Businesss Quiz: Using Management And Accounting Information

10 Questions | By Susanjoypaul | Last updated: Mar 21, 2022 | Total Attempts: 137

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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