Question 1

Where does the data originate for data analytics purposes?

Accepted Answer

A)  Reports from the information system 
B)  Raw data from the information system 
C)  Business event results 
D)  All of these answer choices are correct. 
A)  Reports from the information system 
B)  Raw data from the information system 
C)  Business event results 
D)  All of these answer choices are correct. D

Question 2

Which of these statements most clearly defines decision context?

Accepted Answer

A)  Decision context considers the preferences and constraints that affect how a decision is made. 
B)  Decision context considers the fundamental and enhancing characteristics of data. 
C)  Decision context refers to the relevance and faithful representation of information. 
D)  Decision context refers to the information quality and data integrity of a decision. 
A)  Decision context considers the preferences and constraints that affect how a decision is made. 
B)  Decision context considers the fundamental and enhancing characteristics of data. 
C)  Decision context refers to the relevance and faithful representation of information. 
D)  Decision context refers to the information quality and data integrity of a decision. A

Question 3

Kwan purchased a coffee shop franchise that was barely profitable from an owner who had chosen not to use any information systems to assist with managerial decision making. The coffee shop franchise brand is strong nationwide. Kwan predicts that with some minor modification of some business processes, he can turn the coffee shop into a thriving business. Explain how Kwan might use the key performance indicators (KPIs) that he generates from his information system to help him improve business processes.

Accepted Answer

Kwan could generate KPIs for the business and compare them to industry benchmarks to determine where improvements are needed. Kwan could also compare the KPIs that he generates over time from his business to monitor how the process changes affect business results.

Question 4

Which statement about data analytics is TRUE?

Accepted Answer

A)  Data analytics is the future of the accounting profession. 
B)  Data analytics terminology is not relevant to most accountants. 
C)  Data analytics skills are not necessary unless you work in IT. 
D)  Data analytics terminology knowledge is important in accounting. 
A)  Data analytics is the future of the accounting profession. 
B)  Data analytics terminology is not relevant to most accountants. 
C)  Data analytics skills are not necessary unless you work in IT. 
D)  Data analytics terminology knowledge is important in accounting.

Question 5

Joy is preparing to begin college with plans to become an accountant. As an accounting student what essential data analytics skills will Joy need to learn during her college career?

Accepted Answer

A)  How to identify what data can be used to answer a business question 
B)  How to collect, clean, and prepare data for analysis 
C)  How to perform data visualization and reporting 
D)  All of these answer choices are correct. 
A)  How to identify what data can be used to answer a business question 
B)  How to collect, clean, and prepare data for analysis 
C)  How to perform data visualization and reporting 
D)  All of these answer choices are correct.

Question 6

While all new accounting professionals should be able to perform data analysis in Excel, what skill related to advanced data analysis is necessary for all new accounting professionals?

Accepted Answer

A)  New accounting professionals should be able to utilize artificial intelligence. 
B)  New accounting professionals should be able to recognize when advanced tools are needed. 
C)  New accounting professionals should be able to code in data analytic languages. 
D)  New accounting professionals should be able to perform predictive modeling. 
A)  New accounting professionals should be able to utilize artificial intelligence. 
B)  New accounting professionals should be able to recognize when advanced tools are needed. 
C)  New accounting professionals should be able to code in data analytic languages. 
D)  New accounting professionals should be able to perform predictive modeling.

Question 7

Which of the following statements about the way accountants use data analytics is FALSE?

Accepted Answer

A)  Accountants can use data analytics to get more comprehensive results. 
B)  Accountants can use data analytics without technology. 
C)  Accountants can use data analytics to get results faster. 
D)  Accountants can use data analytics to achieve competitive advantage. 
A)  Accountants can use data analytics to get more comprehensive results. 
B)  Accountants can use data analytics without technology. 
C)  Accountants can use data analytics to get results faster. 
D)  Accountants can use data analytics to achieve competitive advantage.

Question 8

Compare and contrast reporting and data analytics.

Accepted Answer

Reporting pulls data together into summa

Question 9

Which type of business event includes buying and selling property?

Accepted Answer

A)  Operating events 
B)  Financing events 
C)  Investing events 
D)  Information events 
A)  Operating events 
B)  Financing events 
C)  Investing events 
D)  Information events

Question 10

Which of the following activities is an additional data capture opportunity during the conversion process?

Accepted Answer

A)  Compliance with regulations 
B)  Resource acquisition 
C)  Monitor employee performance 
D)  Monitor cash flow 
A)  Compliance with regulations 
B)  Resource acquisition 
C)  Monitor employee performance 
D)  Monitor cash flow

Question 11

Jimin, a manager for an online retailer named BTZ, is developing additional data capture points in BTZ's information systems to help the company measure customer satisfaction. BTZ understands that if they lose their customers, it will lose its source of revenue. What types of data might Jimin want to capture for BTZ and why?

Accepted Answer

Jimin should capture search engine ranki

Question 12

Which of the following management responsibility areas includes forecasting future performance?

Accepted Answer

A)  Planning 
B)  Implementing 
C)  Monitoring 
D)  Changing and Improving 
A)  Planning 
B)  Implementing 
C)  Monitoring 
D)  Changing and Improving

Question 13

What is management's first task before a business can begin operations?

Accepted Answer

A)  Produce products 
B)  Create a marketing plan 
C)  Obtain needed resources 
D)  All of these answer choices are correct. 
A)  Produce products 
B)  Create a marketing plan 
C)  Obtain needed resources 
D)  All of these answer choices are correct.

Question 14

Which statement concerning data is TRUE?

Accepted Answer

A)  Data is useless to a business until transformed into information. 
B)  Data is the output from an information system. 
C)  Data is organized into understandable formats. 
D)  Data is processed before being input into the information system. 
A)  Data is useless to a business until transformed into information. 
B)  Data is the output from an information system. 
C)  Data is organized into understandable formats. 
D)  Data is processed before being input into the information system.

Question 15

Which of the following management responsibility areas includes identifying opportunities and assessing risk?

Accepted Answer

A)  Planning 
B)  Implementing 
C)  Monitoring 
D)  Changing and Improving 
A)  Planning 
B)  Implementing 
C)  Monitoring 
D)  Changing and Improving

Question 16

In which of the following process categories would online search engine rankings be captured?

Accepted Answer

A)  Acquisition and Payment 
B)  Marketing, Sales, and Collection 
C)  Conversion 
D)  Transaction 
A)  Acquisition and Payment 
B)  Marketing, Sales, and Collection 
C)  Conversion 
D)  Transaction

Question 17

What kind of business model should an entrepreneurial application developer consider for a new smartphone game that will allow users to pay for additional capabilities and/or lives during the game?

Accepted Answer

A)  Franchise 
B)  Subscription 
C)  Freemium 
D)  Peer-to-peer 
A)  Franchise 
B)  Subscription 
C)  Freemium 
D)  Peer-to-peer

Question 18

The information system for WKRP, Inc., a radio station, is very basic. WKRP management had a former employee who possessed very little accounting knowledge build a report in the information system that generated only key performance indicators (KPIs) from numbers on the balance sheet. WKRP would like to use KPIs to compare their profitability to other radio stations in similar markets. Determine the issues with the current KPIs and propose how to improve the situation.

Accepted Answer

WKRP's KPIs from the balance sheet do no

Question 19

Which statement about the conversion process is FALSE?

Accepted Answer

A)  Businesses create value by combining and converting resources to goods and/or services. 
B)  The conversion process includes the acquisition of resources. 
C)  The conversion process includes regulatory compliance. 
D)  Businesses create value by being innovative and efficient in their processing. 
A)  Businesses create value by combining and converting resources to goods and/or services. 
B)  The conversion process includes the acquisition of resources. 
C)  The conversion process includes regulatory compliance. 
D)  Businesses create value by being innovative and efficient in their processing.

Question 20

Which of the following social responsibility and sustainability data points can be captured through the conversion processes?

Accepted Answer

A)  Water usage 
B)  Energy consumption 
C)  Carbon footprint 
D)  All of these answer choices are correct. 
A)  Water usage 
B)  Energy consumption 
C)  Carbon footprint 
D)  All of these answer choices are correct.

Where does the data originate for data analytics purposes?

Which of these statements most clearly defines decision context?

Which statement about data analytics is TRUE?

Joy is preparing to begin college with plans to become an accountant. As an accounting student what essential data analytics skills will Joy need to learn during her college career?

While all new accounting professionals should be able to perform data analysis in Excel, what skill related to advanced data analysis is necessary for all new accounting professionals?

Which of the following statements about the way accountants use data analytics is FALSE?

Compare and contrast reporting and data analytics.

Which type of business event includes buying and selling property?

Which of the following activities is an additional data capture opportunity during the conversion process?

Which of the following management responsibility areas includes forecasting future performance?

What is management's first task before a business can begin operations?

Which statement concerning data is TRUE?

Which of the following management responsibility areas includes identifying opportunities and assessing risk?

In which of the following process categories would online search engine rankings be captured?

What kind of business model should an entrepreneurial application developer consider for a new smartphone game that will allow users to pay for additional capabilities and/or lives during the game?

Which statement about the conversion process is FALSE?

Which of the following social responsibility and sustainability data points can be captured through the conversion processes?

Risks and Risk Assessments

Risk Management and Internal Controls

Software and Systems

Data Storage and Analysis

Systems and Database Design

Emerging and Disruptive Technologies

Documenting Systems and Processes

Human Resources and Payroll Processes

Purchasing and Payments Process

Conversion Processes

Marketing, Sales, and Collection Processes

Financial Reporting Processes

Information Systems and Controls

Fraud

Cybersecurity

Data Analytics

Data Visualization

Audit Assurance

Filters

Exam 1: Accounting As Information

Where does the data originate for data analytics purposes?

Which of these statements most clearly defines decision context?

Which statement about data analytics is TRUE?

Joy is preparing to begin college with plans to become an accountant. As an accounting student what essential data analytics skills will Joy need to learn during her college career?

While all new accounting professionals should be able to perform data analysis in Excel, what skill related to advanced data analysis is necessary for all new accounting professionals?

Which of the following statements about the way accountants use data analytics is FALSE?

Compare and contrast reporting and data analytics.

Which type of business event includes buying and selling property?

Which of the following activities is an additional data capture opportunity during the conversion process?

Which of the following management responsibility areas includes forecasting future performance?

What is management's first task before a business can begin operations?

Which statement concerning data is TRUE?

Which of the following management responsibility areas includes identifying opportunities and assessing risk?

In which of the following process categories would online search engine rankings be captured?

What kind of business model should an entrepreneurial application developer consider for a new smartphone game that will allow users to pay for additional capabilities and/or lives during the game?

Which statement about the conversion process is FALSE?

Which of the following social responsibility and sustainability data points can be captured through the conversion processes?

Risks and Risk Assessments

Risk Management and Internal Controls

Software and Systems

Data Storage and Analysis

Systems and Database Design

Emerging and Disruptive Technologies

Documenting Systems and Processes

Human Resources and Payroll Processes

Purchasing and Payments Process

Conversion Processes

Marketing, Sales, and Collection Processes

Financial Reporting Processes

Information Systems and Controls

Fraud

Cybersecurity

Data Analytics

Data Visualization

Audit Assurance

Filters