BUS 101 Chapter 15 Quiz 2

The terms data and information mean the same thing.

Debts that will be repaid in one year or less.

The largest accounting scandals in U.S. history involved all of the following firms except:

Data that is presented in a form that is useful for a specific purpose.

This type of accounting generates reports for interested people outside of an organization.

A single collection of data and information stored in one place that can be used by people throughout an organization.

This type of accounting provides managers & employees within an organization with information needed to make decisions.

The accounting equation states that Assets = Liabilities + Owner's Equity

Numerical or verbal descriptions that usually result from some sort of measurement.

All of the following are examples of business application software used to improve productivity except:

Assets that will be held or used for a period longer than one year.

As a business manager, you can never have too much information.

Where would you find the total amount of assets, liabilities, & owner's equity for the Hershey Company?

A set of guidelines and practices for U.S. companies reporting financial information and the accounting profession.

Inaccurate information is typically more dangerous for a firm than irrelevant information.

All of the following are examples of the five areas of management that require specific types of information except:

In business decision making the level of risk and the amount of available information are inversely proportional.

A firm's procedures for generating, using, and sharing important data and information.