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
Which business event during the marketing sales and collection processes would not be captured in a traditional account information system
Produce product
Accounting communicates the financial outcomes of a business activities for
All answers are correct
Which of the following is not a component of an information system
Input
After converting resources into products and or services the business generates revenue by
Marketing and selling its products or services
What is managements first task before a business can begin operations
Obtain needed resources
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
Monitoring
Which of the following is the most appropriate definition of data analytics
Data analytics is the process of using technology to convert raw data into useful information
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
Implementing
Which type of business event includes buying and selling property
Investing
The accounting information system provides financial and other metrics that
All correct
In what way do management teams use accounting data
All choice are correct
What additional data could be captured during the conversion process to help corporate management improve business efficiency or effectiveness
All choices are correct
In what way is reporting different from data analytics
Reporting does not seek insight into reasons behind data
During the acquisition and payment process which a reas are opportunities for additional data capture in the process approach for in the information system
All choices are correct
During what process does a business add value by converting the resources good and services that a customer might want to purchase
Marketing sales and collections
Accounting communicates to stakeholders
The financial outcomes of operating investing and financing activities
Which of the following benefits arise from management evaluating conversion process data captured by a process based accounting information system
Reduced downtime
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?
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