Businesss Quiz: Using Management And Accounting Information
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- 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
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