Ais Quiz 1
Quiz #1 Instructions: Ensure that the following information is included in your answer: Question # and your answer, listed vertically Example: #1-b #2-a #3-c Select the one most appropriate answer. An answer that includes two correct components is more correct that an answer that includes only one correct component. If you select more than one answer, your question will not be graded. Each multiple choice question is worth one mark. This quiz is a review of material in the text and course materials for Chapters 1-4.
1) When two knowledgeable people acting independently each produce the same information, this information is said to be A) relevant. B) complete. C) verifiable. D) reliable. 2) The primary objective of accounting is to A) ensure the profitability of an organization. B) provide useful information to decision makers. C) prepare financial statements. D) implement strong internal controls. 3) The process of creating value for customers is the result of nine activities that form a A) successful business. B) support system. C) value chain. D) profitable operation. 4) An example of inbound logistics would consist of A) the activities that consist of receiving, storing, and distributing the materials used as inputs by the organization to create goods and/or services it sells. B) the activities that provide post-sale support to customers. C) the activities that transform inputs into final products or services. D) the activities that help customers to buy the organization's products or services.
5) Inventory information is provided in real time by a firm's accounting information system. The accuracy of this information is questionable, however, since the production manager often reports stock outs of components that the system indicates are in stock. Which of the following characteristics of useful information is absent in the situation described above? A) Reliable B) Timely C) Understandable D) Accessible E) Verifiable F) Complete G) Relevant 6)
1) When two knowledgeable people acting independently each produce the same information, this information is said to be A) relevant. B) complete. C) verifiable. D) reliable. 2) The primary objective of accounting is to A) ensure the profitability of an organization. B) provide useful information to decision makers. C) prepare financial statements. D) implement strong internal controls. 3) The process of creating value for customers is the result of nine activities that form a A) successful business. B) support system. C) value chain. D) profitable operation. 4) An example of inbound logistics would consist of A) the activities that consist of receiving, storing, and distributing the materials used as inputs by the organization to create goods and/or services it sells. B) the activities that provide post-sale support to customers. C) the activities that transform inputs into final products or services. D) the activities that help customers to buy the organization's products or services.
5) Inventory information is provided in real time by a firm's accounting information system. The accuracy of this information is questionable, however, since the production manager often reports stock outs of components that the system indicates are in stock. Which of the following characteristics of useful information is absent in the situation described above? A) Reliable B) Timely C) Understandable D) Accessible E) Verifiable F) Complete G) Relevant 6)