MCQ Prerequisite Knowledge Check - Chapter 13

According to the course manual, which of the following is not listed as a key component of an information system?

• Data

• Software

• Management

• People

The approach to Financial Accounting studied in Year 1 is described as largely manual. What is the primary reason given for adopting this manual approach initially?

• Computerised accounting software was not available for study.

• To save costs on software licenses.

• To ensure that the underlying principles of accountancy are comprehensively understood.

• To prepare students for working in organisations without technology.

Which type of data is described as the primary domain of expertise for a typical accountancy professional, and forms the basis for traditional transactional accounting data?

• Unstructured data

• Semi-structured data

• Structured financial data

• Big Data

What is the main purpose of Descriptive analysis in statistics?

• To predict what will happen in the future.

• To make suggestions about what should happen.

• To describe, show, or summarise a data set to identify key statistics and patterns.

• To draw conclusions about a whole population based on samples.

Which type of analysis goes beyond describing data sets and can be used to generate evidence for forecasting and decision-making, with time series analysis given as a representative illustration in the course?

• Descriptive analysis

• Data visualisation

• Data procurement

• Inferential statistical analysis

The terms 'data analytics' and 'data analysis' are sometimes used interchangeably, but data analysis is described as a sub-component. What three fundamental questions does data analysis help to answer?

• Who, What, When?

• Why, How, Where?

• What happened, What will happen, What should happen?

• Procure, Provision, Present?

When using data visualisation tools like Tableau, what challenge is highlighted regarding the value added by a visualisation?

• The tools are difficult to use and require technical expertise.

• They can only be used with structured data.

• A visualisation will add

Increasing integration of software applications and automation of routine accounting tasks is commonly asserted to have what potential effect on accountancy professionals' time?

• It will lead to a significant reduction in workload overall.

• It will eliminate the need for human accountancy professionals.

• It will require more time spent on manual data entry.

• It should free up time to allocate more time to sophisticated analysis of larger volumes of data in support of decision-making.

Machine learning, as a category of Artificial Intelligence (AI), is described as being able to "learn" over time from experience without human intervention. Which of the following is listed as something machine learning systems can be configured to do?

• Only perform descriptive analysis.

• Only perform predictive analysis.

• Only perform prescriptive analysis.

• Be configured to be descriptive, predictive, or prescriptive.

When considering the ethical implications of data analytics, data visualisation, and big data, which professional ethical principle is highlighted as relevant regarding the accuracy and potential misleading nature of analysis or presentation?

• Objectivity

• Professional competence and due care

• Integrity

• Confidentiality