Q1. Describe how information reduces risk when you make a personal or work related decision.
Q2. What are information rules? How do they simplify the process of making decisions?
Q3. What is the difference between data and information? Give an example of accounting data and accounting information.
Q4. Describe how decision support systems and business application software can help improve employee productivity.
Q5. How do the information requirements of managers differ by management area?
Q6. How are current assets distinguished from fixed assets? Why are fixed assets depreciated on a firms balance sheet?
Q7. How do you determine the dollar amount of owners equity for a sole proprietorship, or a partnership, or a corporation?
Q8. Explain how a retailing firm would determine the costs of goods sold during an accounting period.
Q9. What is the purpose of the statement of cash flows? In a statement of cash flows, what is included in the operating activities section? In the investing activities section? In the financial activities section?
Q10. What are the benefits of comparing a firms current financial information with information from previous accounting periods, with industry averages, and with financial information for competitors?