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BUSINESS AND MANAGEMENT – MANAGEMENT AND ACCOUNTING INFORMATION 2024
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Unlock the essentials of business and management with our comprehensive guide! This document covers critical aspects of knowledge management, management information systems (MIS), accounting principles, and financial statements. Whether you're looking to understand how to harness data for decision-...

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  • August 30, 2024
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  • 2024/2025
  • Exam (elaborations)
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Business Management

BUSINESS MANAGEMENT – MANAGEMENT AND ACCOUNTING INFORMATION

1.
Knowledge management is described as (select the best answer):

A. A firm’s procedures for generating, using, and sharing data and information.

B. A single collection of data and information stored in one place that can be used by people throughout
an organization to make decisions.

C. Data presented in a form that is useful for a specific purpose.

D. Numerical or verbal descriptions that usually result from some sort of measurement.

Correct Answer: A. A firm’s procedures for generating, using, and sharing data and information.

Explanation: See pages 489-490 in Business (Pride, Hughes, & Kapoor, 2014).



2.
A management information system (MIS) is a system that provides managers and employees with the
information they need to perform their jobs as effectively as possible, and an information technology
(IT) officer is a manager at the executive level who is responsible for ensuring that a firm has the
equipment necessary to provide the information the firm’s employees and managers need to make
effective decisions.

A. True

B. False

Correct Answer: A. True

Explanation: See page 490 in Business (Pride, Hughes, & Kapoor, 2014).



3.
Managers in each of the following areas of a company need specific information in order to make
decisions (check all that apply):

A. Financial managers

B. Operations managers


© Strategic Business Management Scholars - 2024

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