Lou Reed is the primary accountant and 1 of 87 employees at The Velvet Underground, a company that manufactures professional grade recording equipment and mixing boards. By the end of their third year, 2017, TVU had already turned a $150,000 profit. At that time, Lou used analytics to estimate promising sales of a new device TVU planned to sell. Unfortunately, the new device did not live up to expected potential. At the end of the following year, 2018, Lou was tasked with using analytics to figure out why the device did not sell well, and how those sales might be improved. Fortunately, in 2019, sales of the device increased, along with all of the company’s other products.
Each time Lou utilized analytics, he had to access a number of different databases to find all the data he needed. Velvet Underground’s sales revenue grew from $250,000 in 2018 to $1 million in 2019, prompting Lou to upgrade his QuickBooks software.
Which type of data analytics did Lou utilize in 2017?
Prescriptive
Predictive
Descriptive
Both A and B
Which type of data analytics did Lou utilize in 2018?
Prescriptive
Predictive
Descriptive
Both A and C
Which of the following options best describes TVU's accounting information system (AIS)?
The AIS is a system independent from the other departmental information systems
The AIS is part of an enterprise resource planning (ERP) system
The AIS is a system concerned primarily with front-office operations
All of the above
Which of the following options best describes TVU's integrated accounting software?
Mid-range accounting software
Large-range accounting software
Specialized accounting information systems
Small business accounting software