Accounting Information Systems Study Set 26

Business

Quiz 1 :

Accounting Information Systems and Firm Value

Quiz 1 :

Accounting Information Systems and Firm Value

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How do you become a Certified Information Technology Professional (CITP)? What do they do on a daily basis?
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Certified Information Technology professionals (CITP): CITP evaluates the person with the best knowledge and working experience. CITP emphasizes that all data should be record with the help of information technology. CITP does not include the security skills.
Certified Public Accountant can become a Certified Information Technology professional with working experience and an optional exam.
The CITP designation has to judge the CPAs with the high technology and working experience. On a daily basis, CITP can help in evaluating and interpreting the financial reports and focus on information system that recorded all information. CITP tries to work with IT software for collecting the information.
Hence, on a daily basis CITP perform above mentioned role.

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Explain the information value chain. How do business events turn into data, then into information, and then into knowledge? Give an example starting with the business event of the purchase of a CD at Best Buy all the way to useful information for the CEO and other decision makers.
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Value chain: The overall implementation from first stage of production to the final stage of service is called Value chain. This implementation provides the data that can become useful information that might be help in making decisions.
The entire transfer of information from business requirement and business event to the maintaining data and information for making decisions is called as information value chain. The information value chain starts with the identification of requirements of business and ends with final decisions taken by management.
Company needs to know how much CD it should have distributed to every retailer (Business requirements) it will collect the information on CD sales (Business event). After that company can analyze the data and turn data into information that helps to make decisions to management.
The information value chain can be shown the purchase of CD at best buy in the following way:
The sale from CD can be recorded as revenue and deducts all costs associated with it and after that remaining revenue will add or (deduct) from corporate income. This will help to determine the profitability of company.
The particular CD's which at best buy those all are recorded in the information. This will help to its suppliers that which CD are selling and which type of CD might be recorded in the information. This information helps to marketing department also for understand the expectation of the customers and identify the demographic segment of sale.
The CEO can analyze the profitability associated with CD and identify the demographic area of high demand of CD's.
Hence, CEO could analyze the performance of product due to information value chain.

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Explain the value chain for an appliance manufacturer, particularly the primary activities. Which activities are most crucial for value creation (in other words, which activities would you want to make sure are the most effective)? Rank the five value chain enhancing activities in importance for an appliance manufacturer.
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Value chain: The overall implementation from first stage of production to the final stage of service is called Value chain. This implementation provides the data that can become useful information that might be help in making decisions.
The value chain starts with the design of the product and ends with the final product through manufacturing process. The goal of these activities is to fulfill the requirements of the consumer expectations.
In inbound logistics, manufacturer has to focus on customer expectations towards the product (quality as well as price of the product). This is very important phase for value creation. Arranging high quality material at minimum cost and provides best quality of product is also ensuring the value creation to the customers.
In operations, manufacturer tries to finalize the product with concerning the quality of product and services.
In outbound logistics, manufacturer moves their finished goods into warehouses or to customers.
Finally manufacturer has to focus on marketing of the product with the help of distribution channels and provide the best services to the customers after distribution of the final product. This phase of value chain is the most difficult phase to the manufacturer.
With the help of above statements ranking of the value chain can be followed as:
Most important activity is product design and after that Inbound logistics then marketing and after that services provided to the customers and last one is operations.
1. Product design
2. Inbound logistics
3. Marketing
4. Services provided to the customers
5. Operations

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Which value chain supporting activities would be most important to support a health insurance provider's primary activities? How about the most important primary activities for a university?
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Consider the following bar chart of how accounting professionals' activities have changed over time. Comment on how information technology affects the role of accountants. In what respect is this a positive trend or a negative trend? What will this bar chart look like in 2020? img
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What designation would be most appropriate for those professionals possessing IT audit, control, and security skills? a. Certified Internal Auditor (CIA) B) Certified Public Accountant (CPA) C) Certified Information Technology Professional (CITP) D) Certified Information Systems Auditor (CISA)
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Which of the following is not a characteristic of useful information? a. Predictive value B) Timeliness C) Verifiable D) Expensive to generate
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Using the accompanying explanations of each IT strategic role, suggest the appropriate IT strategic role (automate, informate or transform) for the following types of IT investments. Depending on your interpretation, it is possible that some of the IT investments could include two IT strategic roles. a. Digital health records b. Google Maps that recommend hotels and restaurants along a trip path c. Customer relationship management software d. Supply chain management software e. Enterprise systems f. Airline flight reservations systems g. PayPal ( www.paypal.com ) h. Amazon.com product recommendation on your homepage i. EBay j. Course and teacher evaluations conducted online for the first time (instead of on paper) img
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Give three examples of types of discretionary information at your college or university, and explain how the benefits of receiving that information outweigh the costs.
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After an NBA basketball game, a box score is produced detailing the number of points scored, assists made, and rebounds retrieved (among other statistics). Using the characteristics of useful information discussed at the beginning of the chapter, please explain how this box score meets (or does not meet) the characteristics of useful information.
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IT strategic roles of AIS investments are classified as a. Automate, informate, transform B) Value creation, value destruction, value neutral C) Digitize, report, transform D) Automate, digitize, transportation
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Accounting information systems are a. Always computerized B) Report only financial information C) An information system that records, processes, and reports on transactions to provide financial and nonfinancial information for decision making and control D) Require a CITP designation to understand
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Customer relationship management software does not include information about a. Current customers B) Prospective customers C) Former customers D) Current suppliers
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A supply chain a. Supplies bicycle chains B) Refers to the flow of materials, information, payments, and services C) Is similar in function and purpose to the value chain D) Does not apply to a service firm like an accounting firm
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In 2002, John Deere's $4 billion commercial and consumer equipment division implemented supply chain management software and reduced its inventory by $500 million. As sales continued to grow, the company has been able to keep its inventory growth flat. How did the supply chain management software implementation allow John Deere to reduce inventory on hand? How did this allow the company to save money? Which income statement accounts (e.g., revenue, cost of goods sold, SG A expenses, interest expense, etc.) would this affect?
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Dell Computer used customer relationship management software called Idea Storm to collect customer feedback. This customer feedback led the company to build select consumer notebooks and desktops pre-installed with the Linux platform. Dell also decided to continue offering Windows 8 as a pre-installed operating system option in response to customer requests. Where does this fit in the value chain? How will this help Dell create value?
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Some would argue that the role of accounting is simply as an information provider. Will a computer ultimately completely take over the job of the accountant? As part of your explanation, explain how the role of accountants in information systems continues to evolve.
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Match the value chain activity in the left column with the scenario in the right column: 1. Service activities 2. Inbound logistics 3. Marketing and sales activities 4. Firm infrastructure 5. Human Resource Management 6. Technology 7. Procurement 8. Outbound Logistics 9. Operations A. Surveys for prospective customers B. Warranty work C. Assembly line D. Delivery to the firm's customer E. New-product development F. Receiving dock for raw materials G. CEO and CFO H. Buying (sourcing) raw materials
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The correct order of effects in the value chain is a. Inbound logistics ? Operations ? Service B) Inbound logistics ? Outbound logistics ? Marketing and Sales C) Inbound logistics ? Operations ? Outbound logistics D) Inbound logistics ? Operations ? Service
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Which of the following is considered to be mandatory information required by a regulatory body? a. U.S. Tax Return B) The cost to produce a textbook C) The number of U.S. flags that are sold on July 4 D) The cost to build an all-new Starbucks restaurant in Shanghai, China
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