Revenues
B) sales region
C) merchandise sales
D) golf merchandise sales

A