Test 1

Question 3

A business model is

Answer 3

A company’s plan for operations

Question 4

Which Characteristic refers to the completeness, accuracy, realizability, and consistency of data

Answer 4

Data integrity

Question 5

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

Answer 5

Payroll, financing, Expenditures

Question 6

Which enhancing characteristics of useful information includes the ability for independent and knowledgeable individuals to reach the same conclusions from the same information

Answer 6

Verifiability

Question 7

What are the primary types of business processes in a basic business model

Answer 7

Acquisition and paramentos process, conversion process, marketing, sales, and collection processes

Question 8

In which of the process categories would the product recycling rate be captured

Answer 8

Conversion

Question 9

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

Answer 9

All answers are correct

Question 10

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.

Answer 10

Juan should have a unique product offerings and more efficient processes than the other taco truck in town

Question 11

Which of the following social responsibility and sustainability data points can be captures through the conversion process

Answer 11

All the answers are correct

Question 12

To be useful for decision making, information must have what two fundamental characteristics

Answer 12

Relevance and faithful representations

Question 13

Which of the following is an input for a business that produces products

Answer 13

All the answers are correct

Question 14

Which of the following management responsibility areas includes analyzing financial statements

Answer 14

Monitoring

Question 15

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.

Answer 15

Changing and improving

Question 16

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

Answer 16

Data analytics

Question 17

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

Answer 17

Marketing, sales, and collection

Question 18

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

Answer 18

Cost benefit analysis

Question 19

Which statement concerning data is true

Answer 19

Data is useless to a business until transformed into information

Question 20

A_____is a group of related business events designed to accomplish the business strategic objectives

Answer 20

Business process

Question 21

Which of the following management responsibility areas includes forecasting future performances

Answer 21

Planning

Question 22

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

Answer 22

Social responsibility

Question 23

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

Answer 23

All of the answers are correct

Question 24

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

Answer 24

Accountants can use data analytics without technology

Question 25

Which business event during the marketing sales and collection processes would not be captured in a traditional account information system

Answer 25

Produce product

Question 26

Accounting communicates the financial outcomes of a business activities for

Answer 26

All answers are correct

Question 27

Which of the following is not a component of an information system

Answer 27

Input

Question 28

After converting resources into products and or services the business generates revenue by

Answer 28

Marketing and selling its products or services

Question 29

What is managements first task before a business can begin operations

Answer 29

Obtain needed resources

Question 30

Dembe started and manages 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

Answer 30

Monitoring

Question 31

Which of the following is the most appropriate definition of data analytics

Answer 31

Data analytics is the process of using technology to convert raw data into useful information

Question 32

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

Answer 32

Implementing

Question 33

Which type of business event includes buying and selling property

Answer 33

Investing

Question 34

The accounting information system provides financial and other metrics that

Answer 34

All correct

Question 35

In what way do management teams use accounting data

Answer 35

All choice are correct

Question 36

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

Answer 36

All choices are correct

Question 37

In what way is reporting different from data analytics

Answer 37

Reporting does not seek insight into reasons behind data

Question 38

During the acquisition and payment process which a reas are opportunities for additional data capture in the process approach for in the information system

Answer 38

All choices are correct

Question 39

During what process does a business add value by converting the resources good and services that a customer might want to purchase

Answer 39

Marketing sales and collections

Question 40

Accounting communicates to stakeholders

Answer 40

The financial outcomes of operating investing and financing activities

Question 41

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

Answer 41

Reduced downtime

Question 42

Samantha’s Soy Candles has built a retail location in a seasonally busy tourist town. Samantha has developed a scent of the month that she plans to market to customers as a once per month shipment. The shipment of these candles once per month could help Samantha during the slow months at her retail store. What kind of business model would Samantha employ for her new seasonal candle shipment business line?

Answer 42

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