Revolution in accounts preparation

What does LLM stand for?

Liminal language model

Large language model

Large language marking

Liminal language marking

What is a major disadvantage of LLMs?

None of the other answers

The coding is permanently fixed so cannot be altered

Errors can only be fixed after the output is generated

Edit is open, so anyone can alter the code

How should accountants respond to the growth in AI?

Update their internal systems

Demonstrate that their manual skills are more reliable

Increase cybersecurity

Customise AI systems to suit their practice

What is meant by prompt engineering?

Generating questions for the AI system

Correcting errors in the AI system

Achieving fast results

Writing the instructions that AI will follow

What accountancy discipline will become more important as AI advances?

Ability to handle large volumes of data

Soft skills that cannot be replicated by AI

Verification of accounts created by AI systems

Ability to create a balance sheet from scratch

Which of the following statements is true? Statement 1, AI systems should be rejected if they show any errors, or statement 2, accountancy must learn to live with a degree of error

Statement 1

Statement 2

Neither statement

Both statements

If an accountant verifies an AI-generated account, who is responsible for any errors in the account?

The accountant

Neither

Both the accountant and the third-party creator

The third-party creator

Which of the following statements is true? Statement 1, third-party AI providers control the software, or statement 2, third-party AI providers control the data

Statement 2

Statement 1

Both statements

Neither statement

What approach should accountants take to finding errors in AI systems’ output?

Correct all errors

Reject all errors

Ignore any errors

Accept a certain degree of error

As a result of using AI, the accounting profession is more likely to focus on

Knowledge of accounting standards

Analytical and modelling knowledge

Legal knowledge

Mathematical knowledge

Revolution in accounts preparation

What does LLM stand for?

What is a major disadvantage of LLMs?

How should accountants respond to the growth in AI?

What is meant by prompt engineering?

What accountancy discipline will become more important as AI advances?

Which of the following statements is true? Statement 1, AI systems should be rejected if they show any errors, or statement 2, accountancy must learn to live with a degree of error

If an accountant verifies an AI-generated account, who is responsible for any errors in the account?

Which of the following statements is true? Statement 1, third-party AI providers control the software, or statement 2, third-party AI providers control the data

What approach should accountants take to finding errors in AI systems’ output?

As a result of using AI, the accounting profession is more likely to focus on

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