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business
introduction to accounting
Questions and Answers of
Introduction To Accounting
What is the difference between these roles: data analyst, business analyst, data scientist?
As a finance manager with a vacancy on the accounting team, who would be more valuable to you: a data analyst, a business analyst, a data scientist, an accountant with deep accounting experience, or
What are the top five benefits to an accountant of understanding data analytics and data science terminology, tools, methods, and approaches?
As an accountant, how could you benefit from being proficient in one or more data visualization tools?
As an accountant, what can you do to benefit from data visualization tools if you are not proficient in them yourself?
Which of the data visualization tools in “Example Tools and Vendors” are open source tools?
Which of the data visualization tools in “Example Tools and Vendors” would be suited for use in an enterprise level organization and which would be suited for use in a small to medium-sized
What is the best metaphor you can think of to explain how the internet of things works?
Is it possible for every single thing (living or nonliving) to be connected to the internet (e.g. could dust, water, bacteria, diseases, plates, trees, volcanoes, etc. be connected to the internet)?
What do we mean when we say things can communicate with each other? What types of communication can they undertake?
What is a sensor? How is a connected sensor different?
What are ten different types of sensors?
What sensors could you attach to a chair to give it human like senses?
What is the difference between the internet of things (IoT), the internet of everything (IoE), and the industrial internet of things (IIoT)?
What is the difference between a connected IoT device, a smart IoT device, and an autonomous IoT device?
What is edge computing? What is the IoT edge?
What is a cyber-physical System (CPS)? Are there different types of cyber-physical systems?
What is the difference between Industry 4.0, Industrie 4.0, and the Fourth Industrial Revolution?
Are Industry 4 .0 and the Fourth Industrial Revolution possible without cyberphysical systems?
What is the difference between a smart building, a smart workplace, and a smart home?
Can you have smart workplaces and smart homes without smart buildings?
Which comes first, smart infrastructure, smart cities, or smart government?
What are five ways IoT and IoT-related technologies can compromise a person’s privacy, security, and health?
What is the difference between artificial intelligence, machine learning, and deep learning?
What is the difference between general AI and narrow AI?
Are there more applications of general AI or of narrow AI in accounting practice?
What is the diference between an artifcial neural network and a deep neural network?
What is the diference between an AI-enabled company and a true AI company?
What are the top seven AI use cases in the accounting profession?
What is the diference between a bot, a chatbot, and a robot?
What types of things can you do with a neural network that you can’t do with a knowledge graph?
What is the diference between computer vision and machine vision?
What is an example of an expert system use case in the accounting profession?
Rank the top six biggest risks and issues in relation to using artifcial intelligence.
What organizational capabilities do organizations need in order to become true AI companies?
What are the similarities and differences between VCA and other forms of data analytics?
What is a recurrent neural network? How is it different to other neural networks?
Where can organizations get the vast quantities of data required to train recurrent neural network algorithms to understand what they are seeing in video data?
Can VCA be applied to virtual reality, augmented reality, and mixed reality?
How can an organization use VCA to improve its operational efficiency?
What is an example of an innovative new product leveraging VCA that an organization could offer?
What are the top three enterprise grade VCA platforms and which is the best?
What are the top three SME grade VCA platforms?
How can VCA be used to improve the quality of products and of customer experience?
Would adding real-world objects into a virtual reality setting ft the definition of augmented reality?
Would adding real-world objects into a virtual reality setting ft the definition of mixed reality?
How could organizations use augmented reality to improve real-life products and services?
How could organizations use mixed reality to attract more customers?
What are the top five challenges to adopting and using VR, AR, and MR?
What are the top five risks associated with using VR, AR, and MR in accounting practice?
What are the top three risks to organizations not adopting or at least experimenting with VR, AR, and MR?
Within the example tools and vendors provided, identify three leading vendors and products in each of these product categories: virtual reality, immersive VR, augmented reality, mixed reality.
Within the example tools and vendors provided, identify three leading vendors and products in each of these product categories: consumer, small business, enterprise.
Within the example tools and vendors provided, identify three leading vendors and products in each of these product categories: gaming, marketing, healthcare, hospitality / tourism.
Group the example tools and vendors provided into the following categories: hardware products, software products, VR / AR / MR development platforms.
What is the difference between IT and ICT?
What is the difference between IT and information systems?
Are information systems part of IT or is IT a part of information systems? Does it matter which is a part of which?
What is the best metaphor you can think of to explain the interrelationship between digital technologies and information systems?
Are digital technologies a part of IT or is IT a part of digital technologies?
What is the role of digital technologies in information systems?
What are five different types of digital technologies?
Assuming that an organization is not already using the digital technologies you identified above, how could using them improve each component of an informa- tion system?
Assuming that an organization is not already using the digital technologies you identified above, how could using them improve the functioning of its information systems? (E.g. how would using them
What are strategic information systems? How can they transform the strategic positioning of an organization? (Identify five ways they can transform it)
Identify two organizations that are exemplar users of information systems as powerful strategic weapons.
What is the role of accountants in the efficient and effective functioning of infor- mation systems?
What is the role of accounting and finance managers in the efficient and effective functioning of information systems?
Digital technology advancements
Identify five actions that accountants can take to improve the effectiveness and efficiency of information systems in their organization.
What is the difference between the terms digital disruption, disruptive technology, and disruptive innovation?
How do digital technology advancements cause disruption?
What are the three types of disruption caused by the introduction of new digital technologies or breakthroughs in existing ones?
What are the different ways digital disruption manifests itself in an organization’s financial performance?
Which digital technology advancement has had the most disruptive impact on the accounting profession in the last ten years?
Which digital technology trend is likely to have the most disruptive impact on the accounting profession in the next ten years?
What are the three common types of game-changing opportunities that can be seized by leveraging digital technology advancements?
What is the diference between adaptability, agility, and ambidexterity?
How can an organization use digital technologies to enhance its adaptability?
How can an organization use digital technologies to enhance its agility?
How can an organization use digital technologies to enhance its ambidexterity?
What is the role of accountants in guarding against digital disruption in their organizations?
In an entry level role, what can an accounting graduate do to contribute to the adaptability, agility, and ambidexterity of their organization?
What is the difference between the terms digital transformation and digital business transformation?
Which of the definitions of digital business transformation provided above makes the most sense to you? Why?
What does the common assertion that “digital transformation is not about technology” mean?
Are any businesses you know of fully digital businesses? If not, what can make them fully digital businesses?
Once an organization becomes a digital business, does it have any need for digital transformation?
What is meant by the assertion that digital business is “a change process or a journey”?
What is meant by the assertion that digital business is “a future state”?
What are the top four benefits of being a digital business? Why are these more important than other benefits ?
What is the digital business imperative?
People often talk about the digital business imperative and the digital transformation imperative. Are these the same or different?
What are some challenges and risks of digital business transformation?
What is the success rate for transformation efforts in general? What is the success rate for digital transformation efforts? Why is the success rate for digital transformation efforts much worse?
What are two important implications of digital business and digital business transformation for accountants?
What are five things accountants can do to maximize their organizations’ chances of succeeding at digital transformation?
How do digital technology advancements indirectly disrupt accounting work?
What are the different ways digital technology advancements directly disrupt accounting work?
What are the different ways digital technology advancements disrupt the accounting value proposition?
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