Technology and Accounting Systems

What is one benefit of cloud accounting?

Evaluate responses using AI:

OFF

List two features of cloud accounting.

• Real-time access and collaboration

• Data security and automatic updates

• Cost efficiency and scalability

• All of the above

Fill in the blank: Cloud accounting allows users to access information and enter data from ________ locations.

• multiple

• single

• fixed

• limited

What is a risk of using cloud accounting?

Evaluate responses using AI:

OFF

AI and machine learning apply to accounting systems by:

• automating repetitive tasks and improving accuracy

• increasing manual data entry

• eliminating the need for accountants

• making accounting systems more complex

The purpose of diagnostic analytics in business is to:

• Identify the root cause of problems

• Predict future trends

• Provide real-time data

• Optimize business processes

Which of the following is a benefit of predictive analytics?

• Reducing data entry errors

• Identifying potential sales opportunities

• Enhancing employee satisfaction

• Improving office decor

The role of data security in protecting a business's information is to:

• Ensure data integrity and confidentiality

• Increase data redundancy

• Enhance data accessibility

• Reduce data storage costs

Which of the following is a risk associated with data operations?

• Increased employee productivity

• Cyberattacks

• Improved customer service

• Enhanced marketing strategies

How can data analytics impact the accounting system in a business?

• By improving accuracy and efficiency

• By increasing manual errors

• By reducing the need for technology

• By complicating financial reporting