Data Accuracy and Data Consistency CT-FT Practice Questions (Page 8)

Questions 36–38

1. 36foundation · easy

   Which of the following is a financial impact of inaccurate data in a banking system?

   • AIncreased storage capacity because more data is generated.
   • BImproved risk assessment because the data is more detailed.
   • CIncorrect interest calculations on customer accounts, leading to customer disputes and regulatory penalties.
   • DFaster transaction processing due to fewer data checks.
   Reveal Solution Discussion Select an answer first
2. 37application · medium

   A test analyst is reviewing a data migration test report. The report shows that 99.9% of customer records were migrated with the correct 'Account Balance' value. However, 0.1% of records have a NULL balance. Which data quality dimension is being tested when the analyst verifies that all migrated records have a non-null balance?

   • ACompleteness
   • BConsistency
   • CAccuracy
   • DTimeliness
   Reveal Solution Discussion Select an answer first
3. 38expert · hard

   A large insurance company is preparing its quarterly financial statements. The finance team discovers that the 'Claims Reserve' figure in the general ledger is $50 million, but the sum of individual claim reserves in the claims management system is $48 million. The $2 million difference is traced to a manual journal entry that was posted to the general ledger but not reflected in the claims system. The CFO needs to decide how to proceed. What is the MOST APPROPRIATE action?

   • ADelay the financial statement release until the claims system is replaced with a new system.
   • BReport the $50 million figure in the financial statements and ignore the claims system discrepancy.
   • CInvestigate the manual journal entry to determine if it is valid, and if so, ensure the claims system is updated to reflect it.
   • DAdjust the general ledger to match the claims system, assuming the manual entry was an error.
   Reveal Solution Discussion Select an answer first