1) In your own words, describe how information reduces risk when you make a personal or work-related decision.

2) What are information rules? How do they simplify the process of making decisions?

3) What is the difference between data and information? Give one example of accounting data and one example of accounting information.

4) List the five functions of an MIS.

5) What are the components of a typical business report?

6) Describe the three types of computer applications that help employees, managers, and executives make smart decisions.

7) What purpose do audits and GAAPs serve in todays business world?

8) How do the major provisions of the Sarbanes-Oxley Act affect a public companys audit procedures?

9) What is the principal difference between a balance sheet and an income statement?

10)How are current assets distinguished from fixed assets? Why are fixed assets depreciated on a balance sheet?