Acct 3303

What would be an appropriate designation for a CPA with a broad range of technology knowledge and experience?

Certified Information Technology Professional (CITP)

True or false: Data that simply collects the characteristics of different transactions has great value to an organization

False

True or false: Management is required to produce discretionary information due to regulatory requirements

False

True or false: Management must maintain evidential matter, including documentation, to provide reasonable support that it has established adequate internal control structures and procedures. True False

False

True or false: Raising capital is an activity in the Accounting/Finance Operations role of accountants

False

True or false: Rapid changes in the global marketplace that affect the accounting profession have resulted in a focus on accountings' stewardship and reporting functions

False

True or false: Supply chain is the term used to describe a firm's interactions with its current and potential clients

False

True or false: To produce data, information is often processed and then combined with the appropriate context

False

True or false: Too much information is not possible

False

Raw facts that describe the basic characteristics of an event would be defined as _________

data

Technology does not necessarily result in better decisions, because the information produced may not support the information requirements of the business's ________ makers

decision

Neutrality, or information without bias, would be considered a component of ________, which are critical for providing useful accounting information

faithful representation

Accounting information systems provide decision makers _____________________

financial and nonfinancial information

The CGMA Competency Framework classifies skills into _____ important sets.

four

An attribute of faithful representation is the information is ______________

free from error

Information which helps users predict what will happen in the future would be an attribute of __________

relevant information

______ models are tools used for planning, documenting, discussing, and implementing systems.

Activity

In the information value chain presented in the book, what precedes the collection of data?

Business event

What would be the most appropriate designation for a professional who serves as an IT auditor?

Certified Information Systems Auditor (CISA)

Which software manages sales and market for current sales and customer service?

Customer Relationship Management Software

_____ manages the interaction between the company and its customer, from initial lead to customer service after the sale

Customer Relationship Management Software

In the information value chain presented in the book, what precedes the receipt of information?

Data

A business process is a ______ sequence of activities that uses resources to transform specific inputs into outputs to achieve a business goal.

Defined

Which system can significantly lower the cost of support processes included in sales, general and administrative expenses (SG&A)?

Enterprise System

What is a primary activity of the value chain?

Inbound logistics

_____ would generally be considered the first primary activity in the value chain

Inbound logistics

What is the IT strategic role that uses technology to provide information about business activities to senior management or to employees across the firm?

Informate

The International Federation of Accountants suggests that accounting can hardly be viewed separately from which field?

Information Technology

______ is the difficulty a person faces in understanding a problem and making a decision when faced with too much information

Information overload

What are the primary activity of the value chain?

Outbound logistics

What is a primary activity of the value chain?

Outbound logistics

Which of the following is NOT a skill area in the IMA Management Accounting Competency Framework?

People skills

Which of the following is a business management support of the accounting/finance function?

Performance measurement, reporting and analysis

What is a supporting activity of the value chain?

Procurement

Which of the following is a stewardship and reporting role for the accounting/finance function?

Regulatory compliance

Which of the following is not one of the sets of skills in the CGMA Competency Framework? People skills Business skills Technical skills Leadership skills Reporting and control

Reporting and control

An activity model describes the sequence of workflow in external events. a relational database. business communication. a business process.

a business process.

Which of the following is included in Accountants' Stewardship and Reporting role? (Check all that apply)

Statutory Reporting Investor Relations

What process refers to the flow of materials, information, payments and services from raw materials suppliers to the final customer?

Supply chain

Which information system is most likely to impact the total cost of goods sold line item?

Supply chain management software

What is a support activity of the value chain?

Technology

What is the IT strategic role that fundamentally redefines business process and relationships through the use of technology?

Transform

True or false: A business model is an abstract, simplified, representation of business processes. True False

True

True or false: Activity models show the sequence of workflow tasks in a business process. True False

True

True or false: Although rapid changes in technology increase the amount of information available, the information must support the information requirements of the business decision makers to be fully effective

True

True or false: The type and extent of documentation depends on the nature of the business's products and processes as well as the nature of the organization. True False

True

The accounting/finance operations role includes financial close - completing period-end _____

accounts

The accounting/finance operations role includes financial close - completing period-end ______

accounts

Business _____ is the process of defining business process requirements and evaluating potential improvements.

analysis

Accountants gather information relevant in solving business problems, create or extract that information, and then ______ the information to solve the problem

analyze

Discretionary information should only be produced if the costs _________________________

are less than the benefits of using that information

To be useful to decision makers, information from an AIS must be both relevant and __________

be a faithful representation

The roles of the accounting/finance function include stewardship and reporting, accounting operation, and ________ management support.

business

Documentation includes business process_____ , business rules, user manuals, training manuals, and the like.

models

A graphical representation presents information more _____ than a written description.

concisely

An attribute of relevant information is: the information is _________

confirmatory

Accountants serving in a _______ capacity must have significant practical exposure to the key phases of systems analysis and design, including preparation of the feasibility analysis and data file design and documentation

designer

Activity-based costing would be an example of ____________

discretionary information

Managerial accounting information is generally produced for internal information purposes and would be considered to be ____________

discretionary information

Accounting Information Systems include _________________

either manual or computerized systems

A(n) _______ system is a centralized database that collects data from throughout the firm

enterprise

A(n) _________ system serves as a central depository for information from orders, customers, sales, inventory, and employees

enterprise

The CGMA Competency Framework describes four broad sets of skills anchored by a commitment to ______ , integrity, and professionalism.

ethics

An IT auditor serves as a(n) ____________ of the accounting information system

evaluator

External auditors accessing their client's accounting information system would be serving the accountant's role in an accounting information system of a(n) _____

evaluator

When auditors assess the internal controls in an AIS as part of the Sarbanes-Oxley Act, they are serving in their role as a(n) __________ of the system

evaluator

Documentation is important to businesses for all of the following reasons except: facilitating tax reporting describing current processes facilitating process improvement standardized interactions training

facilitating tax reporting

Information that is not designed to lead users to accept or reject any specific decision would be an attribute of __________

faithful representation

The IMA Management Accounting Competency Framework states that accountants must be able to develop financial plans consistent with the organization's strategic _____ .

goals

To be relevant, the attributes of AIS information should have feedback value, ______, and be material

have predictive value

Business analysis includes all of the following except: communicating information about current and future business processes. using business process modeling tools. implementing technological improvements. defining business process requirements.

implementing technological improvements.

Performance ______ is an accounting function in the Business Management Support role

management

Performance ____________ is an accounting function in the Business Management Support role

management

Accountants are _____ of accounting information systems when they plan, coordinate, organize, staff, direct and lead those information systems

manager

The four roles of accountants with respect to accounting information systems include user, designer, evaluator and _____

manager

A corporate tax return would be considered to be ______________

mandatory information

Information produced for investors, banks, the SEC and the IRS would be considered ______________

mandatory information

A business _____ is a simple, abstract representation of one or more business processes.

model

Business _____ allow the depiction of important features of business processes clearly and concisely. standards systems information models

models

Attributes of faithful representation include complete, free from error and

neutral

To have faithful representation, the attributes of AIS information should be complete, ______, and free from error

neutral

An attribute of relevant information is: the information provides _________

predictive value

Which of the following is NOT a role of accountants with respect to technology?

programmers

An accounting information system is defined as a system that _____

records, processes, summarizes and reports on business transactions

The Institute of Management Accounting Competency Framework defines ______ areas of skills that accounting professionals need to remain relevant.

six

Recorded transactions that are saved in the cloud would be an example of a(n) ____________ activity in an information system

storage

Documentation is important to auditors since it provides audit _____

trails

Information is defined as data organized in a meaningful way to be useful to the _

user

When accountants input journal entries or calculate the cost of a product input, the accountants' role in an accounting information system is that of a _____

user

When a product passes through value-enhancing activities, the process is called the _______________

value chain

Documentation explains how business processes and business systems

work