Question 1

____ is a firm's procedures for generating, using, and sharing the data and information contained in the firm's database.

Accepted Answer

A)   MIS
B)   KM
C)   IT
D)   CPA
E)   GAAPF) A) and E)
G) D) and E)

Question 2

The basic resource from which plans are developed and decisions are made is called

Accepted Answer

A)   information.
B)   data.
C)   tabulations.
D)   objectives.
E)   statistics.F) B) and C)
G) All of the above

Question 3

Selling expenses are considered to be a type of

Accepted Answer

A)   current liability.
B)   general expense.
C)   prepaid expense.
D)   operating expense.
E)   fixed liability.F) All of the above
G) A) and D)

Question 4

A firm has $260,000 in assets and $158,000 in stockholders' equity. It owes $55,000 from a long-term loan, and this is its only long-term liability. This firm has ____ in total current liabilities.

Accepted Answer

A)   $55,000
B)   $103,000
C)   $47,000
D)   $102,000
E)   $213,000F) A) and C)
G) D) and E)

Question 5

Data are always in numerical form.

Accepted Answer

A) True 
 B)False

Question 6

All firms use the same management information system regardless of their size.

Accepted Answer

A) True 
 B)False

Question 7

Compare information and data. Why might a manager prefer information to data?

Accepted Answer

Information and data are closely related...

Question 8

Debts owed by a business are called

Accepted Answer

A)   assets.
B)   expenses.
C)   liabilities.
D)   equities.
E)   revenues.F) None of the above
G) C) and D)

Question 9

In your own words, describe the relationship between information and risk and how this relationship could impact the business decision-making process.

Accepted Answer

The relationship between information and...

Question 10

A management information system is a system that provides managers and employees with the information they need to perform their jobs as effectively as possible.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following best describes the organization of a statement of cash flows?

Accepted Answer

A)   Assets = liabilities + stockholders' equity
B)   Revenues ― expenses = net income
C)   Operating, investing, and financing cash flows
D)   Cash in, cash out
E)   Payments ― receipts = cashF) C) and D)
G) B) and E)

Question 12

The most common internal sources of data include company records, reports, managers and employees, and minutes of meetings.

Accepted Answer

A) True 
 B)False

Question 13

Because information rules must be checked out before a decision can be made, they lengthen the time required to analyze choices.

Accepted Answer

A) True 
 B)False

Question 14

Winshare Art Company has issued only common stock. Currently it has 10,000 shares outstanding. The value of the stock is shown as $20 per share. In addition, $100,000 of Winshare's earnings have been reinvested in the business since it was founded. What is Winshare's total owners' equity?

Accepted Answer

A)   $300,000
B)   $200,000
C)   $100,000
D)   $2,000,000
E)   $100,020F) A) and E)
G) B) and D)

Question 15

How might the information needs of a marketing manager differ from those of an operations manager?

Accepted Answer

The information needs of a marketing man...

Question 16

Long-term liabilities need not be repaid for at least one year.

Accepted Answer

A) True 
 B)False

Question 17

The debts of a business that will be paid in one year or less are called its

Accepted Answer

A)   current liabilities.
B)   expenses.
C)   prepaid expenses.
D)   current assets.
E)   long-term liabilities.F) B) and C)
G) C) and E)

Question 18

Salaries payable, accounts payable, and taxes payable are examples of

Accepted Answer

A)   expenses.
B)   current liabilities.
C)   current assets.
D)   long-term liabilities.
E)   owners' equity.F) All of the above
G) C) and D)

Question 19

Revenues ― cost of goods sold ― expenses = net income characterizes which financial statement?

Accepted Answer

A)   Balance sheet
B)   Statement of retained earnings
C)   Statement of cash flows
D)   Statement of financial position
E)   Income statementF) A) and C)
G) A) and E)

Question 20

A manager at the executive level 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 is often called a(n)

Accepted Answer

A)   information expert.
B)   technology expert.
C)   MIS officer.
D)   informaiton technology officer.
E)   database manager.F) A) and E)
G) B) and C)

Exam 17: Using Management and Accounting Information

The most common internal sources of data include company records, reports, managers and employees, and minutes of meetings.

Correct AnswerverifiedShow Answer

Data are always in numerical form.

Correct AnswerverifiedShow Answer

Long-term liabilities need not be repaid for at least one year.

Correct AnswerverifiedShow Answer

Revenues ― cost of goods sold ― expenses = net income characterizes which financial statement?

Correct AnswerverifiedShow Answer

In your own words, describe the relationship between information and risk and how this relationship could impact the business decision-making process.

Correct AnswerAnswered by ExamLex AIThe relationship between information and...View AnswerShow Answer

Winshare Art Company has issued only common stock. Currently it has 10,000 shares outstanding. The value of the stock is shown as $20 per share. In addition, $100,000 of Winshare's earnings have been reinvested in the business since it was founded. What is Winshare's total owners' equity?

Correct AnswerverifiedShow Answer

Compare information and data. Why might a manager prefer information to data?

Correct AnswerAnswered by ExamLex AIInformation and data are closely related...View AnswerShow Answer

Because information rules must be checked out before a decision can be made, they lengthen the time required to analyze choices.

Correct AnswerverifiedShow Answer

Which of the following best describes the organization of a statement of cash flows?

Correct AnswerverifiedShow Answer

A manager at the executive level 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 is often called a(n)

Correct AnswerverifiedShow Answer

A management information system is a system that provides managers and employees with the information they need to perform their jobs as effectively as possible.

Correct AnswerverifiedShow Answer

How might the information needs of a marketing manager differ from those of an operations manager?

Correct AnswerAnswered by ExamLex AIThe information needs of a marketing man...View AnswerShow Answer

All firms use the same management information system regardless of their size.

Correct AnswerverifiedShow Answer

____ is a firm's procedures for generating, using, and sharing the data and information contained in the firm's database.

Correct AnswerverifiedShow Answer

A firm has $260,000 in assets and $158,000 in stockholders' equity. It owes $55,000 from a long-term loan, and this is its only long-term liability. This firm has ____ in total current liabilities.

Correct AnswerverifiedShow Answer

The debts of a business that will be paid in one year or less are called its

Correct AnswerverifiedShow Answer

The basic resource from which plans are developed and decisions are made is called

Correct AnswerverifiedShow Answer

Selling expenses are considered to be a type of

Correct AnswerverifiedShow Answer

Salaries payable, accounts payable, and taxes payable are examples of

Correct AnswerverifiedShow Answer

Debts owed by a business are called

Correct AnswerverifiedShow Answer

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The relationship between information and...
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Information and data are closely related...
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The information needs of a marketing man...
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