Financial reporting and management reporting systems
20 important questions on Financial reporting and management reporting systems
What is the general ledger system?
The source of input to the general ledger is the journal voucher, which can be used to represent summaries of similar transactions or a single unique transaction, identifies the financial amounts and affected GL accounts.
What is the general ledger history file?
Has the same format as the GL master. Its primary purpose is to provide historic financial data for comparative financial reports.
What are the potential risks to the FRS?
1) a defective audit trial
2) unauthorized access to the general ledger
3) general ledger accounts that are out of balance with subsidiary accounts
4) incorrect general ledger account balances because of unauthorized or incorrect
journal vouchers
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
How should individuals with access authority to general ledger accounts be separated from other accounts?
1) Have record – keeping responsibility for special journals or subsidiary ledgers.
2) Prepare journal vouchers
3) Have custody of physical assets.
What should the audit trail comply to in the frs?
1) Provide the ability to answer inquiries
2) Be able to reconstruct files if they are completely or partially destroyed
3) Provide historical data required by auditors
4) Fulfil government regulations
5) Provide a means for preventing, detecting and correcting errors.
Of what comprises the management reporting system?
1. Management principles
2. Management function, level and decision type
3. Problem structure
4. Types of management reports
5. Responsibility accounting
6. Behavioral considerations
What is the management function, level and decision type?
The control function ensures that the activities of the firm conform to the plan. Planning and control decisions are frequently classified into four categories:
Strategic planning
Tactical planning
Managerial control
Operational control
What is the strategic planning decision?
Strategic Planning Decision characteristics: “long-term frames, they require highly summarized information, tend to be nonrecurring, strategic decisions are associated with high degree of uncertainty, they are broad in scope and have a profound impact on the firm and strategic decisions require external as well as internal sources of information.
What are the tactical planning decisions?
What are the management control decisions?
What are the operational control decisions?
What is the problem structure?
Data – the value used to represent factors that are relevant to the problem
Procedures – the sequence of steps or decision rules used in solving the problem
Objectives – the results the decision maker desires to attain by solving the problem
Unstructured Problems
Problems are unstructured when there is no precise solution technique.
What are management reports?
What are the report objectives?
to reduce the level of uncertainty associated with a problem facing the decision maker
to influence the decision maker’s behaviour in a positive way.
What are the two subclasses of programmed reporting?
Scheduled reports ( MRS produces this according to an established time frame)
On- demand reports (triggered by events)
What are the report attributes?
Relevance
Summarization
Exception orientation
Accuracy
Completeness
Timeliness
Conciseness
What is ad-hoc reporting?
What is the verification model?
uses a drill-down technique to either verify or reject a user’s hypothesis
What is the discovery model?
uses data mining to discover previously unknown but important information that is hidden within the data
Which three behavioral aspects should be considered?
Lower-level managers pursuing their own objectives contribute in a positive way to the objectives of their superiors.
Information Overload
This occurs when a manager receives more information than he or she can assimilate.
Inappropriate Performance Measures
Recall that one purpose of a report is to stimulate behaviour consistent with the objectives of the firm. When inappropriate performance measures are used, however, the report can have the opposite effect.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
