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Week7 The role of technology in accounting Flashcards | StudBud
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Week7 The role of technology in accounting
Week7 The role of technology in accounting
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Answers
1
Which technology is mentioned to help accountants perform their jobs more efficiently?
C) Digital accounting
B) Artificial intelligence
A) Cloud computing
D) Internet
2
Why is some form of programming knowledge becoming increasingly important for professions like accounting?
C) To enhance data visualization techniques.
A) To improve communication with IT departments.
B) To extract data from relational databases.
D) To simplify financial reporting processes.
3
What is the primary role of technology in accounting?
B) Reducing efficiency
C) Automating tasks and improving accuracy
A) Increasing paperwork
D) Decreasing data security
4
Accountants need to be ‘financial storytellers’ rather than’ relationship builders’
True
False
5
What are some key characteristics of software designed for small businesses?
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A) Requires professional accounting training to use correctly.
User-friendly
B) The software only focuses on certain accounting functions
6
Why do large businesses use Enterprise Resource Planning (ERP) software instead of small business software?
B)Small business software cannot handle the complexity of large businesses.
D) Small business software lacks integration with other business functions.
C) ERP software is more cost-effective for large businesses.
A) ERP software is easier to use for large amounts of data.
7
What are the primary ways to free up human time?
D) Increase the amount of daily tasks performed by humans
A) Let robots handle complex thinking and analysis
B) Let robots handle repetitive and predictable activities
C) Reinforce human repetitive tasks
8
What are the abilities of a qualified accountant?
B) Strong analytical skills
C) Proficiency in financial
D) All above
A) Excellent communication
9
Blockchain technology is only applicable to cryptocurrencies and has no relevance in accounting.
False
True
10
As RPA gains popularity, what skills will the white-collar workforce need to adapt?
D) No need to adjust skills
B) Learn yoga
C) Learn data analysis, programming and other technical skills
A) Learn a new language
11
What is the main role of RPA in the accounting field?
B) Increase labor costs
C) Improve accounting standards
D) Reduce opportunities for automation
A) Reduce costs and improve efficiency
12
What does blockchain technology offer to the accounting profession?
D) Limited scalability
C) Decreased data integrity
A) Centralized ledger system
B) Improved transparency and security in financial transactions
13
Artificial Intelligence uses software to analyze textual data.
False
True
