Question 1

An information system for managing all interactions with current and potential employees is called a(n) _____ .

Accepted Answer

A Human Resource Management System (HRMS) is designed to manage all interactions with current and potential employees, encompassing a wide range of HR functions such as hiring, payroll, benefits administration, and performance management.

Question 2

Eric Schmidt, CEO of Google says, "Every _____ days we now create as much information as we did from the dawn of civilization up until 2003."

Accepted Answer

Eric Schmidt, the CEO of Google, has been widely quoted as saying that every two days we now create as much information as we did from the dawn of civilization up until 2003, highlighting the exponential growth of data in the modern age.

Question 3

________ accounting is information directed to external users, such as stockholders, banks, and suppliers; in contrast _____ accounting is used internally by the CEO, CFO, controller, budget officers, etc.

Accepted Answer

Financial accounting is directed towards external users like stockholders and banks, providing them with financial statements and reports. Management accounting, on the other hand, is used internally by company officers to make decisions.

Question 4

Of the data items listed below, which has the highest velocity?

Accepted Answer

Stock prices have the highest velocity among the options given because they can change multiple times per second based on real-time trading on stock exchanges.

Question 5

Within an Excel pivottable, the ________ settings determine whether the pivottable will report counts, sums or averages.

Accepted Answer

The Value Field Settings in a PivotTable allow users to determine how data is summarized - whether it's by sum, count, average, or another method.

Question 6

Each of the following is potentially a company subledger except:

Accepted Answer

Subledgers are detailed records that support summary data in the general ledger, typically for accounts like inventory, fixed assets, and receivables. An "employee subledger" is not a standard accounting term or practice, as employee details are usually managed in payroll or human resources systems, not as a subledger.

Question 7

Veracity evaluates whether the data is ________, accurate (and clean), and worth of trust.

Accepted Answer

Veracity in the context of data refers to the truthfulness and accuracy of the data, ensuring it is clean and trustworthy.

Question 8

The supply chain system contains data on the current and previous __________ .

Accepted Answer

The supply chain system primarily contains data on the current and previous vendors, as it deals with the flow of goods and services, including all processes that transform raw materials into final products, involving interactions with suppliers and vendors at various stages.

Question 9

_______ often prepare research reports talking about company prospects by synthesizing financial statements, listening to conference calls, and talking to managers of the company and to its competitors.

Accepted Answer

Financial analysts are responsible for preparing research reports on companies, which involves analyzing financial statements, participating in conference calls, and communicating with company managers and competitors to assess the company's prospects.

Question 10

When the source data used to create an Excel pivottable change, the pivottable will update _____.

Accepted Answer

PivotTables in Excel do not automatically update when the source data changes. They require manual refreshing or setting up a refresh action through VBA or other means to reflect the updated data.

Question 11

According to the text, PWC, a Big 4 accounting firm, asks its auditors to develop all of the following skills except the ability to:

Accepted Answer

The text specifies that PWC asks its auditors to develop skills related to data analysis and mining, but does not mention the ability to identify questions impacting accounting estimates.

Quiz 2: Master the Data: an Introduction to Accounting Data