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?

Instructions

Critical Thinking
Go back to your very first journal entry review your definition of critical thinking. After studying critical thinking for the past eight weeks, would you change your definition in any way? If yes, how and why? If no if it was perfect what parts of the text were best reflected in your definition?

Heart of the Matter
Recall in your first journal entry that you discussed the authors’ statement that the concepts in Chapters 12, 13 and 14 were “the heart of the matter.” After having studied those chapters, answer again, with renewed understanding, the question posed there: Why do you think the authors find these concepts important to critical thinking?

Ethical Decision-Making
The lecture claims that an argument is no good unless it has a “strong and reasoned ethical base.” Do you agree that ethics is an essential element of a good argument? If yes, why? If no, why not?

Looking Forward
Do you believe that you now know everything you need to know about critical thinking or is learning to think critically a life-long task? Explain your answer.