FAR661: New Technology Rapid Changes in Accountant’s Role

What is the definition of the Industrial Revolution 1.0?

• Enabled by Cloud Computing

• Supported by electronics and information technologies

• Driven by electricity and oil-based power

• Led by the steam engine

Answer explanation

The Industrial Revolution 1.0 was led by the steam engine, not enabled by Cloud Computing, supported by electronics and information technologies, or driven by electricity and oil-based power.

What technology is enabling computers and machines to simulate human intelligence and problem-solving capabilities?

• Internet of Things (IoT)

• Big Data

• Blockchain

• Artificial Intelligence

Answer explanation

Artificial Intelligence is the technology enabling computers and machines to simulate human intelligence and problem-solving capabilities.

What is the process where goods or services become similar from competing offerings over time?

• Automation

• Globalization

• Commoditization

• Rapid Changes

Answer explanation

Commoditization is the process where goods or services become similar from competing offerings over time, reducing their uniqueness and increasing competition based on price.

What is the future trend in the accounting profession related to Automation and AI?

• Enhanced decision-making through automation

• Limited impact of technology

• Decreased use of technology

• Increased reliance on manual processes

Answer explanation

The future trend in the accounting profession related to Automation and AI is enhanced decision-making through automation.

What is the main advantage of Blockchain technology in finance and accounting?

• Reduced fraud prevention

• Limited data traceability

• Decreased data processing speed

• Enhanced data security

Answer explanation

The main advantage of Blockchain technology in finance and accounting is enhanced data security, providing a secure and tamper-proof way to store and manage financial information.