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
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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.
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