Test 1 Flashcards
A business model is
A company’s plan for operations
Which Characteristic refers to the completeness, accuracy, realizability, and consistency of data
Data integrity
Which of the following accounting data components is an acquisition and payment process
Payroll, financing, Expenditures
Which enhancing characteristics of useful information includes the ability for independent and knowledgeable individuals to reach the same conclusions from the same information
Verifiability
What are the primary types of business processes in a basic business model
Acquisition and paramentos process, conversion process, marketing, sales, and collection processes
In which of the process categories would the product recycling rate be captured
Conversion
A popular fast food restaurant currently offers only fried chicken tenders and chicken sandwiches made from chicken tenders. The only sides available are bread, slaw, and fries. If the chain were to consider offering grilled chicken on the their menu, what would you recommend before considering the change for a national roll out
All answers are correct
Juan is opening a taco truck. Juan has asked that you review his plans and provide recommendations. Regarding Juans conversion process, which of the following would you recommend to gain a competitive advantage.
Juan should have a unique product offerings and more efficient processes than the other taco truck in town
Which of the following social responsibility and sustainability data points can be captures through the conversion process
All the answers are correct
To be useful for decision making, information must have what two fundamental characteristics
Relevance and faithful representations
Which of the following is an input for a business that produces products
All the answers are correct
Which of the following management responsibility areas includes analyzing financial statements
Monitoring
Kobe manages a real estate company. Recently Kobe modifies the process used to assign a list price by agents in the organization. In which management responsibility are was Kobe operating.
Changing and improving
Accountant using technology to analyze financial statements rather than using manual process are performing
Data analytics
In which of the following process categories would online search engine rankings be captured
Marketing, sales, and collection
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
Cost benefit analysis
Which statement concerning data is true
Data is useless to a business until transformed into information
A_____is a group of related business events designed to accomplish the business strategic objectives
Business process
Which of the following management responsibility areas includes forecasting future performances
Planning
What part of a business model includes using a company’s profit to sponsor initiatives where the company and employee work to benefit the community
Social responsibility
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
All of the answers are correct
Which of the following statements about the way accountants use data analytics is FALSE
Accountants can use data analytics without technology