Transforming Accounting: The Impact of Technology on Business
School
Washington University in St Louis**We aren't endorsed by this school
Course
OSCM 356
Subject
Accounting
Date
Dec 10, 2024
Pages
2
Uploaded by DrPower15865
The Role of Technology in Modernizing BusinessAccounting1.Which of the following technologies is primarily used to automate accounting processes?A) BlockchainB) Robotic Process Automation (RPA)C) Customer Relationship Management (CRM) softwareD) Virtual Reality2.What is a primary benefit of cloud accounting software for businesses?A) Increased hardware costsB) Enhanced data security through on-site serversC) Accessibility to financial data from anywhereD) Limitation on user access3.Which of the following is a common feature of modern accounting software?A) Manual data entry onlyB) Real-time collaboration and reportingC) Compatibility with legacy systems exclusivelyD) Dependency on physical storage4.How does artificial intelligence improve accounting practices?A) By eliminating the need for auditsB) By enhancing data analysis and forecasting accuracyC) By requiring more manual input from accountantsD) By simplifying compliance regulations5.Which of the following describes the role of big data in accounting?A) It is irrelevant for financial decision-making.B) It provides insights that can drive strategic decisions.C) It complicates data management processes.D) It focuses solely on historical financial data.6.What is a significant challenge when implementing new accounting technologies?A) Enhanced efficiency in financial reportingB) Resistance from employees to changeC) Increased accuracy in data processingD) Streamlined compliance with regulations7.Which of the following best describes the use of blockchain in accounting?A) A method to simplify tax reportingB) A decentralized ledger technology that enhances transaction securityC) A software requiring extensive manual interventionD) A traditional database management system8.How does technology facilitate real-time financial reporting?A) By relying on historical data aloneB) Through automated data integration and processingC) By requiring periodic manual updatesD) By limiting access to financial information9.What impact does automation have on compliance in accounting?A) It reduces the need for compliance entirely.B) It enhances accuracy and reduces human error in reporting.
C) It complicates the compliance process.D) It eliminates the need for regulatory oversight.10.Which emerging trend is reshaping the role of accountants?A) Increased focus on manual bookkeepingB) Transition to strategic advisory roles leveraging technologyC) Reduced importance of data analysisD) Sole reliance on financial statements11.What is a common benefit of using cloud-based accounting solutions?A) Increased risk of data lossB) Enhanced collaboration among teamsC) Higher upfront costs for softwareD) Limited access to financial data12.Which of the following technologies is key for enhancing fraud detection inaccounting?A) Traditional auditing methodsB) Machine LearningC) Manual transaction reviewsD) Basic spreadsheet software13.How are mobile accounting applications changing financial management?A) By limiting access to desktop users onlyB) By allowing users to manage finances on the goC) By complicating the accounting processD) By eliminating the need for financial analysis14.What role does data visualization play in modern accounting?A) It complicates data interpretation.B) It enhances the clarity and understanding of financial data.C) It is irrelevant to financial reporting.D) It only benefits marketing departments.15.Which of the following is a potential disadvantage of relying heavily on technology in accounting?A) Increased efficiency in reportingB) The risk of cybersecurity threatsC) Enhanced accuracy in financial dataD) Streamlined workflows and processes