Midterm Exam 1- Acct 308-summer School

69 Questions | Total Attempts: 187

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Midterm Exam 1-summer school-acct 308


Questions and Answers
  • 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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