Accy 310 Chapter 1 Questions & Answers
T/F
Accounting and Finance is a primary activity in the value chain - answer False
T/F
Accounting Information Systems at this date are all computerized - answer False
T/F
Business value includes all those items, events and interactions that determine the
financial health and well-being of the firm - answer True
The Certified Information Technology Professional (CITP) is a professional designation
for those with broad range of technology knowledge and does not require a CPA -
answer False
The Certified Information Systems Auditor (CISA) is a professional designation
generally sought by those performing IT audits - answer True
Information is defined as being data organized in a meaningful way to be useful to the
user - answer True
Data is defined as being organized in a meaningful way to be useful to the user -
answer False
A systems analyst analyzes a business problem that might be addressed by an
information system and recommends software or systems to address that problem -
answer True
A value chain is defined as the flow of materials, information, payments, and services
from customer to supplier - answer False
Relevant information is that information that is free from bias and error - answer
False
The characteristics of relevant information include predictive value, feedback and
timeliness - answer True
Information overload is defined as the difficulty a person faces in understanding a
problem and making decision as a consequence of too much information - answer
True
The main financial benefit of Customer Relationship Management practices reduces the
cost of goods sold - answer False
, The characteristics of reliable information are that the information is verifiable, without
bias and timely - answer False
An efficient Enterprise System can significantly lower the cost of support processes
included in sales, general, and administrative expenses - answer True
An accounting information system (AIS) is defined as being an information system that
records, processes, and reports on transactions to provide financial information for
decision making and control - answer True
An enterprise system is a centralized database that collects data from throughout the
firm. This includes data from orders, customers, sales, inventory, and employees. -
answer True
Outbound logistics are the activities associated with receiving and storing raw materials
and other partially completed materials, and distributing those materials to
manufacturing when and where they are needed - answer False
Service Activities are defined in the value chain are those activities that provide the
support of customers after the product and services are sold to them - answer True
A well-designed and well-functioning AIS can be expected to create value by providing
relevant information helpful to management to increase revenues and reduce expenses
- answer True
Production of 1040 tax form from the AIS to be delivered to the IRS is an example of
discretionary information - answer False
An enterprise system is primarily used to manage and nurture a firm's interactions with
its current and potential clients - answer False
The Sarbanes-Oxley Act of 2002 is a federal law that set new and enhanced standards
for all US public companies, management, and public accounting firms - answer
True
CRM software often includes the use of database marketing tools to learn more about
the customers and to develop strong firm-to-customer relationships - answer True
The Certified Information Technology Professional is the position created by the AICPA
to recognize CPAs who have the ability to provide skilled professional services on
Information Technology - answer True
Accounting information systems are:
A. Always computerized.
B. Report only accounting information.
T/F
Accounting and Finance is a primary activity in the value chain - answer False
T/F
Accounting Information Systems at this date are all computerized - answer False
T/F
Business value includes all those items, events and interactions that determine the
financial health and well-being of the firm - answer True
The Certified Information Technology Professional (CITP) is a professional designation
for those with broad range of technology knowledge and does not require a CPA -
answer False
The Certified Information Systems Auditor (CISA) is a professional designation
generally sought by those performing IT audits - answer True
Information is defined as being data organized in a meaningful way to be useful to the
user - answer True
Data is defined as being organized in a meaningful way to be useful to the user -
answer False
A systems analyst analyzes a business problem that might be addressed by an
information system and recommends software or systems to address that problem -
answer True
A value chain is defined as the flow of materials, information, payments, and services
from customer to supplier - answer False
Relevant information is that information that is free from bias and error - answer
False
The characteristics of relevant information include predictive value, feedback and
timeliness - answer True
Information overload is defined as the difficulty a person faces in understanding a
problem and making decision as a consequence of too much information - answer
True
The main financial benefit of Customer Relationship Management practices reduces the
cost of goods sold - answer False
, The characteristics of reliable information are that the information is verifiable, without
bias and timely - answer False
An efficient Enterprise System can significantly lower the cost of support processes
included in sales, general, and administrative expenses - answer True
An accounting information system (AIS) is defined as being an information system that
records, processes, and reports on transactions to provide financial information for
decision making and control - answer True
An enterprise system is a centralized database that collects data from throughout the
firm. This includes data from orders, customers, sales, inventory, and employees. -
answer True
Outbound logistics are the activities associated with receiving and storing raw materials
and other partially completed materials, and distributing those materials to
manufacturing when and where they are needed - answer False
Service Activities are defined in the value chain are those activities that provide the
support of customers after the product and services are sold to them - answer True
A well-designed and well-functioning AIS can be expected to create value by providing
relevant information helpful to management to increase revenues and reduce expenses
- answer True
Production of 1040 tax form from the AIS to be delivered to the IRS is an example of
discretionary information - answer False
An enterprise system is primarily used to manage and nurture a firm's interactions with
its current and potential clients - answer False
The Sarbanes-Oxley Act of 2002 is a federal law that set new and enhanced standards
for all US public companies, management, and public accounting firms - answer
True
CRM software often includes the use of database marketing tools to learn more about
the customers and to develop strong firm-to-customer relationships - answer True
The Certified Information Technology Professional is the position created by the AICPA
to recognize CPAs who have the ability to provide skilled professional services on
Information Technology - answer True
Accounting information systems are:
A. Always computerized.
B. Report only accounting information.
