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
