Strayer ACC564 (Strayer) Week 3 Quiz 1

ACC 564 (Strayer) Week 3 Quiz 11) Which of the following statements below shows the contrast between data and information?A) Data is the output of an AIS.B) Information is the primary output of an AIS.C) Data is more useful in decision-making than information.D) Data and information are the same.2) Information isA) basically the same as data.B) raw facts about transactions.C) potentially useful facts when processed in a timely manner.D) data that has been organized and processed so that it’s meaningful.3) The value of information can best be defined asA) how useful it is to decision makers.B) the benefits produced by possessing and using the information minus the cost of producing it.C) how relevant it is.D) the extent to which it maximizes the value chain.4) An accounting information system (AIS) processes ________ to provide users with ________.A) data; informationB) data; transactionsC) information; dataD) data; benefits5) Information that reduces uncertainty, improves decision makers’ ability to make predictions, or confirms or corrects their prior expectations, is said to beA) complete.B) relevant.C) reliable.D) timely.6) Information that is free from error or bias and accurately represents the events or activities of the organization isA) relevant.B) reliable.C) verifiable.D) timely.7) Information that does not omit important aspects of the underlying events or activities that it measures isA) complete.B) accessible.C) relevant.D) timely.8) When two knowledgeable people acting independently each produce the same information, this information is said to beA) complete.B) relevant.C) reliable.D) verifiable.9) Data must be converted into information to be considered useful and meaningful for decision-making. There are six characteristics that make information both useful and meaningful. If information is free from error or bias and accurately represents the events or activities of the organization, it is representative of the characteristic ofA) relevancy.B) timeliness.C) understandability.D) reliability.10) An accounting information system must be able to perform which of the following tasks?A) collect transaction dataB) process transaction dataC) provide adequate controlsD) all of the above11) Which of the following is not an example of a common activity in an AIS?A) buy and pay for goods and servicesB) sell goods and services and collect cashC) summarize and report results to interested partiesD) recording of sales calls for marketing purposes12) Which of the following is not one of the components of an AIS?A) Internal controls and security measuresB) PeopleC) Procedures and instructionsD) Hardware13) One group that relies on both the adequate collection and transformation of data for decision-making purposes for an organization isA) management.B) interested outsiders.C) competitors.D) the government.14) The primary objective of accounting is toA) implement strong internal controls.B) provide useful information to decision makers.C) prepare financial statements.D) ensure the profitability of an organization.15) The American Institute of Certified Public Accountants (AICPA) has recognized the importance of AIS and the major impact information technology has on the area of accounting. To recognize individual CPAs who have met educational and experiential requirements in this area, the group formally created the designation known asA) the Certified Management Accountant.B) the Certified Information Technology Professional.C) the Certified Internal Auditor.D) the Certified Data Processing Professional.16) The AIS must include controls to ensureA) safety and availability of data.B) marketing initiatives match corporate goals.C) information produced from data is accurate.D) both A and C17) A change in the AIS that makes information more easily accessible and widely available within an organization is most likely to first influence theA) organizational culture.B) customer base.C) external financial statement users.D) production activity.18) The process of creating value for customers is the result of nine activities that form aA) value chain.B) profitable operation.C) successful business.D) support system.19) The value chain concept is composed of two types of activities known asA) primary and support.B) primary and secondary.C) support and value.D) technology and support.20) Which of the following is a primary activity in the value chain?A) infrastructureB) technologyC) purchasingD) marketing and sales21) In value chain analysis, what is the activity of arranging the delivery of products to customers called?A) outbound logisticsB) inbound logisticsC) shippingD) delivery22) An AIS provides value byA) improving products or services through information that increases quality and reduces costs.B) providing timely and reliable information to decision makers.C) creating new products.D) both A and B23) In Chapter 1, Figure 1-4 shows the factors that influence the design of AIS. The diagram shows a bi-directional arrow between the organizational culture and the AIS. The reason for this two-way interchange between organizational culture and AIS isA) that the AIS should not influence the values of the organizational culture.B) because the organization’s culture influences the AIS, and likewise the AIS influences the organization’s culture by controlling the flow of information within the organization.C) due to the transfer of managers between the two corporate elements.D) the AIS impacts the organization’s key strategies.24) An example of inbound logistics would consist ofA) the activities that transform inputs into final products or services.B) the activities that help customers to buy the organization’s products or services.C) the activities that provide post-sale support to customers.D) the activities that consist of receiving, storing, and distributing the materials used as inputs by the organization to create goods and/or services it sells.25) A good example of how an AIS is used to share knowledge within an organization isA) the use of a corporate database to help staff identify the relevant experts who can help with a particular client.B) the use of laptop computers to access a network for messaging worldwide.C) the monitoring of production equipment to watch for defects.D) the use of point-of-sale data to determine hot-selling items.26) One activity within the value chain is research and development. This activity can be identified as aA) firm infrastructure activity.B) human resources activity.C) technology activity.D) purchasing activity.27) When the AIS provides information in a timely and accurate manner, it stands as an example ofA) improved decision making.B) improving the quality and reducing the costs of products or services.C) improving efficiency.D) all of the above28) Accounting information plays major roles in managerial decision making byA) identifying situations requiring management action.B) reducing uncertainty.C) providing a basis for choosing among alternative actions.D) all of the above29) A well-designed AIS can improve the decision-making function within the organization. Which statement below would describe a limitation, rather than a benefit, of an efficient AIS?A) An AIS reduces uncertainty, and therefore accounting information can provide a basis for choosing among alternative courses of action.B) An AIS identifies situations requiring management action.C) An AIS provides to its users an abundance of information without any filtering or condensing of such information.D) An AIS provides information about the results of previous decisions which provides decision makers with feedback that can be used in future decision making.30) Jill Fredson is in charge of the mail room at Gammon University. Every Friday morning she receives a report via email that summarizes the number of outgoing and incoming pieces of mail by source and destination department. Every Friday afternoon, Jill deletes the report without reading it because it has no bearing on mail room operations. Which of the following characteristics of useful information is absent in the situation described above?A) RelevantB) ReliableC) CompleteD) TimelyE) UnderstandableF) VerifiableG) AccessibleMore Questions are Included…