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Questions and Answers
The sum of debits must always equal the sum of credits in a double entry accounting system.
The sum of debits must always equal the sum of credits in a double entry accounting system.
True
A balance sheet includes a company’s assets, liabilities, and revenues at a specific point in time.
A balance sheet includes a company’s assets, liabilities, and revenues at a specific point in time.
False
The accounting equation is expressed as Assets = liabilities + owner's equity.
The accounting equation is expressed as Assets = liabilities + owner's equity.
True
The profit and loss account provides a snapshot of a company’s financial status at the end of the year.
The profit and loss account provides a snapshot of a company’s financial status at the end of the year.
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A balance sheet is similar to a snapshot, representing the financial condition of a company at a specific date.
A balance sheet is similar to a snapshot, representing the financial condition of a company at a specific date.
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External applications integrate internal applications with customers and partners.
External applications integrate internal applications with customers and partners.
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Stand-alone applications require integration with other applications to function effectively.
Stand-alone applications require integration with other applications to function effectively.
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Legacy systems are known for being integrated and efficient.
Legacy systems are known for being integrated and efficient.
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Management Information Systems (MIS) are designed for the upper level of management.
Management Information Systems (MIS) are designed for the upper level of management.
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Decision Support Systems (DSS) utilize information from Transaction Processing Systems (TPS) to assist in decision-making.
Decision Support Systems (DSS) utilize information from Transaction Processing Systems (TPS) to assist in decision-making.
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Supply Chain Management (SCM) aims to increase the costs associated with suppliers.
Supply Chain Management (SCM) aims to increase the costs associated with suppliers.
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Custom applications are pre-packaged software solutions designed for general business needs.
Custom applications are pre-packaged software solutions designed for general business needs.
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Executive Support Systems (ESS) are the lowest tier in enterprise information systems.
Executive Support Systems (ESS) are the lowest tier in enterprise information systems.
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The Master Production Schedule is driven by independent demand.
The Master Production Schedule is driven by independent demand.
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MRP II incorporates only the Master Production Schedule and Bill of Material.
MRP II incorporates only the Master Production Schedule and Bill of Material.
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Enterprise Resource Planning (ERP) emerged after Manufacturing Resource Planning II (MRP II).
Enterprise Resource Planning (ERP) emerged after Manufacturing Resource Planning II (MRP II).
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With MRP, companies can maintain stock at a fixed formula for the entire year.
With MRP, companies can maintain stock at a fixed formula for the entire year.
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Extended ERP includes new functional modules like Human Resources and Cash Management.
Extended ERP includes new functional modules like Human Resources and Cash Management.
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Computer Integrated Manufacturing (CIM) follows a management/enterprise business approach.
Computer Integrated Manufacturing (CIM) follows a management/enterprise business approach.
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The integration of ERP aims to reduce errors and duplications in business processes.
The integration of ERP aims to reduce errors and duplications in business processes.
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The ERP II - EAS includes modules such as Business Intelligence and E-Commerce.
The ERP II - EAS includes modules such as Business Intelligence and E-Commerce.
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In Portugal, all invoices must be delivered to customers by the 10th day of the month.
In Portugal, all invoices must be delivered to customers by the 10th day of the month.
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Supply chain management includes activities such as marketing and customer service.
Supply chain management includes activities such as marketing and customer service.
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Cost centers are not a part of accountability requisites in finance.
Cost centers are not a part of accountability requisites in finance.
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An invoice should detail the price with taxes only, excluding the price without taxes.
An invoice should detail the price with taxes only, excluding the price without taxes.
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The flow of materials in a supply chain only includes the movement from suppliers to factories.
The flow of materials in a supply chain only includes the movement from suppliers to factories.
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Accounting information systems facilitate customer relationship management.
Accounting information systems facilitate customer relationship management.
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All software used for invoicing purposes must be certified in Portugal.
All software used for invoicing purposes must be certified in Portugal.
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Supply chain management and supply chain are interchangeable terms with the same meaning.
Supply chain management and supply chain are interchangeable terms with the same meaning.
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The purchase order process concludes with the creation of the vendor invoice.
The purchase order process concludes with the creation of the vendor invoice.
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Coordination of production activity is solely focused on product sales.
Coordination of production activity is solely focused on product sales.
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Multisite operations include the management of shipments between different locations.
Multisite operations include the management of shipments between different locations.
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Sales and Operations Planning starts with defining all supply constraints.
Sales and Operations Planning starts with defining all supply constraints.
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Human Capital Management includes managing salary and benefits for employees.
Human Capital Management includes managing salary and benefits for employees.
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The Warehouse Management process only concerns outbound shipments.
The Warehouse Management process only concerns outbound shipments.
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A good HR information system allows retrieval of employee information in seconds.
A good HR information system allows retrieval of employee information in seconds.
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Human Resource responsibilities do not include employee training.
Human Resource responsibilities do not include employee training.
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Pure e-commerce business models aim to achieve lower levels of profitability.
Pure e-commerce business models aim to achieve lower levels of profitability.
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Traditional retail brands utilize e-commerce to maintain their retail dominance.
Traditional retail brands utilize e-commerce to maintain their retail dominance.
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Only large corporations have taken advantage of cloud-based computing resources in e-commerce.
Only large corporations have taken advantage of cloud-based computing resources in e-commerce.
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Information density in e-commerce offers reduced transparency in pricing and costs.
Information density in e-commerce offers reduced transparency in pricing and costs.
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Social e-commerce is based on a digital social graph and is independent of social networks.
Social e-commerce is based on a digital social graph and is independent of social networks.
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The features driving the growth of social e-commerce include collaborative shopping and social search.
The features driving the growth of social e-commerce include collaborative shopping and social search.
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Electronic Data Interchange (EDI) allows for computer-to-computer exchange of standard transactions.
Electronic Data Interchange (EDI) allows for computer-to-computer exchange of standard transactions.
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E-commerce is the broader concept compared to E-business.
E-commerce is the broader concept compared to E-business.
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Dynamic pricing is a feature enabled by the rise of digital markets.
Dynamic pricing is a feature enabled by the rise of digital markets.
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The 'Like' button on Facebook is part of social network marketing strategies.
The 'Like' button on Facebook is part of social network marketing strategies.
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Study Notes
Digital Economy
- Digital evolution has progressed from punched tape to magnetic tape, floppy disks, compact disks, hard drives, USB drives, and cloud storage.
- Three core concepts are storage, processing speed, and bandwidth (processing and communication), which significantly impact processes.
- The four important laws associated with digital evolution are Moore's Law, Metcalfe's Law, Gilder's Law, and Nielsen's Law.
Moore's Law
- Processor speed (and overall processing power) doubles approximately every two years.
- This leads to a decrease in relative costs while increasing processing capacity.
- This is an exponential increase in processing power.
Metcalfe's Law
- The value of a network is proportional to the square of the number of users.
- A network's value increases significantly as more users join.
- It's a concept used in computer networks, but also sometimes applied to neurons in the human brain.
Gilder's Law
- Bandwidth increases at least three times faster than computer power.
- Computer power doubles approximately every eighteen months, while communications power doubles every six months.
Nielsen's Law
- Connectivity and speed have a direct and linear relationship.
- Increased speed is not as valuable as increased connectivity for networks.
Objectives of Enterprise Information Systems
- Create value for the business: Provide comprehensive business information.
- Competitive advantages: Help companies gain a competitive edge by streamlining operations without repetitive tasks like issuing invoices.
- Accelerated innovation: Support new business models, product development, and cost control to improve process efficiency.
Enterprise Information Systems
- Implement functional structure and organizational structure to support all levels within functional areas.
- Enterprise systems' essential purpose is to create value to support business needs.
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Description
Explore fundamental concepts in accounting and management information systems with this quiz. Topics include debits and credits, balance sheets, profit and loss accounts, and the integration of various applications. Test your knowledge on how these systems support business operations and decision-making.
