Question 1

Xero is an accounting software package that is popular with small businesses because it:

Accepted Answer

A)   is simple and easy to use.
B)   can be accessed anywhere, anytime on a variety of electronic devices.
C)   allows business owners more time to improve and grow their business.
D)   All of the above.E) A) and D)
F) A) and B)

Question 2

What are the core modules of the SAP Business Suite?

Accepted Answer

A)   Financial accounting.
B)   Controlling and profitability analysis.
C)   Human resources, sales and distribution.
D)   All of the above.E) None of the above
F) B) and C)

Question 3

When tags are applied to the data after the reports have been created:

Accepted Answer

A)   they do not need to be verified.
B)   very little work is required for the presentation of the financial information.
C)   internal control procedures are required to check the data before it is used or filed with regulatory agencies.
D)   None of the above.E) A) and D)
F) A) and C) C

Question 4

In what way can Artificial Intelligence (AI)  have an effect on the accounting of the future?

Accepted Answer

A)   Improve efficiency by allowing processing of large amounts of data.
B)   Provide more consistency in decision making by eliminating human biases.
C)   Improve fraud detection through training the computer on 'normal' activities and allowing for the prediction of fraudulent activities.
D)   All of the above options are correct.E) B) and D)
F) A) and D)

Question 5

Which of the following statements relating to 'bitcoin' is incorrect?

Accepted Answer

A)   Bitcoins are controlled by one central authority.
B)   Bitcoin is a digital currency that is created and held electronically and stored in a digital wallet which exists on a user's computer or in the cloud.
C)   People who own bitcoins can send them to each other using their computers or mobile applications without the use of a bank to facilitate the transaction.
D)   Bitcoins are still in their infancy and therefore have a lot of volatility with frequent price changes.E) All of the above
F) B) and C)

Question 6

Which of the following is not a type of cloud computing?

Accepted Answer

A)   Hardware as a Service
B)   Information as a Service
C)   Platform as a Service
D)   Software as a ServiceE) None of the above
F) A) and B)

Question 7

What type of data is contained in the 'noSQL databases'?

Accepted Answer

A)   Big data
B)   Dense data
C)   MOLAP data
D)   Sparse dataE) A) and D)
F) All of the above

Question 8

The initiative in Australia uses its own taxonomy for the reporting requirements of government agencies in Australia.

Accepted Answer

A)   Systems Based Reporting
B)   Systems Basic Reporting
C)   Standards Based ReportingStandard Business ReportingD) All of the above
E) B) and C)

Question 9

To improve audit quality in terms of XBRL, one can:

Accepted Answer

A)   A and B only
B)   A and C only
C)   B and C only
D)   A, B and CE) All of the above
F) A) and C) D

Question 10

XBRL is an external standard that supports financial reporting based on US GAAP and:

Accepted Answer

A)   Australian Accounting Standards.
B)   International Accounting Standards.
C)   International Financial Reporting System.
D)   International Financial Reporting Standards.E) None of the above
F) B) and C)

Question 11

When purchasing a cloud-based accounting package such as Xero, consideration should be given to:

Accepted Answer

A)   risk.
B)   adaptability.
C)   accessibility.
D)   Both a)  and c) .E) None of the above
F) B) and D)

Question 12

Which of the following are associated with the cost savings provided by Software as a Service (SaaS) ?

Accepted Answer

A)   SaaS users can benefit from a lower total cost of ownership.
B)   SaaS users can benefit from the use of applications without needed to make a large initial investment.
C)   SaaS providers can serve many users, enabling them to develop and maintain the software at a cheaper cost per user than if firms were to develop the software themselves.
D)   All of the above options are associated with cost savings provided by SaaS.E) B) and D)
F) A) and B)

Question 13

Discuss the meanings of 'big data' and 'sparse data'.

Accepted Answer

'Big data' refers to the data being gene...

Question 14

Xero's dashboard includes several features that allow constant monitoring of specific areas of the business. The feature that provides an up-to-date view of the current balances and reconciliations of specific back accounts is the:

Accepted Answer

A)   Accounts tab.
B)   Account watch list.
C)   Business bank account.
D)   Total cash in and out.E) A) and C)
F) A) and B)

Question 15

Why are ERP systems attractive to businesses?

Accepted Answer

A)   These systems link the typical major functions of an organisation and the organisation's suppliers and customers in the value chain.
B)   It is an integrated system that operates in real time without relying on periodic updates.
C)   An ERP system can support all applications of an organisation.
D)   None of the above.E) B) and C)
F) A) and C)

Question 16

What is cloud computing?

Accepted Answer

A)   Cloud computing is the same as next-generation server virtualisation.
B)   A model of computing that provides computer services through the internet to a pooled set of resources that provide these services.
C)   A computer science technique in which a machine performs its function by outsourcing certain steps to humans, usually as microwork.
D)   An emulation of a particular computer system which operates based on the computer architecture and functions of a real or hypothetical computer.E) A) and B)
F) All of the above

Question 17

Which of the following is not an advantage of XBRL?

Accepted Answer

A)   Improved audit quality can occur as long as the taxonomy has correctly classified items of data at its source.
B)   Through the application of different taxonomies and standards, the time required to prepare accounting reports is significantly increased.
C)   Once XBRL standards are defined, they can be taken and applied to different industries and environments through the creation of different taxonomies.
D)   The interchangeability of XBRL data between the major accounting software means that once the data is tagged it can be reused in many ways to meet differing financial reporting requirements.E) B) and D)
F) B) and C)

Question 18

Which of the following statements about Software as a Service (SaaS)  is correct?

Accepted Answer

A)   Only large organisations are able to access SaaS.
B)   Users of SaaS can design their own applications and pay for them on a usage basis.
C)   SaaS providers are organisations that offer software applications through the use of internet or portal technology.
D)   SaaS customers obtain the use of processing, storage, networking and other infrastructure resources from cloud service providers to run their information systems.E) B) and C)
F) None of the above

Question 19

Which of the following statements relating to ERP systems is incorrect?

Accepted Answer

A)   ERP stands for Enterprise Resource Planning
B)   ERP systems collect, process and store data in a centralised database.
C)   ERP systems integrate some aspects of a company's operations with the accounting information system.
D)   ERP systems share up-to-date information across business processes so that business activities can be coordinated.E) B) and D)
F) C) and D)

Question 20

What type of functions are included in the materials management module of the SAP Business Suite?

Accepted Answer

A)   Functions related to payment or purchase to pay processes, including the management of products while they are in stock.
B)   Functions related to the revenue or sales order to cash process.
C)   Functions related to recruitment, management and administration of personnel.
D)   None of the above.E) B) and C)
F) All of the above A

Exam 14: Technology Concepts

Xero is an accounting software package that is popular with small businesses because it:

Correct AnswerverifiedShow Answer

What are the core modules of the SAP Business Suite?

Correct AnswerverifiedShow Answer

When tags are applied to the data after the reports have been created:

Correct AnswerverifiedC

In what way can Artificial Intelligence (AI) have an effect on the accounting of the future?

Correct AnswerverifiedShow Answer

Which of the following statements relating to 'bitcoin' is incorrect?

Correct AnswerverifiedShow Answer

Which of the following is not a type of cloud computing?

Correct AnswerverifiedShow Answer

What type of data is contained in the 'noSQL databases'?

Correct AnswerverifiedShow Answer

The initiative in Australia uses its own taxonomy for the reporting requirements of government agencies in Australia.

Correct AnswerverifiedShow Answer

To improve audit quality in terms of XBRL, one can:

Correct AnswerverifiedD

XBRL is an external standard that supports financial reporting based on US GAAP and:

Correct AnswerverifiedShow Answer

When purchasing a cloud-based accounting package such as Xero, consideration should be given to:

Correct AnswerverifiedShow Answer

Which of the following are associated with the cost savings provided by Software as a Service (SaaS) ?

Correct AnswerverifiedShow Answer

Discuss the meanings of 'big data' and 'sparse data'.

Correct Answerverified'Big data' refers to the data being gene...View AnswerShow Answer

Xero's dashboard includes several features that allow constant monitoring of specific areas of the business. The feature that provides an up-to-date view of the current balances and reconciliations of specific back accounts is the:

Correct AnswerverifiedShow Answer

Why are ERP systems attractive to businesses?

Correct AnswerverifiedShow Answer

What is cloud computing?

Correct AnswerverifiedShow Answer

Which of the following is not an advantage of XBRL?

Correct AnswerverifiedShow Answer

Which of the following statements about Software as a Service (SaaS) is correct?

Correct AnswerverifiedShow Answer

Which of the following statements relating to ERP systems is incorrect?

Correct AnswerverifiedShow Answer

What type of functions are included in the materials management module of the SAP Business Suite?

Correct AnswerverifiedA

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'Big data' refers to the data being gene...
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