Accounting > EXAM > ACCT 3303 Chapter 1 Accounting Information Systems- Final Exam questions over a hundred and answers (All)

ACCT 3303 Chapter 1 Accounting Information Systems- Final Exam questions over a hundred and answers

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1.1 Distinguish data from information, discuss the characteristics of useful information, and explain how to determine the value of information. 1) Which of the following statements below shows the ... contrast between data and information? A) Data is the output of an AIS. B) Information is the primary output of an AIS. C) Data is more useful in decision making than information. D) Data and information are the same. Answer: B 2) Information is best described as A) raw facts about transactions. B) data that has been organized and processed so that it is meaningful to the user. C) facts that are useful when processed in a timely manner. D) the same thing as data. Answer: B 3) The value of information can best be determined by A) its usefulness to decision makers. B) its relevance to decision makers. C) the benefits associated with obtaining the information minus the cost of producing it. D) the extent to which it optimizes the value chain. Answer: C 4) An accounting information system (AIS) processes ________ to provide users with ________. A) data; information B) data; transactions C) information; data D) data; benefits Answer: A 5) ________ information reduces uncertainty, improves decision makers' ability to make predictions, or confirms expectations. A) Timely 1 B) Reliable C) Relevant D) Complete Answer: C 6) Information that is free from error or bias and accurately represents the events or activities of the organization is A) relevant. B) reliable / Faithful Representation. C) verifiable. D) timely. Answer: B 7) Information that does not omit important aspects of the underlying events or activities that it measures is A) complete. B) accessible. C) relevant. D) timely. Answer: A 8) Information is ________ when two knowledgeable people independently produce the same information. A) verifiable B) relevant C) reliable D) complete Answer: A 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 A) relevancy. B) timeliness. C) understandability. D) reliability. [Show More]

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