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Accy 310 Chapter 1 Questions & Answers
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Accy 310 Chapter 1 Questions & Answers T/F Accounting and Finance is a primary activity in the value chain False T/F Accounting Information Systems at this date are all computerized False T/F Business value includes all those items, events and interactions that determine the f...

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  • March 22, 2025
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • accy 310 chapter 1 questions answers
  • tf accounting information systems at this date ar
  • tf business value includes all those items event

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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.

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