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WorksheetsFinancial and Management Reporting and XBRL
Total questions: 10
Worksheet time: 20mins
Name
Class
Date
1.
Which is true?
a)
Goal congruence occurs when a manager is inundated with more information than he or she can assimilate, resulting in dysfunctional decisions.
b)
Information overload means that when lower level managers pursue their own objectives, they also make a contribution to the objectives of their superiors.
c)
A manager should be held accountable for all revenues, expenses, and other resources.
d)
All information are false.
2.
Which is false?
a)
Data warehouse is the process of selecting, exploring, and modeling large amounts of<br />data to uncover relationships and global patterns that exist in large databases but<br />are “hidden” among the vast amount of facts.
b)
A data mining is a relational database management system that has been<br />designed specifically to meet the needs of the internal and external users.
c)
XML is an XRBL-based language that was designed to provide the financial community with a standardized method for preparing, publishing, and automatically exchanging financial information, including financial statements of publicly held companies.
d)
All statements are false.
3.
Which is true?
a)
An XBRL tag a formatting command that is mapped to data values to facilitate the generation of reports using Electronic Data Interchange.
b)
An XBRL instance document is created by a computer by interpreting the embedded tags in the database.
c)
XML is a meta-data for describing markup languages.
d)
The term extensible means that any markup language can be created using HTML.
4.
The number of orders shipped per warehouse worker each day is a metric that would most likely appear in which part of the balanced scorecard?
a)
innovation and learning
b)
customer
c)
internal operations
d)
financial
5.
Which of the following is designed primarily to improve the efficiency of financial reporting?
a)
XML
b)
XBRL
c)
IFRS
d)
The balanced scorecard
6.
An adjusting journal entry to record interest revenue that has been earned but not yet received is an example of which of the following?
a)
accrual
b)
deferral
c)
estimate
d)
revaluation
7.
Which of the following is false on the audit implication of XBRL?
a)
Taxonomy may be generated incorrectly, resulting in an incorrect mapping between data and taxonomy elements that could result in material misrepresentation of financial data.
b)
Independent verification procedures can be skipped if XBRL is used to validate the instance documents to ensure that appropriate taxonomy and tags have been applied before posting to Web server.
c)
Controls must be designed and in place to ensure the correct generation of XBRL taxonomies.
d)
All statements are false.
8.
Which is false regarding the advantages of responsibility accounting?
a)
The development of responsibility budgets and plans encourages managers to plan ahead and promotes goal incongruence.
b)
Because responsibility accounting facilitates the delegation of decision making, managers are afforded greater freedom of action without daily supervision.
c)
Managers know what is expected of them and on what basis their performance will be evaluated.
d)
The ability to participate in decision making and exercise control helps managers develop leadership skills.
9.
Which is false?
a)
Scheduled reports are prepared according to an established time frame.
b)
Span of control refers to the number of subordinates directly under the manager’s control.
c)
The problems faced by lower management levels are more likely to be structured problems.
d)
Top management deal with strategic planning issues that are typically unstructured in nature.
e)
Tasks which are routine and structured tend to have managers with a narrow span of control, such as the supervisor of an assembly line, where each employee is performing basically the same tasks.
10.
Which is false regarding production quota used to evaluate a supervisor can adversely affect quality control, material usage efficiency, and labor relations?
a)
A performance measure based solely upon quantity of production output can adversely affect the quality of the product.
b)
The worker may push for production of more units, while disregarding the quality.
c)
The workers may get frustrated with being pushed to produce more than what is realistic.
d)
In an attempt to produce more units, the worker may push workers to work in an inefficient manner with respect to raw materials usage.
e)
All mentioned information are true.
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