Question 1

What is the purpose of a primary key? What would happen if a relational database was designed without any primary keys?

Accepted Answer

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Question 2

How can data in an accounting information system improve decision making? Provide examples of these decisions.

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Question 3

If you were the person entering transactions into an accounting system, why would you want the input screens to look like paper forms?

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Question 4

IFRS is an acronym for

Accepted Answer

IFRS stands for International Financial Reporting Standards, which are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB). These standards aim to improve the consistency and comparability of financial statements across different countries and industries, making it easier for investors and analysts to make informed decisions.

Question 5

Analyzing the impact an accounting system will have on people should occur in which phase of the SDLC?

Accepted Answer

Analyzing the impact an accounting system will have on people should occur in the analysis phase of the SDLC. This is because consideration of the impact on people is essential in determining the feasibility of the system and the potential benefits it may bring. In addition, analyzing the impact allows for the identification of any potential issues or roadblocks that may arise during implementation, which can be addressed in the subsequent phases of the SDLC.

Question 6

What are Database Forms, Database Queries, and Database Reports? Please provide an example of each.

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Question 7

Which of the following agents is internal to a company?

Accepted Answer

Employees are considered internal agents because they work within the company and contribute to its internal operations and culture.

Question 8

An IT audit includes auditing the System Development Life Cycle (SDLC).

Accepted Answer

An IT audit includes auditing different aspects of IT systems, including the SDLC which covers the planning, design, development, testing, implementation, and maintenance of software systems.

Question 9

The staffing process occurs in which phase of the SDLC?

Accepted Answer

The staffing process is a crucial part of the planning phase of the SDLC, where the project team identifies the roles and responsibilities required for the development process, and the resources required for each role. The plan phase sets the framework for the entire project, including the identification of resources, and the timeline for development. Therefore, D is the correct answer choice.

Question 10

What are the three database essentials an accounting professional needs to know? Define and provide an example of each.

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Question 11

Processes are related activities or events that create value.

Accepted Answer

Processes involve a series of related activities or events that lead to the creation of value for customers.

Question 12

What are the three vital functions an accounting system servers? Please define each.

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Question 13

What may be classified as an information asset? Please provide an example.

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Question 14

IT ________ is the design or blueprint for an enterprise's information technology.

Accepted Answer

IT Architecture is the design or blueprint for an enterprise's information technology, including its hardware, software, networks, and other digital assets. It provides a roadmap for how technology can support an organization's business objectives and helps ensure that all technology investments align with the overall strategic goals.

Question 15

You are hired by a consulting company to assist in creating an accounting system for a company that sells exclusively online. List the fields needed for the Customer table and the Inventory table. Identify the primary key in each table.

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Question 16

Which of the following processes are performed in the Designing Phase of the SDLC?

Accepted Answer

During the Designing Phase of the SDLC, new business processes are identified to ensure the system meets business needs.

Question 17

How are database tables connected in a relational database? How does this help prevent entering data multiple times? Please provide an example.

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Question 18

What are the advantages and disadvantages of using a shadow data system?

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Question 19

What are the three key factors to consider for a successful accounting system?

Accepted Answer

The three key factors for a successful accounting system are people, processes, and technology. People include the individuals responsible for managing the system and using its output. Processes refer to the procedures and workflows involved in recording, analyzing, and reporting financial data. Technology encompasses the hardware and software used to facilitate and automate accounting tasks. Time and budget are important considerations but are secondary to having the right people, processes, and technology in place.

Question 20

What is the difference between data, information, and business intelligence?

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Quiz 1: Accounting Systems Insights