ACCT 3220 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026

ACCT 3220 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 Data Warehouse - Answers a collection of information gathered from an assortment of external and operational databases to facilitate reporting for decision making and business analysis Decision Support System - Answers data warehouses are designed to facilitate decision making using this Business Intelligence - Answers a computer-based technique for accumulating and analyzing data from databases and data warehouses to support managerial decision making Web Crawler - Answers one way that firms may gather business intelligence - systematically browses the World Wide Wed collecting information Data Mining - Answers a process using sophisticated statistical techniques to extract and analyze data from large databases to discern patterns and trends that were not previously known; often to find patterns in stock prices to assist technical financial stock market analysts, or in commodities or currency trading Digital Dashboard - Answers designed to track the firm process or performance indicators or metrics to monitor critical performance Extensible Business Reporting Language (XBRL) - Answers based on the XML language; available for various uses including reporting on the firm's web site, filing to regulators (SEC, IRS) and providing information to other interested parties such as financial analysts, loan officers, and investors XBRL Taxonomy - Answers defines and describes each key element (ex. total assets, accounts payable, net income) XBRL Instance Documents - Answers contain the actual dollar amounts or the details of each of the XBRL elements within the firm's XBRL database XBRL Style Sheets - Answers take the instance documents and add presentation elements to make them readable by humans XBRL Global Ledger Taxonomy (GL) - Answers allows the representation of anything that is found in a chart of accounts, journal entries or historical transactions, financial and non-financial Facts - Answers raw accounting data Data Marts - Answers represent a slice of data from the data warehouse to meet a specific need Smart Contracts - Answers logic and business rules pulled into these contracts represented in code by blockchain 2.0 Blockchain - Answers system where transactions are done without any middleman, much faster transaction time, and lower service fees than a traditional system Proof of Work - Answers requires the miners to use computer power so it can prevent attacks as it requires tons of computer powers to overcome Proof of Authority - Answers the administrator identifies who creating blocks are known and reputable; the rest of the network can vote for admin removal in case of malicious behavior found in the network Proof of Stake - Answers a set of validators who propose the next block lock up an amount of their cryptocurrency as a deposit to ensure honest behavior; reduces computer costs and centralization risks Bitcoin - Answers the first cryptocurrency; anonymous peer-to-peer transactions (no middleman involved); public blockchain - anyone can join or leave at any time; immutable history of transactions, one block is added to the blockchain approximately every 10 minutes Ethereum - Answers one block is added every 10-12 seconds; transaction fees differ by computational complexity; mining occurs at a constant rate; lower transaction fee Ethereum Virtual Machine - Answers use to run the Ethereum smart contracts Public Blockchain - Answers permissionless blockchain; no access restrictions in viewing or participation; offers economic reward for the computational proof of work in mining Private Blockchain - Answers permissioned blockchain/Enterprise blockchain; requires permission to join the network; transaction data and validation are restricted Consortium Blockchain - Answers permissioned blockchain that allows several organizations to participate in; administrators establish the access rights and permissions (private channels) for each participant; executed only on a limited set of trusted nodes; permit more complicated enterprise behaviors Corda - Answers developed by R3; uses smart contracts for its business rules; only relevant parties can join the network; only related parties will be informed for each transactions; the administrators define and restrict each user's access rights; only a restricted set of trusted nodes execute the consensus protocol Blockchain Log File - Answers keep track the provenance of transactions; store current state of blockchain to facilitate the speed of verification; assets are added, updated, and transferred with chain code Artificial Intelligence - Answers intelligence exhibited by machines rather than humans Cognitive Technologies - Answers employ self-learning algorithms that allow computers to examine connections and notice patterns without human intervention Machine Learning - Answers involves the computer's ability to learn from experience rather than specific instructions Neural Networks - Answers mathematical models that convert inputs to outputs/predictions Artificial Neural Networks - Answers the engines of machine learning Feed-Forward Neural Networks - Answers neural networks where information moves in one direction Recurrent Neural Networks - Answers the connections between neurons include loops Deep Learning - Answers a form of machine learning that involves complex, multilayer neural networks; has more than 2 non-output layers; provides more power to solve sophisticated problems but also creates model complexity Classification - Answers seeks to assign labels, dividing the input into outgroup groups, such as Yes or No, Spam or Not Spam Regression - Answers seeks to predict real numbers, such as the price of a house or the revenue in next quarter Supervised Learning - Answers output is a known set of values; neural network seeks to predict the output by using the input dataset; the data includes pairs of input and output Unsupervised Learning - Answers uses unstructured data rather than labeled data; no input-output pairs Semi-Supervised Learning - Answers some data are labeled, but some labels can be incorrect or missing; the computer discerns values for the incorrect and missing outputs Active Learning - Answers queries the user to discover the right label/output Reinforcement Learning - Answers the machine/model learns by trial-and-error; the program acts and learns by feedback from those actions as it works toward a desired goal Precision Ratio - Answers correct positive predictions / number of positive predictions Recall Ratio - Answers correct positive predictions / true positive values Accuracy Ratio - Answers correct classifications / total values Robotic Process Automation (RPA) - Answers a tool that can perform high-volume repetitive accounting tasks The Balanced Scorecard - Answers a strategic planning and management system used extensively in business and industry, government, and nonprofit organizations worldwide; aligns business activities to the vision and strategy of the organization; improves internal and external communications; monitors organization performance against strategic goals Human Capital - Answers investment in people - ensuring the right people with the right skills are available Information Capital - Answers investment in information - ensuring required access to information and the ability to communicate Organization Capital - Answers investment in creating a unique corporate identity and culture - ensuring that employees know and are aligned with the organization's strategic objectives Strategy Maps - Answers a one-page representation of the firm's strategic priorities; shows the cause-and-effect linkages among strategic priorities; allows organizations to assess and prioritize gaps between current and desired performance levels Function IT - Answers performs a single function, such as enhancing worker productivity for standalone tasks Network IT - Answers allows people to communicate with one another Enterprise IT - Answers restructures interactions within the organization as well as with exteral partners Formulate - Answers step of the balanced scorecard where the company examines its competitive environment and identifies ways in which it can best compete consistent with its mission, vision and values