Midterm Exam 1- Acct 308-summer School
Midterm Exam 1-summer school-acct 308
- 1.Data differ from information in which way?
- A.
Data are output and information are input
- B.
Information is output and data are input
- C.
Data are meaningful bits of information
- D.
There is no difference
- 2.Which of the following in not a characteristic that makes information useful?
- A.
It is reliable
- B.
It is timely
- C.
It is inexpensive
- D.
It is relevant
- 3.Which of the following is a primary activity in the value chain?
- A.
Purchasing
- B.
Accounting
- C.
Post-sales service
- D.
Human resource management
- 4.Top management continually emphasizes and supports investments designed to improve the efficiency of the manufacturing process. Such a focus most likely reflects the pursuit of which type of strategy?
- A.
Product differentiation
- B.
Low-cost
- C.
Needs-based
- D.
Variety-based
- 5.Which of the following is not a means by which information improves decision making?
- A.
Increasing information overload
- B.
Reducing uncertainty
- C.
Providing feedback about the effectiveness of prior decisions
- D.
Identifying situations requiring management action
- 6.In the value chain concept, upgrading IT is considered what kind of activity?
- A.
Primary activity
- B.
Support activity
- C.
Service activity
- D.
Structured activity
- 7.Lower level management employees are most likely to make which of the following decisions?
- A.
Structured decisions involving strategic planning
- B.
Unstructured decisions involving managerial control
- C.
Structured decisions involving operational control
- D.
Unstructured decisions involving strategic planning
- 8.Which of the following is a function of an AIS?
- A.
Reducing the need to identify a strategy and strategic position
- B.
Transforming data into useful information
- C.
Allocating organizational resources
- D.
Automating all decision making
- 9.A firm, its suppliers, and its customers collectively form which of the following?
- A.
Supply chain
- B.
Value chain
- C.
ERP system
- D.
AIS
- 10.A company that focuses its marketing efforts on a specific subset of the population (eg, college students) is probably pursuing which type of stategic position?
- A.
Variety-based
- B.
Needs-based
- C.
Access-based
- D.
Low-cost
- 11.Which transaction cycle includes interactions between an organization and its suppliers?
- A.
Revenue cycle
- B.
Expenditure cycle
- C.
Human resources/payroll cycle
- D.
General ledger and reporting system
- 12.All of the information (name, GPA, major, ect) about a particular student is stored in which of the following?
- A.
File
- B.
Record
- C.
Attribute
- D.
Field
- 13.Which of the following would contain the total value of all inventory owned by an organization?
- A.
Source document
- B.
General ledger
- C.
Cash budet
- 14.Which of the following is most likely to be a general ledger control account?
- A.
Accounts receivable
- B.
Petty cash
- C.
Prepaid rent
- D.
Retained earnings
- 15.Which of the following is most useful for projecting the need for short-term borrowing?
- A.
Income statement
- B.
Performance report
- C.
Cash budget
- D.
Balance sheet
- 16.What report expresses goals in financial terms?
- A.
Performance report
- B.
Financial statement
- C.
Budget
- D.
Chart of accounts
- 17.How does the chart of accounts list general ledger accounts?
- A.
Alphabetical order
- B.
Chronological order
- C.
Size order
- D.
The order in which they appear in financial statements
- 18.In which cycle does a company ship goods to customers?
- A.
Production cycle
- B.
Financing cycle
- C.
Revenue cycle
- D.
Expenditure cycle
- 19.What are records of company data sent to an external party and then returned to the system as input called?
- A.
Turnaround documents
- B.
Source data automation documents
- C.
Source documents
- D.
External input documents
- 20.Recording and processing information about a transaction at the time it takes place is referred to as which of the following?
- A.
Batch processing
- B.
Online, real-time processsing
- C.
Captured transaction processsing
- D.
Chart of accounts processing
- 21.A DFD is a representation of which of the following?
- A.
Relationship among modules, data, and programs of an AIS
- B.
Flow of data in an organization
- C.
Decision rules in a computer program
- D.
Computer hardware configuration
- 22.Documentation methods such as DFDs and flowcharts save both time and money, adding value to an organization.
- A.
True
- B.
False
- 23.Which of the following statements is false?
- A.
Flowcharts make use of many symbols
- B.
A flowchart emphasizes the flow of documents or records containing data
- C.
DFDs help convey the timing of events
- D.
Both a and b are false
- 24.A DFD consists of the following four basic elements: data sources and destinations, data flows, transformation processes, and data stores. Each is represented on a DFD by a different symbol.
- A.
True
- B.
False
- 25.Which of the following is not one of the guidelines that should be followed in naming DFD data elements?
- A.
Process names should include action verbs such as update, edit, prepare, and record
- B.
Make sure the names describe all the data or the entire process
- C.
Name only the most important DFD elements
- D.
Choose active and descriptive names
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