Question

One of the challenges the accounting profession faces is that the tools accountants have traditionally used are ill-equipped for analyzing the types and quantity of data present in big data. True or Flase

Information systems that collect data regarding the business events of entity and support its day-to-day business requirements originate from the following broad source:

a.

mechanical

b.

electronic

c.

operational

d.

social

Given the tools and training that accountants currently possess, which of the following sources of data presents the most challenges with respect to data manipulation and analysis?

a.

Social sources

b.

All are equally challenging

c.

Operational sources

d.

Mechanical sources

Answer 1

a. True : In the current situation accountants are required to manage a big volume of data and also required to analyse data for different purposes which is not possible using traditional method of accounting because these methods are designed for simple accounting framework and need.

b. C. Operational.

Explanation:

Data is generated from operations of the organisations . Only when operations (business) of the entity is conducted than only data can be collected and analysed.