Businesss Quiz: Using Management And Accounting Information

10 Questions | Total Attempts: 51

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Business Management Quizzes & Trivia

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Questions and Answers
  • 1. 
    Knowledge management is described as (select the best answer):
    • A. 

      A firm’s procedures for generating, using, and sharing data and information.

    • B. 

      A single collection of data and information stored in one place that can be used by people throughout an organization to make decisions.

    • C. 

      Data presented in a form that is useful for a specific purpose.

    • D. 

      Numerical or verbal descriptions that usually result from some sort of measurement.

  • 2. 
    A management information system (MIS) is a system that provides managers and employees with the information they need to perform their jobs as effectively as possible, and an information technology (IT) officer is a manager at the executive level who is responsible for ensuring that a firm has the equipment necessary to provide the information the firm’s employees and managers need to make effective decisions.
    • A. 

      True

    • B. 

      False

  • 3. 
    Managers in each of the following areas of a company need specific information in order to make decisions (check all that apply): 
    • A. 

      Financial managers

    • B. 

      Operations managers

    • C. 

      Marketing managers

    • D. 

      Human resources managers

    • E. 

      Administrative managers

    • F. 

      All of the above

  • 4. 
    To provide information, a management information system (MIS) must (select the best answer):
    • A. 

      (1) store the data, (2) update the data, (3) process the data into information, (4) present the information to users, and (5) delete the data

    • B. 

      (1) collect data, (2) store the data, (3) update the data, (4) process the data into information, and (5) present the information to users

    • C. 

      (1) slice the data, (2) dice the data, (3) update the data, (4) process the data into information, and (5) present the information to users

    • D. 

      (1) collect data, (2) store the data, (3) corrupt the data, (4) process the data into information, and (5) present the information to users

  • 5. 
    Managerial accounting generates financial statements and reports for interested people outside an organization, and financial accounting provides managers and employees with the information they need to make decisions about a firm's financing, investing, marketing, and operating activities.
    • A. 

      True

    • B. 

      False

  • 6. 
    The accounting equation shows the relationship between a firm’s (check all that apply):
    • A. 

      Annual report

    • B. 

      Assets

    • C. 

      Liabilities

    • D. 

      Owner's equity

    • E. 

      All of the above

  • 7. 
    A firm's balance sheet or statement of financial position is a summary of the dollar amounts of a firm's (select the best answer): 
    • A. 

      Current assets, fixed assets, and intangible assets at the end of a specific accounting period.

    • B. 

      Current liabilities and long-term liabilities at the end of a specific accounting period.

    • C. 

      Owners' or stockholders' equity at the end of a specific accounting period.

    • D. 

      All of the above

  • 8. 
    An income statement is summary of a firm’s revenues and expenses during a specified accounting period—one month, three months, six months, or a year.
    • A. 

      True

    • B. 

      False

  • 9. 
    A firm's statement of cash flows illustrates how the company’s (check all that apply): 
    • A. 

      Operating activities affect cash during an accounting period.

    • B. 

      Investing activities affect cash during an accounting period.

    • C. 

      Illegal activities affect cash during an accounting period.

    • D. 

      Financing activities affect cash during an accounting period.

    • E. 

      All of the above