Midterm Exam Review ACCT 335 Spring 2009 The exam will include problems and essay questions: drawing a document flowchart drawing a data flow diagram

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Midterm Exam Review

ACCT 335 Spring 2009

The exam will include problems and essay questions:


drawing a document flowchart


drawing a data flow diagram


applying the major control concepts (8 elements of ERM, categories of internal environment, event
ntificathion/risk assessment, and/or control activities) to an organizational context, such as we did for
Transformation Bank


creating a set of normalized data files from a narrative or spreadsheet


a short essay relating to one or more topics not covered
in the problems above

Chapter 1

What is an AIS

Characteristics that make information useful

Role of AIS in the value chain

Chapter 2

Five transaction cycles

Accountants’ role in data processing

Role of the AIS/ERP in anorganization

Chapter 3

purpose of document flowcharts and DFDs

How accountants use documentation

Necessity of documentation under accounting regulations

Chapter 6

What is internal control and why is it important?

Objectives of internal control

Regulations governing interna
l control

Eight elements of ERM framework

Elements of internal environment

Event identification

Risk management process

Control activities

Chapter 4

Advantages of databases

Importance of databases to accounting

AMR Research article

Magnitude of

IT spending devoted to environmental concerns

Which IT components are important in environmental management initiatives

He Who Dares article

Importance of and strategies for identifying new opportunities

Importance of and strategies for increasing ri
sk appetite

RFID article

What RFID chips do

How RFID chips affect accounting information systems

RFID and sustainability article

Ways RFID chips can impact sustainability

ERP story (& chapter 2)

What are ERPs, and what are their basic advantages and


Sample problems from previous exams:

Problem 1

Draw a data flow diagram to represent the following scenario:

A cable TV operator receives an emailed repair request from a customer. A
repair analyst reviews the request and determines th
e type of repair needed
by accessing a repair codes file. The analyst files the updated repair
request and forwards a copy to a technician. The technician completes the
repair and forwards the order to the quality control department. A quality
control an
alyst tests the customer’s system to verify that the problem has
been resolved. The quality control analyst updates the repair order file
and sends one copy of the repair order the customer to indicate that the
order has been completed, and a second copy
to the Oregon Cable Commission.

Problem 2

Draw a document flowchart to represent the following scenario:

A patient arrives at a Magnetic Resonance Imaging (MRI) center carrying a
doctor’s referral form. A clerk in the Intake Department reviews the
al form for completeness, checks the Active Doctor file to verify
that the doctor is in good standing with the department, and signs the
doctor’s referral form. The intake department clerk then prepares a 3
MRI assignment form, which identifies the M
RI machine and technician. The
third copy of the MRI assignment is mailed to the doctor, the second copy
is filed by date with the referral, and the first copy is forwarded to the
Imaging Department. A technician in the imaging department performs the
aging procedure, updates the assignment form to include information about
when the procedure was performed, and files the updated form numerically

Problem 3

KJM Services is a small oil and gas company operating in Wyoming. The
company is owned by a fami
ly and a few small minority shareholders. The
elderly father Joe Teton, who has long been involved in oil exploration,
likes to take risks by exploring for oil on properties that are undesirable
to other oil companies. Joe’s children sit on the board, bu
t have never
taken an interest in the oil industry and do not work for the firm. The
firm does employ many of Joe’s nieces, nephews, and grandchildren, some of
whom report directly to Joe. These relatives enjoy greater discretion over
their job responsib
ilities than other employees, and they also receive
special perks such as use of the corporate jet and a penthouse apartment in

The company has recently hired a CEO who came from a large oil company, and
is an expert in regulatory compliance issues,

which have been a problem for
KJM in the past. The CEO is far more conservative than Joe and would
prefer to shift resources away from oil exploration toward well servicing,
oil extraction, and environmental protection. He would also like to
improve the

profitability of the company by reducing unnecessary


For each element of the internal environment, identify problems
currently apparent at KJM Services and/or make recommendations on how the
company could strengthen its internal e
nvironment. Elements are: 1)
management’s philosophy, operating style, and risk appetite, 2) the board
of directors, 3) commitment to integrity, ethical values and competence, 4)
organizational structure, 5) methods of assigning authority and
ity, 6) human resource standards, 7) external influences

**Important: a generic answer is not sufficient

must apply

specifically to the KJM company.** Please write clearly and answer as
thoroughly as possible.

Problem 4

Microbank gives small loans t
o business owners in developing countries.
The business owners meet weekly in groups, known as "village banks". Each
group has an ID number and name and meets the same day and time each week
(e.g. the Champions group meets every Thursday at 10:00am). E
ach group is
supported by a single loan officer, who may support many groups.
Microbank wants to set up a database to track group information along with
the employee #, name, and cel phone numbers of the loan officers. In
addition, Microbank will store
the following basic information about each
client: ID number, name, gender, age, and current loan amount.

: Prepare a relational database to store the loan information.
Use the following format to show the files in your database.

, nonkeyfield1, nonkeyfield2, …..)