Question 1

Accountants using technology to analyze financial statements rather than using a manual process are performing

Accepted Answer

A)  data reporting. 
B)  data quality. 
C)  data analytics. 
D)  data capture. 
A)  data reporting. 
B)  data quality. 
C)  data analytics. 
D)  data capture.

Question 2

A ________ is a group of related business events designed to accomplish the business's strategic objectives.

Accepted Answer

A)  business model 
B)  business operations 
C)  business process 
D)  conversion process 
A)  business model 
B)  business operations 
C)  business process 
D)  conversion process

Question 3

Which statement is TRUE?

Accepted Answer

A)  Management uses data from data analytics to make decisions and from reporting to publish to stakeholders. 
B)  Management uses their individual intuition to make data-driven decisions without regard to reporting or data analytics. 
C)  Management uses historical reports and data analytic insights to understand reasons and context to make decisions. 
D)  Management uses data analytics to calculate historical performance data without regard to the reason or context. 
A)  Management uses data from data analytics to make decisions and from reporting to publish to stakeholders. 
B)  Management uses their individual intuition to make data-driven decisions without regard to reporting or data analytics. 
C)  Management uses historical reports and data analytic insights to understand reasons and context to make decisions. 
D)  Management uses data analytics to calculate historical performance data without regard to the reason or context.

Question 4

Juan, a manager for JK Enterprises, is considering hiring your consulting company to evaluate the usefulness of purchasing software for JK that will improve their information reporting capabilities. The software is complex and would require that JK hire someone knowledgeable or send a current employee for additional training. What kind of analysis will your consulting company perform for Juan to determine if the software is a good purchase?

Accepted Answer

A)  Decision context analysis 
B)  Information quality analysis 
C)  Data integrity analysis 
D)  Cost-benefit analysis 
A)  Decision context analysis 
B)  Information quality analysis 
C)  Data integrity analysis 
D)  Cost-benefit analysis

Question 5

Which statement is NOT true?

Accepted Answer

A)  Business events create information. 
B)  Business events create data. 
C)  Accounting information systems transform data into information. 
D)  Accounting information systems store purchasing and sales data. 
A)  Business events create information. 
B)  Business events create data. 
C)  Accounting information systems transform data into information. 
D)  Accounting information systems store purchasing and sales data.

Question 6

Select which statement concerning key performance indicators (KPIs) is NOT true.

Accepted Answer

A)  KPIs for a business are often compared to benchmarks for the industry. 
B)  KPIs include accounting ratios, like net profit, market and return on investment. 
C)  KPIs data comes from the accounting information system for a business. 
D)  KPIs include qualitative data from multiple sources. 
A)  KPIs for a business are often compared to benchmarks for the industry. 
B)  KPIs include accounting ratios, like net profit, market and return on investment. 
C)  KPIs data comes from the accounting information system for a business. 
D)  KPIs include qualitative data from multiple sources.

Question 7

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

Accepted Answer

A)  Expenditures 
B)  Payroll 
C)  Financing 
D)  All of these answer choices are correct. 
A)  Expenditures 
B)  Payroll 
C)  Financing 
D)  All of these answer choices are correct.

Question 8

Juan is opening a taco truck. Juan has asked that you review his plans and provide recommendations. Regarding Juan's conversion process, which of the following would you recommend to gain a competitive advantage?

Accepted Answer

A)  Juan should make sure to offer the same menu items as the other taco truck in town. 
B)  Juan should have unique product offerings and more efficient processes than the other taco truck in town. 
C)  Juan should follow the same service routes as the other taco truck in town. 
D)  Juan should make sure to serve his food in a manner that is like other food trucks in town. 
A)  Juan should make sure to offer the same menu items as the other taco truck in town. 
B)  Juan should have unique product offerings and more efficient processes than the other taco truck in town. 
C)  Juan should follow the same service routes as the other taco truck in town. 
D)  Juan should make sure to serve his food in a manner that is like other food trucks in town.

Question 9

What part of a business model includes using a company's profits to sponsor initiatives where the company and employees work to benefit the community?

Accepted Answer

A)  Direct-to-consumer 
B)  Social responsibility 
C)  Investor relations 
D)  Peer-to-peer 
A)  Direct-to-consumer 
B)  Social responsibility 
C)  Investor relations 
D)  Peer-to-peer

Question 10

At Jonex Corporation, each location has been responsible for reporting its key performance indicators (KPIs) via email to the home office. As an intern in the home office, you are tasked with compiling the information in the emails into a report for your manager. After performing the process once, you develop a query for the information system that allows you to pull the information directly from the information system and put it into a format that presents the data in a way that makes the different locations KPIs much easier to compare. What enhancing characteristic of information have you improved for Jonex?

Accepted Answer

A)  Verifiability 
B)  Timeliness 
C)  Understandability 
D)  Comparability 
A)  Verifiability 
B)  Timeliness 
C)  Understandability 
D)  Comparability

Question 11

In what ways do accounting professionals use accounting ratios to compare a company's performance?

Accepted Answer

A)  Across time 
B)  To other companies 
C)  To industry benchmarks 
D)  All of these answer choices are correct. 
A)  Across time 
B)  To other companies 
C)  To industry benchmarks 
D)  All of these answer choices are correct.

Question 12

Which type of business event includes paying dividends and paying loan installments?

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 13

Which characteristic refers to the suitability of the information for a particular purpose in a specific task?

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 14

Which type of business event includes interviewing new applicants for employment?

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 15

Input to an information system consists of

Accepted Answer

A)  raw and unorganized data. 
B)  hardware and software. 
C)  reported information. 
D)  processed data. 
A)  raw and unorganized data. 
B)  hardware and software. 
C)  reported information. 
D)  processed data.

Question 16

Explain why and how a company might support social responsibility as part of its business model.

Accepted Answer

Organizations sponsor social initiatives

Question 17

Accounting communicates the financial outcomes of a business's activities for

Accepted Answer

A)  operating. 
B)  investing. 
C)  financing. 
D)  All of these answer choices are correct. 
A)  operating. 
B)  investing. 
C)  financing. 
D)  All of these answer choices are correct.

Question 18

Data analytics uses technology to transform

Accepted Answer

A)  data into information. 
B)  information into data. 
C)  event processes into data. 
D)  business processes into information. 
A)  data into information. 
B)  information into data. 
C)  event processes into data. 
D)  business processes into information.

Question 19

Amy, an assistant manager at a credit union, added functionality to the deposit software used by tellers in the credit union to detect fraudulent activity before the deposit goes into a customer's account. In which management responsibility area was Amy acting in when she added this functionality?

Accepted Answer

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

Question 20

Dembe started and manages a transportation company in Kampala, Uganda. Dembe hired an accounting firm to perform an audit of corporate financials. In which management responsibility area was Dembe acting by requesting an audit?

Accepted Answer

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

Accountants using technology to analyze financial statements rather than using a manual process are performing

A ________ is a group of related business events designed to accomplish the business's strategic objectives.

Which statement is TRUE?

Which statement is NOT true?

Select which statement concerning key performance indicators (KPIs) is NOT true.

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

Juan is opening a taco truck. Juan has asked that you review his plans and provide recommendations. Regarding Juan's conversion process, which of the following would you recommend to gain a competitive advantage?

What part of a business model includes using a company's profits to sponsor initiatives where the company and employees work to benefit the community?

In what ways do accounting professionals use accounting ratios to compare a company's performance?

Which type of business event includes paying dividends and paying loan installments?

Which characteristic refers to the suitability of the information for a particular purpose in a specific task?

Which type of business event includes interviewing new applicants for employment?

Input to an information system consists of

Explain why and how a company might support social responsibility as part of its business model.

Accounting communicates the financial outcomes of a business's activities for

Data analytics uses technology to transform

Amy, an assistant manager at a credit union, added functionality to the deposit software used by tellers in the credit union to detect fraudulent activity before the deposit goes into a customer's account. In which management responsibility area was Amy acting in when she added this functionality?

Dembe started and manages a transportation company in Kampala, Uganda. Dembe hired an accounting firm to perform an audit of corporate financials. In which management responsibility area was Dembe acting by requesting an audit?

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

Accountants using technology to analyze financial statements rather than using a manual process are performing

A ________ is a group of related business events designed to accomplish the business's strategic objectives.

Which statement is TRUE?

Which statement is NOT true?

Select which statement concerning key performance indicators (KPIs) is NOT true.

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

Juan is opening a taco truck. Juan has asked that you review his plans and provide recommendations. Regarding Juan's conversion process, which of the following would you recommend to gain a competitive advantage?

What part of a business model includes using a company's profits to sponsor initiatives where the company and employees work to benefit the community?

In what ways do accounting professionals use accounting ratios to compare a company's performance?

Which type of business event includes paying dividends and paying loan installments?

Which characteristic refers to the suitability of the information for a particular purpose in a specific task?

Which type of business event includes interviewing new applicants for employment?

Input to an information system consists of

Explain why and how a company might support social responsibility as part of its business model.

Accounting communicates the financial outcomes of a business's activities for

Data analytics uses technology to transform

Amy, an assistant manager at a credit union, added functionality to the deposit software used by tellers in the credit union to detect fraudulent activity before the deposit goes into a customer's account. In which management responsibility area was Amy acting in when she added this functionality?

Dembe started and manages a transportation company in Kampala, Uganda. Dembe hired an accounting firm to perform an audit of corporate financials. In which management responsibility area was Dembe acting by requesting an audit?

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