Businesss Quiz: Using Management And Accounting Information

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| By Susanjoypaul

Susanjoypaul

Community Contributor

Quizzes Created: 6 | Total Attempts: 2,131

Questions: 10 | Attempts: 184 | Updated: Feb 13, 2023

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

Explanation
See pages 489-490 in Business (Pride, Hughes, & Kapoor, 2014).

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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
Correct Answer
A. True

Explanation
See page 490 in Business (Pride, Hughes, & Kapoor, 2014).

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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
Correct Answer
F. All of the above

Explanation
See pages 490-491 in Business (Pride, Hughes, & Kapoor, 2014).

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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
Correct Answer
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

Explanation
See pages 492-494 in Business (Pride, Hughes, & Kapoor, 2014).

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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
Correct Answer
B. False

Explanation
The definitions are reversed. See page 496 in Business (Pride, Hughes, & Kapoor, 2014).

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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
Correct Answer(s)
B. Assets
C. Liabilities
D. Owner's equity

Explanation
See page 500 in Business (Pride, Hughes, & Kapoor, 2014).

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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
Correct Answer
D. All of the above

Explanation
See pages 500-504 in Business (Pride, Hughes, & Kapoor, 2014).

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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
Correct Answer
A. True

Explanation
See pages 504 in Business (Pride, Hughes, & Kapoor, 2014).

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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
Correct Answer(s)
A. Operating activities affect cash during an accounting period.
B. Investing activities affect cash during an accounting period.
D. Financing activities affect cash during an accounting period.

Explanation
See page 507 in Business (Pride, Hughes, & Kapoor, 2014).

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Current Version
Feb 13, 2023

Quiz Edited by
ProProfs Editorial Team
Jun 15, 2015

Quiz Created by
Susanjoypaul

Businesss Quiz: Using Management And Accounting Information

Knowledge management is described as (select the best answer):

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

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

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.

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

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):

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