Question 1

The accounting profession is evolving in response to the use of blockchain technology in business. Choose from the list below how purchasing accountants are impacted by the use of blockchain.
A) Record transactions related to buying and selling cryptocurrencies
B) Simplify and automate tax compliance and transparency
C) Secured payments are sent to suppliers as soon as materials are received.
D) Acquire sufficient evidence about the nature of blockchain transactions

Accepted Answer

Blockchain technology allows for secure and immediate transactions, enabling payments to be sent to suppliers as soon as materials are received, impacting purchasing accountants by streamlining the payment process.

Question 2

Data integrity is one of the characteristics of good data. Choose from the list below how blockchain systems impact data integrity.
A) Data is immutable once entered into a blockchain ledger and cannot be changed or deleted.
B) Each node can potentially back up the entire blockchain ledger to provide multiple copies.
C) Miners verify validation of transactions by a majority consensus prior to entry.
D) A blockchain is widely distributed.

Accepted Answer

Blockchain systems ensure data integrity by making data immutable once it is entered into the ledger, meaning it cannot be changed or deleted, thus preserving its original state.

Question 3

Data retention is one of the characteristics of good data. Choose from the list below how blockchain systems impact data retention.
A) Data is immutable once entered into a blockchain ledger and cannot be changed or deleted.
B) Each node can potentially back up the entire blockchain ledger to provide multiple copies.
C) Miners verify validation of transactions by a majority consensus prior to entry.
D) A blockchain is widely distributed.

Accepted Answer

The answer of Data retention is one of the characteristics...

Question 4

Data validity is one of the characteristics of good data. Choose from the list below how blockchain systems impact data validity.
A) Data is immutable once entered into a blockchain ledger and cannot be changed or deleted.
B) Each node can potentially back up the entire blockchain ledger to provide multiple copies.
C) Miners verify validation of transactions by a majority consensus prior to entry.
D) A blockchain is widely distributed.

Accepted Answer

The answer of Data validity is one of the characteristics...

Question 5

Data transparency is one of the characteristics of good data. Choose from the list below how blockchain systems impact data transparency.
A) Data is immutable once entered into a blockchain ledger and cannot be changed or deleted.
B) Each node can potentially back up the entire blockchain ledger to provide multiple copies.
C) Miners verify validation of transactions by a majority consensus prior to entry.
D) A blockchain is widely distributed.

Accepted Answer

The answer of Data transparency is one of the characteristics...

Question 6

Data security is one of the characteristics of good data. Choose from the list below how blockchain systems impact data security.
A) A majority of participants must generally collude for fraud to happen.
B) Each node can potentially back up the entire blockchain ledger to provide multiple copies.
C) Miners verify validation of transactions by a majority consensus prior to entry.
D) A blockchain is widely distributed.

Accepted Answer

Blockchain systems enhance data security because a majority of participants must collude to alter the data, making fraudulent activities difficult.

Question 7

Data integrity is one of the characteristics of good data. Choose from the list below how traditional ledgers impact data integrity.
A) They have the risk of subsequent manipulation.
B) Backups are far more restricted.
C) Verification of transactions may be limited to a single person.
D) A traditional ledger is not widely distributed.

Accepted Answer

The answer of Data integrity is one of the characteristics...

Question 8

Data retention is one of the characteristics of good data. Choose from the list below how traditional ledgers impact data retention.
A) They have the risk of subsequent manipulation.
B) Backups are far more restricted.
C) Verification of transactions may be limited to a single person.
D) A traditional ledger is not widely distributed.

Accepted Answer

The answer of Data retention is one of the characteristics...

Question 9

Data validity is one of the characteristics of good data. Choose from the list below how traditional ledgers impact data validity.
A) They have the risk of subsequent manipulation.
B) Backups are far more restricted.
C) Verification of transactions may be limited to a single person.
D) A traditional ledger is not widely distributed.

Accepted Answer

The answer of Data validity is one of the characteristics...

Question 10

Data transparency is one of the characteristics of good data. Choose from the list below how traditional ledgers impact data transparency.
A) They have the risk of subsequent manipulation.
B) Backups are far more restricted.
C) Verification of transactions may be limited to a single person.
D) A traditional ledger is not widely distributed.

Accepted Answer

The answer of Data transparency is one of the characteristics...

Question 11

Not every emerging technology becomes disruptive, as they are not always successful. In 2019 Google stopped supporting Google Glass, a pair of smart glasses they released in 2014. What happened that led Google to stop supporting Google Glass?

Accepted Answer

The answer of Not every emerging technology becomes disruptive, as...

Question 12

There has been some public pushback against consumer facing IoT products. Runners often use wearable devices like a Fitbit to see if their pace is improving. What are some of the corresponding risks with using a Fitbit?

Accepted Answer

The answer of There has been some public pushback against...

Question 13

Amazon Prime Air is taking to the sky to make deliveries and Amazon Scout is now roaming the streets also making deliveries. In which of the emerging technologies discussed in the textbook do these new technologies fit?

Accepted Answer

The answer of Amazon Prime Air is taking to the...

Question 14

Read the following current state and discuss why this scenario is highly compatible with RPA:
When a vendor sends an invoice, the Accounts Payable Clerk opens the email, reviews the attachment, and saves it to that vendor's folder on the shared network drive. The Accounts Payable Clerk then opens the accounts payable information system and inputs the details of the invoice-vendor, amount, due date - into the system.

Accepted Answer

The answer of Read the following current state and discuss...

Question 15

To be feasible, a proposed RPA use case must fit into the rigid structure of the rules-based programming RPA uses. Discuss the characteristics of processes that are ideal RPA projects.

Accepted Answer

The answer of To be feasible, a proposed RPA use...

Question 16

The Roomba robot vacuum has evolved over the years. Briefly discuss how the more recent Roomba models use Artificial Intelligence.

Accepted Answer

The answer of The Roomba robot vacuum has evolved over...

Question 17

Blockchain has the potential to significantly disrupt the accounting profession. Briefly discuss.

Accepted Answer

The answer of Blockchain has the potential to significantly disrupt...

Question 18

Accountants are often trusted advisors to small businesses, own their own small businesses, or work for a smaller business. Blockchain systems offer advantages that small business could adopt. Discuss.

Accepted Answer

The answer of Accountants are often trusted advisors to small...

Question 19

In the near future, blockchain is changing the way accounting professionals work. Discuss potential changes for purchasing accountants.

Accepted Answer

The answer of In the near future, blockchain is changing...

Question 20

In the near future, blockchain is changing the way accounting professionals work. Discuss potential changes for tax accountants.

Accepted Answer

The answer of In the near future, blockchain is changing...

Quiz 7: Emerging and Disruptive Technologies

The accounting profession is evolving in response to the use of blockchain technology in business. Choose from the list below how purchasing accountants are impacted by the use of blockchain.

Data integrity is one of the characteristics of good data. Choose from the list below how blockchain systems impact data integrity.

Data retention is one of the characteristics of good data. Choose from the list below how blockchain systems impact data retention.

Data validity is one of the characteristics of good data. Choose from the list below how blockchain systems impact data validity.

Data transparency is one of the characteristics of good data. Choose from the list below how blockchain systems impact data transparency.

Data security is one of the characteristics of good data. Choose from the list below how blockchain systems impact data security.

Data integrity is one of the characteristics of good data. Choose from the list below how traditional ledgers impact data integrity.

Data retention is one of the characteristics of good data. Choose from the list below how traditional ledgers impact data retention.

Data validity is one of the characteristics of good data. Choose from the list below how traditional ledgers impact data validity.

Data transparency is one of the characteristics of good data. Choose from the list below how traditional ledgers impact data transparency.