1) Which of the following statements below shows the

1)Which of the following statements below shows the contrast between data and information?
A)Data is the output of an AIS.B)Information is the primary output of an AIS.C)Data is more useful in decision-making than information.D)Data and information are the same.
2)Information isA)basically the same as data.B)raw facts about transactions.C)potentially useful facts when processed in a timely manner.D)data that has been organized and processed so that it’s meaningful.
3)The value of information can best be defined asA)how useful it is to decision makers.B)the benefits produced by possessing and using the information minus the cost ofproducing it.C)how relevant it is.D)the extent to which it maximizes the value chain.
4)An accounting information system (AIS) processes ________ to provide users with________.A)data; informationB)data; transactionsC)information; dataD)data; benefits
5)Information that reduces uncertainty, improves decision makers’ ability to makepredictions, or confirms or corrects their prior expectations, is said to beA)complete.B)relevant.C)reliable.D)timely.
6)Information that is free from error or bias and accurately represents theevents or activities of the organization isA)relevant.B)reliable.C)verifiable.D)timely.
7)Information that does not omit important aspects of the underlying events oractivities that it measures isA)complete.B)accessible.C)relevant.D)timely.
8)When two knowledgeable people acting independently each produce the sameinformation, this information is said to beA)complete.B)relevant.C)reliable.D)verifiable.
9)Data must be converted into information to be considered useful and meaningfulfor decision-making. There are six characteristics that make information both usefuland meaningful. If information is free from error or bias and accuratelyrepresents the events or activities of the organization, it is representativeof the characteristic ofA)relevancy.B)timeliness.C)understandability.D)reliability.
10)An accounting information system must be able to perform which of the followingtasks?A)collect transaction dataB)process transaction dataC)provide adequate controlsD)all of the above