Ch 5 - The Modern Accounting Environment exam 2023 with 100% correct answers

Learning Objectives correct answers1. Understand how automation has created a data rich environment 2. understand different approaches to organizing enterprise data and common data models 3. Describe the appropriate tasks and approaches to automating procedures 4. Evaluate continuous monitoring techniques and alarms 5. Understand cloud-based collaboration platforms What is the result of businesses embracing automation over the past several decades? correct answersmore info about financial transactions is captured in large databases -more captured metadata What is metadata? correct answerstime stamps, user details, contents of unstructured data -provide insights into the workings of the company How do sensors affect a company? correct answersprovide details on movement through a building to identify optimal location of resources, track the health of employees to help control health insurance costs, and allow detailed analysis of the volume of everyday events to help managers manage robotic scripts and tasks What does automation include? correct answers-can include routine tasks, such as combing data from different sources for analysis, and more complex actions, such as responding to natural language queries In the past, how was automation conducted? What does it look like in a modern environment? correct answersIn the past, analytics and automation were performed by hobbyist and consultants within the firm -in a modern environment, companies form centers of expertise where they concentrate specialists in a single geographic location and use information and communication technologies to work in remote teams