ACC 3385 EXAM WITH QUESTIONS AND CORRECT ANSWERS!!
What is data? - ANSWER Facts and statistics collected together for reference or
analysis
What can reduce decision quality? - ANSWER Too much information
What does IT do? - ANSWER Help decision makers more effectively filter and condense
info
What makes information valuable? - ANSWER When benefits exceed costs of gathering
data
What format is most useful for data? - ANSWER Machine Readable Format like XBRL
What is a business process? - ANSWER a standardized set of activities that
accomplish a specific task, such as processing a customer's order
What is an accounting information system? - ANSWER a system that collects, records,
stores, and processes data to produce information for decision makers
What is artificial intelligence? - ANSWER A computer program that can perform tasks
that can usually only be performed by humans. This technically includes translation and
voice recognition
What is data analytics? - ANSWER study data to detect patterns that can be used to
make predictions and improved decisions
What is a data processing cycle? - ANSWER the operations performed on data to
generate meaningful and relevant information
, What are the components of data input? - ANSWER 1. Each activity of interest 2.
Resources affected by each activity 3. Pople who participate in each activity.
What are turnaround documents? - ANSWER company output sent to an external
party, who often adds data to the document, and then are returned to the company as
an input document
What is source data automation? - ANSWER The use of automated methods of data
entry that reduce time spent, cost, and errors.
What is a general ledger? - ANSWER a record containing all accounts used by a
company
What is a subsidiary ledger? - ANSWER The detail for a number of individual items that
collectively make up a single general ledger account.
What are control accounts? - ANSWER The general ledger corresponds to a subsidiary
ledger.
What is coding? - ANSWER the format in which information is stored.
What are sequence codes? - ANSWER items numbered consecutively to account for all
items
What are block codes? - ANSWER blocks of numbers reserved for specific categories
of data (i.e., product numbers that start with a 2 are refrigerators)
What are group codes? - ANSWER two or more subgroups of digits used to code items
What are mnemonic codes? - ANSWER letters and numbers interspersed to identify an
What is data? - ANSWER Facts and statistics collected together for reference or
analysis
What can reduce decision quality? - ANSWER Too much information
What does IT do? - ANSWER Help decision makers more effectively filter and condense
info
What makes information valuable? - ANSWER When benefits exceed costs of gathering
data
What format is most useful for data? - ANSWER Machine Readable Format like XBRL
What is a business process? - ANSWER a standardized set of activities that
accomplish a specific task, such as processing a customer's order
What is an accounting information system? - ANSWER a system that collects, records,
stores, and processes data to produce information for decision makers
What is artificial intelligence? - ANSWER A computer program that can perform tasks
that can usually only be performed by humans. This technically includes translation and
voice recognition
What is data analytics? - ANSWER study data to detect patterns that can be used to
make predictions and improved decisions
What is a data processing cycle? - ANSWER the operations performed on data to
generate meaningful and relevant information
, What are the components of data input? - ANSWER 1. Each activity of interest 2.
Resources affected by each activity 3. Pople who participate in each activity.
What are turnaround documents? - ANSWER company output sent to an external
party, who often adds data to the document, and then are returned to the company as
an input document
What is source data automation? - ANSWER The use of automated methods of data
entry that reduce time spent, cost, and errors.
What is a general ledger? - ANSWER a record containing all accounts used by a
company
What is a subsidiary ledger? - ANSWER The detail for a number of individual items that
collectively make up a single general ledger account.
What are control accounts? - ANSWER The general ledger corresponds to a subsidiary
ledger.
What is coding? - ANSWER the format in which information is stored.
What are sequence codes? - ANSWER items numbered consecutively to account for all
items
What are block codes? - ANSWER blocks of numbers reserved for specific categories
of data (i.e., product numbers that start with a 2 are refrigerators)
What are group codes? - ANSWER two or more subgroups of digits used to code items
What are mnemonic codes? - ANSWER letters and numbers interspersed to identify an
