ACC 564 WK 3 Quiz 1

This file of ACC 564 WK 3 Quiz 1 covers:

1) Which of the following statements below shows the contrast between data and information?

2) Information is

3) The value of information can best be defined as

4) An accounting information system (AIS) processes ________ to provide users with ________.

5) Information that reduces uncertainty, improves decision makers' ability to make predictions, or confirms or corrects their prior expectations, is said to be

6) Information that is free from error or bias and accurately represents the events or activities of the organization is

7) Information that does not omit important aspects of the underlying events or activities that it measures is

8) When two knowledgeable people acting independently each produce the same information, this information is said to be

9) Data must be converted into information to be considered useful and meaningful for decision-making. There are six characteristics that make information both useful and meaningful. If information is free from error or bias and accurately represents the events or activities of the organization, it is representative of the characteristic of

10) An accounting information system must be able to perform which of the following tasks?

11) Which of the following is not an example of a common activity in an AIS?

12) Which of the following is not one of the components of an AIS?

13) One group that relies on both the adequate collection and transformation of data for decision-making purposes for an organization is

14) The primary objective of accounting is to

15) The American Institute of Certified Public Accountants (AICPA) has recognized the importance of AIS and the major impact information technology has on the area of accounting. To recognize individual CPAs who have met educational and experiential requirements in this area, the group formally created the designation known as