BEC VI BLAKE CPA

Question 1

Advantages of Cloud Computing

Answer 1

1) Enhanced access as long as internet exists
2) Lower maintenance Costs
3) Scalability

Question 2

Risk of Cloud Computing

Answer 2

1) Risk of Data Loss
2) Risk of data breached
3) Risk of relying on a service provider instead of housing data internally

Question 3

Primary purpose of a digital signature

Answer 3

Means of ensuring that the sender of a message is authentic

Uses encryption so that the recipient of a message can be assured that it is from the sender that is shown

Tells who signed it

Question 4

Enterprise Resource Planning systems (ERPs)

Answer 4

integrates, allows to exchange information, and manages the business process across the entire enterprise.

Essentially integrates all teh data maintained by the organization into ONE database.

Increases efficiency in evaluating data when making critical business decisions since all info is in one place

Question 5

Decision Support System (DDS)

Answer 5

Help with routine decisions.

Important subset of MIS as it is designed to assist in decision making processes.

Serves management, oeprations, & planning of all levels of an organization

Question 6

XBRL

Answer 6

Uses tagging to define financial statement Data

Specifically designed to exchange financial information over the world wide web

Question 7

Electric Funds Transfer

Answer 7

Reduction of the frequency of data entry errors

Moving $ from one bank accout to antoher and removes the need for a physical check

ex: Direct Deposit

Question 8

electronic data interchange (EDI)

Answer 8

Business to business transactions

Improves efficieny of communication

ex: Just-in-time inventory system

Increased inventory turn over & Lower year-end receivables

Question 9

The Four supply chain mangement assumptions

1

Answer 9

1) The goods received should match goods ordered
2) The goods should be delivered on or before the date promised
3) The goods should be delivered to the location that is required
4) The COGS should be as low as possible

Question 10

What is unique to Software-as-a-Service offering compared to a traditional in-house application?

Answer 10

DAta is stored in the cloud and managed by the Saas provider.

However, that means that the SaaS provider processes and POTENTIALLY owns your data.

***Ownership of processed data and costs of data migrations

Question 11

Management information system (MIS) has two subsystems:

Answer 11

Pulls information that has already been defined in the system to help awnser normal business decisions.
1) Decision support system (DSS)
2) Executive inforamtion system (EIS)
3) Additional subsystems: Accounting inforamtion system (AIS)

Question 12

Effective IT System

Answer 12

Better organization improves decision making.

Provides relevant & reliable data that reduces uncertainty when making a decision

Question 13

Time-Based Security Model

Answer 13

Formula P > D+C
P = Penetration (by hacker)
D = Detection (by company)
C = Correction (by company)
always measured in time

Question 14

Operator’s Role in the IT Department

Answer 14

Oversees the running of a company’s computer systems

Question 15

Analyst’s Role in the IT Department

Answer 15

Analyzing, designing & implementing a company’s IT

Question 16

Librarian Role in the IT Department

Answer 16

Custody: Responsible for maintaining the data
Make sure data can be accessed as necessary by the rest of the company

Question 17

Programmers Role in the IT Department

Answer 17

Develops computer programs & software

Question 18

Executive Support Systems

Answer 18

Help awnser “non-routine questions” or scenarios that don’t occur on normal basis.

Question 19

DAta Structure

Answer 19

This describes the relationship of data across an organization and how it is stored.

Question 20

Standard query reporting

Answer 20

This is a request for data that is stored in a system.

For example, if the CFO wanted sales transactions for the prior year, a query could be run in the system to create a report with the sales transactions from last year.

Question 21

Artificial intelligence

Answer 21

when machines make decisions and perform tasks similar to how humans would.

AI uses various data inputs and information to make these decisions based on code or instructions written by the developer.

Question 22

Cost of Equity & Inlfation

Answer 22

As inflation increases Cost of equity increases

As Inflation decreases cost of Equity decreases

Question 23

Example of Decision Support system in use

Answer 23

evaluates geophysical & historical data as part of a decision to invest in drilling operations

Provides interactive support for managers during a decision making process

Question 24

Executive information system

Answer 24

Dashboard systems that provide macro level info to executive leadership

Question 25

Best Cost strategy

Answer 25

seeks to combine cost leadership & differentiation to provide customers with high value

Question 26

gateways

Answer 26

intermediary devices on a computer network that transform data into different protocols so that data can flow between networks.

Question 27

Servers

Answer 27

machines or software that provide services or share data with other machines on a network known as “clients”

Question 28

Six Sigma

Answer 28

quality improvement program that used both to improve current products or processes & to develop new products or processes

Question 29

Cold Site

Answer 29

off-site location that has all the electrical connections & other physical requirements for data processing, but it does not have the actual equipment

1-3 days to be made operational

Question 30

FormJacking Attack

Answer 30

Malicious code (malware) inserted into the checkout of a valid website.

MAlware can read CC info of custoemr and send info back to hacker

Hacker tries to obtain credit card info by slipping code into valid online checkouts