Question 1

Compare and contrast transaction-based accounting systems to process-based information systems.

Accepted Answer

Both types of information systems are wi

Question 2

The information system for WKRP, Inc. is very basic. WKRP management had a former employee with very little accounting knowledge build a report in the information system that generated key performance indicators (KPIs). WKRP's debt-to-equity ratio continues to be generated erroneously because the equation used for the ratio was programmed into the system incorrectly. Explain what key characteristic of data is violated with the error and how this error in data might affect WKRP?

Accepted Answer

The WKRP KPI report lacks data integrity

Question 3

Which of the following benefits may arise from management evaluating conversion process data captured by a process-based accounting information system?

Accepted Answer

A)  Reduced downtime 
B)  Reduced employee turnover 
C)  Increased customer satisfaction 
D)  Increased customer engagement 
A)  Reduced downtime 
B)  Reduced employee turnover 
C)  Increased customer satisfaction 
D)  Increased customer engagement

Question 4

What additional data could be captured during the conversion processes to help corporate management improve business efficiency or effectiveness?

Accepted Answer

A)  Quality testing data 
B)  Downtime data 
C)  Waste data 
D)  All of these answer choices are correct. 
A)  Quality testing data 
B)  Downtime data 
C)  Waste data 
D)  All of these answer choices are correct.

Question 5

Which of the following statements most accurately reflects the relationship between reporting and data analytics?

Accepted Answer

A)  Data analytics uses reports and raw data to transform into useful information. 
B)  Reports and data analytics are both created using an information system but are not related. 
C)  Reports are visual displays of the information produced using data analytics. 
D)  Data analytics and reporting both require specialized software to perform and produce similar results. 
A)  Data analytics uses reports and raw data to transform into useful information. 
B)  Reports and data analytics are both created using an information system but are not related. 
C)  Reports are visual displays of the information produced using data analytics. 
D)  Data analytics and reporting both require specialized software to perform and produce similar results.

Question 6

Which statement is TRUE?

Accepted Answer

A)  Accounting consists of rigid black and white rules. 
B)  Accountants crunch numbers, not make decisions. 
C)  Accounting helps support a prosperous society. 
D)  Accountants focus on debits and credits, not business activities. 
A)  Accounting consists of rigid black and white rules. 
B)  Accountants crunch numbers, not make decisions. 
C)  Accounting helps support a prosperous society. 
D)  Accountants focus on debits and credits, not business activities.

Question 7

Which of the following activities results in a transaction an accounting information system?

Accepted Answer

A)  Sell goods to a customer 
B)  Submit an order to a vendor 
C)  Create estimates for a customer 
D)  Receive a customer order 
A)  Sell goods to a customer 
B)  Submit an order to a vendor 
C)  Create estimates for a customer 
D)  Receive a customer order

Question 8

Tina, Tammy, and Toni opened a Pizza Hut franchise in the suburbs of a major metropolitan area. Tina manages the team that takes orders and delivers pizzas. What process area demands most of Tina's focus?

Accepted Answer

A)  Acquisition and Payment 
B)  Conversion 
C)  Marketing, Sales, and Collections 
D)  All of these answer choices are correct. 
A)  Acquisition and Payment 
B)  Conversion 
C)  Marketing, Sales, and Collections 
D)  All of these answer choices are correct.

Question 9

Which characteristic refers to the completeness, accuracy, reliability, and consistency of data?

Accepted Answer

A)  Information integrity 
B)  Information quality 
C)  Data integrity 
D)  Data quality 
A)  Information integrity 
B)  Information quality 
C)  Data integrity 
D)  Data quality

Question 10

Fast-food chains that allow individuals to purchase and operate a location for that chain are operating under what kind of business model?

Accepted Answer

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

Question 11

Kobe manages a real-estate company. Recently, Kobe modified the process used to assign a list price by agents in the organization. In which management responsibility area was Kobe operating?

Accepted Answer

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

Question 12

A business model is

Accepted Answer

A)  a company's plan for operations. 
B)  a company's plan for making a profit. 
C)  a company's plan for identifying customers. 
D)  a company's plan for production. 
A)  a company's plan for operations. 
B)  a company's plan for making a profit. 
C)  a company's plan for identifying customers. 
D)  a company's plan for production.

Question 13

Which of the following accounting data components is an acquisition and payment process?

Accepted Answer

A)  Production 
B)  Revenue 
C)  Financing 
D)  All of these answer choices are correct. 
A)  Production 
B)  Revenue 
C)  Financing 
D)  All of these answer choices are correct.

Question 14

During the acquisition and payment process, which areas are opportunities for additional data capture in the process approach for information systems?

Accepted Answer

A)  Monitor supplier performance 
B)  Monitor employee performance 
C)  Monitor cash flow 
D)  All of these answer choices are correct. 
A)  Monitor supplier performance 
B)  Monitor employee performance 
C)  Monitor cash flow 
D)  All of these answer choices are correct.

Question 15

Tina, Tammy, and Toni opened a Pizza Hut franchise in the suburbs of a major metropolitan area. Tammy manages the cash drawer, credit card reconciliation, and payroll. Which of the following type of business events is Tammy's to manage?

Accepted Answer

A)  Operating events 
B)  Financing events 
C)  Investing events 
D)  All of these answer choices are correct. 
A)  Operating events 
B)  Financing events 
C)  Investing events 
D)  All of these answer choices are correct.

Question 16

Which business event during the marketing, sales and collections processes would NOT be captured in a traditional accounting information system?

Accepted Answer

A)  Produce product 
B)  Take customer order 
C)  Deliver goods to a customer 
D)  Collect payment from customer 
A)  Produce product 
B)  Take customer order 
C)  Deliver goods to a customer 
D)  Collect payment from customer

Question 17

One of the most important data analytics skills for all new graduates is the ability to

Accepted Answer

A)  identify what data can be used to answer a business question. 
B)  code advanced predictive analytics algorithms. 
C)  manually calculate financial ratios from financial statements. 
D)  identify and categorize accounting reports. 
A)  identify what data can be used to answer a business question. 
B)  code advanced predictive analytics algorithms. 
C)  manually calculate financial ratios from financial statements. 
D)  identify and categorize accounting reports.

Question 18

In what way do management teams use accounting data?

Accepted Answer

A)  Management teams use accounting data to make business decisions. 
B)  Management teams use accounting data to make and execute plans. 
C)  Management teams use economic and accounting data together to make decisions. 
D)  All of these answer choices are correct. 
A)  Management teams use accounting data to make business decisions. 
B)  Management teams use accounting data to make and execute plans. 
C)  Management teams use economic and accounting data together to make decisions. 
D)  All of these answer choices are correct.

Question 19

Which of the following management responsibility areas includes assigning employee tasks?

Accepted Answer

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

Question 20

Accounting communicates to stakeholders

Accepted Answer

A)  minimally required public financial data. 
B)  the financial outcomes of operating, investing, and financing activities. 
C)  the sales strategy for the operating, marketing, and sales activities. 
D)  black and white details about the economics of operating activities. 
A)  minimally required public financial data. 
B)  the financial outcomes of operating, investing, and financing activities. 
C)  the sales strategy for the operating, marketing, and sales activities. 
D)  black and white details about the economics of operating activities.

Compare and contrast transaction-based accounting systems to process-based information systems.

Which of the following benefits may arise from management evaluating conversion process data captured by a process-based accounting information system?

What additional data could be captured during the conversion processes to help corporate management improve business efficiency or effectiveness?

Which of the following statements most accurately reflects the relationship between reporting and data analytics?

Which statement is TRUE?

Which of the following activities results in a transaction an accounting information system?

Tina, Tammy, and Toni opened a Pizza Hut franchise in the suburbs of a major metropolitan area. Tina manages the team that takes orders and delivers pizzas. What process area demands most of Tina's focus?

Which characteristic refers to the completeness, accuracy, reliability, and consistency of data?

Fast-food chains that allow individuals to purchase and operate a location for that chain are operating under what kind of business model?

Kobe manages a real-estate company. Recently, Kobe modified the process used to assign a list price by agents in the organization. In which management responsibility area was Kobe operating?

A business model is

Which of the following accounting data components is an acquisition and payment process?

During the acquisition and payment process, which areas are opportunities for additional data capture in the process approach for information systems?

Tina, Tammy, and Toni opened a Pizza Hut franchise in the suburbs of a major metropolitan area. Tammy manages the cash drawer, credit card reconciliation, and payroll. Which of the following type of business events is Tammy's to manage?

Which business event during the marketing, sales and collections processes would NOT be captured in a traditional accounting information system?

One of the most important data analytics skills for all new graduates is the ability to

In what way do management teams use accounting data?

Which of the following management responsibility areas includes assigning employee tasks?

Accounting communicates to stakeholders

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

Compare and contrast transaction-based accounting systems to process-based information systems.

Which of the following benefits may arise from management evaluating conversion process data captured by a process-based accounting information system?

What additional data could be captured during the conversion processes to help corporate management improve business efficiency or effectiveness?

Which of the following statements most accurately reflects the relationship between reporting and data analytics?

Which statement is TRUE?

Which of the following activities results in a transaction an accounting information system?

Tina, Tammy, and Toni opened a Pizza Hut franchise in the suburbs of a major metropolitan area. Tina manages the team that takes orders and delivers pizzas. What process area demands most of Tina's focus?

Which characteristic refers to the completeness, accuracy, reliability, and consistency of data?

Fast-food chains that allow individuals to purchase and operate a location for that chain are operating under what kind of business model?

Kobe manages a real-estate company. Recently, Kobe modified the process used to assign a list price by agents in the organization. In which management responsibility area was Kobe operating?

A business model is

Which of the following accounting data components is an acquisition and payment process?

During the acquisition and payment process, which areas are opportunities for additional data capture in the process approach for information systems?

Tina, Tammy, and Toni opened a Pizza Hut franchise in the suburbs of a major metropolitan area. Tammy manages the cash drawer, credit card reconciliation, and payroll. Which of the following type of business events is Tammy's to manage?

Which business event during the marketing, sales and collections processes would NOT be captured in a traditional accounting information system?

One of the most important data analytics skills for all new graduates is the ability to

In what way do management teams use accounting data?

Which of the following management responsibility areas includes assigning employee tasks?

Accounting communicates to stakeholders

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