Exam (elaborations)
Test Bank for Accounting Information Systems, 1st Edition by Arline A. Savage Latest 2024
- Course
- Institution
- Book
Test Bank for Accounting Information Systems, 1st Edition by Arline A. Savage Latest 2024
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Test Bank for Accounting Information Systems 1st Edition by Savage Test Bank A+
-
TEST BANK FOR ACCOUNTING INFORMATION SYSTEM 1ST EDITION BY ARLINE SAVAGE A+
-
Test Bank for Accounting Information Systems, 1st Edition by Arline A. Savage Complete A+
Seller
Follow
TestsBanks
Reviews received
Content preview
Created By: Test BanksTest Bank for Accounting Information Systems, 1st
Edition by Arline A. Savage Latest 2024
Chapter 01: Accounting as Information
1) Accounting communicates to stakeholders
A) minimally required public financial data.
B) the financial outcomes of operating, investing, and financing activities.
C) the sales strategy for the operating, marketing, and sales activities.
D) black and white details about the economics of operating activities. Answer: B
Diff: 1
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Communication
Bloom's: Comprehension AICPA: AC: Reporting
2) Accounting communicates the financial outcomes of a business's activities for
A) operating.
B) investing.
C) financing.
D) All of these answer choices are correct. Answer: D
Diff: 1
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Communication
Bloom's: Comprehension AICPA: AC: Reporting
3) In what way do management teams use accounting data?
A) Management teams use accounting data to make business decisions.
B) Management teams use accounting data to make and execute plans.
C) Management teams use economic and accounting data together to make decisions.
D) All of these answer choices are correct. Answer: D
Test Bank Page 1
,Created By: Test Banks
Diff: 1
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Analytic
Bloom's: Comprehension
AICPA: AC: Risk Assessment, Analysis, and Management
4) Which statement is TRUE?
A) Accounting consists of rigid black and white rules.
B) Accountants crunch numbers, not make decisions.
C) Accounting helps support a prosperous society.
D) Accountants focus on debits and credits, not business activities. Answer: C
Diff: 1
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Analytic
Bloom's: Comprehension AICPA: N/A
5) Which of the following is NOT a component of an information system?
A) Hardware
B) Software
C) Input
D) Network Answer: C Diff: 1
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Analytic
Bloom's: Knowledge
AICPA: AC: Systems and Process Management
6) Input to an information system consists of
A) raw and unorganized data.
Test Bank Page 2
,Created By: Test Banks
B) hardware and software.
C) reported information.
D) processed data.
Answer: A
Diff: 1
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Analytic
Bloom's: Knowledge
AICPA: AC: Systems and Process Management
7) Which of the following is a definition of output from an information system?
A) Output is raw and unorganized data.
B) Output is information produced by processing data.
C) Output is database facts and figures.
D) Output is information collected from users. Answer: B
Diff: 1
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Analytic
Bloom's: Comprehension
AICPA: AC: Systems and Process Management
8) Which statement concerning data is TRUE?
A) Data is useless to a business until transformed into information.
B) Data is the output from an information system.
C) Data is organized into understandable formats.
D) Data is processed before being input into the information system. Answer: A
Diff: 1
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Test Bank Page 3
, Created By: Test Banks
Section Reference: Why is Accounting Information Important? AACSB: Analytic
Bloom's: Comprehension
AICPA: AC: Systems and Process Management
9) Which of the following activities would NOT result in a transaction in an accounting
information system?
A) Sell goods to a customer on account
B) Purchase supplies on credit
C) Prepay for six months of insurance
D) Receive a customer order Answer: D
Diff: 2
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Analytic
Bloom's: Application
AICPA: AC: Systems and Process Management
10) Which of the following activities results in a transaction an accounting information
system?
A) Sell goods to a customer
B) Submit an order to a vendor
C) Create estimates for a customer
D) Receive a customer order Answer: A
Diff: 2
Learning Objective: 1.1 Explain how accounting affects both the demand for and supply of
information.
Section Reference: Why is Accounting Information Important? AACSB: Analytic
Bloom's: Application
AICPA: AC: Systems and Process Management
11) A business model is
Test Bank Page 4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestsBanks. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now