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Cycles of Accounting and Technology in Decision Making

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Cycles of Accounting and Technology in Decision Making

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Questions and Answers

What is the main difference between data and information?

Data is stored in the system while information is collected.

Data is raw material while information is processed data. (correct)

Data contains numbers and dates while information contains names and attributes.

Data is machine-readable while information is not.

How can Information Technology (IT) help in overcoming information overload?

By effectively filtering and condensing information for decision-makers. (correct)

By creating more detailed reports.

By storing all data without filtering.

By increasing the volume of data collected.

What is a characteristic of good information as mentioned in the text?

Complexity

Timeliness (correct)

Inaccessibility

Lack of relevance

How does XBRL differ from HTML?

XBRL is specifically for business and XML is a general markup language. Signup and view all the answers

Which aspect is NOT a characteristic of a good information as per the text?

Complexity Signup and view all the answers

What is the primary benefit of using Information Systems (IS) in businesses?

Facilitating the achievement of specific organizational goals. Signup and view all the answers

What is the main purpose of an Accounting Information System (AIS)?

To add value to an organization by providing financial data Signup and view all the answers

What is characterized by the use of IoT, Big Data, AI, Cloud computing, and blockchain?

IT 4.0 Signup and view all the answers

What is emphasized as a vital skill for auditors and analysts?

The ability to ask right questions Signup and view all the answers

What is the primary function of a distributed ledger in blockchain technology?

To ensure transparency and accuracy of transactions Signup and view all the answers

What is the main characteristic of IT 1.0 and IT 2.0?

Electrification and steam power Signup and view all the answers

What is the main purpose of a strategic plan in an organization?

To outline a set of actions and activities Signup and view all the answers