ACCT 312 EXAM 1 STUDY GUIDE
system - Answers - two or more interrelated components that interact to achieve a goal,
often composed of subsystems that support the larger system; the equipment and
programs that comprise a complete computer installation; the programs and related
procedures that perform a single task on a computer
goal conflict - Answers - achieved when a subsystem is inconsistent with the goals of
another subsystem of the system as a whole
goal congruence - Answers - achieved when a subsystem achieves its goals while
contribution to the organization's overall goal
data - Answers - facts that are collected, recorded, stored and processed by a system
information - Answers - data that have been organized and processed to produce
meaning and improve decision making
information technology - Answers - the computer and other electronic devices used to
store, retrieve, transmit, and manipulate data
information overload - Answers - exceeding the amount of information a human mind
can absorb and process, resulting in a decline in decision making and an increase in the
cost of providing information
value of information - Answers - the benefit provided by information less the cost of
producing it
business process - Answers - a set of related, coordinated, and structured activities and
tasks, performed by person or by a computer or a machine, that helps accomplish a
specific organizational goal
transaction - Answers - an agreement between two entities to exchange goods or
services, such as selling inventory in exchange for cash; any other event that can be
measured in economic terms by an organization
transaction processing - Answers - the process of capturing transaction data,
processing it, storing it for later use, and producing information output, such as a
managerial report or a financial statement
give-get exchange - Answers - transactions that happen a great many times, such as
giving up cash to get inventory from a supplier an giving employees a paycheck in
exchange for their labor
, revenue cycle - Answers - the recurring set of business activities and data processing
operations associated with selling goods and services in exchange for cash or a future
promise to receive cash
expenditure cycle - Answers - a recurring set of business activities and related data
processing operations associated with purchasing inventory or raw materials in
exchange for cash or a future promise to pay cash
production (conversion) cycle - Answers - the recurring set of business activities and
related data processing operations associated with using labor, raw materials, and
equipment to produce finished goods
human resources/ payroll cycle - Answers - the recurring set of business activities and
data processing operations associated with hiring, training, compensating, evaluating,
promoting, and terminating employees
financing cycle - Answers - the business activities and data processing operations
associated with raising money by selling shares in the company or borrowing money, as
well as paying dividends and interest
general ledger and reporting system - Answers - the information-processing operations
involved in updating the general ledger and preparing reports for both management and
external parties
accounting information system (AIS) - Answers - a system that collects, records, stores,
and processes data to produce information for decision makers. It includes people,
procedures and instructions, data, software, information technology infrastructure, and
internal controls and security measures
predictive analysis - Answers - the use of data warehouses and complex algorithms to
forecast future events, based on historical trends and calculated possibilities
value chain - Answers - the linking together of all the primary and support activities in a
business; value is added as a product passes through the chain
primary activities - Answers - activities in the value chain that produce, market, and
deliver products and services to customers and provide post-delivery service and
support
support activities - Answers - activities in the value chain that enable the primary
activities to be preformed efficiently and effectively. Examples are administration,
purchasing, and human resources.
supply chain - Answers - an extended system that includes an organization's value
chain as well as its suppliers, distributors, and customers
system - Answers - two or more interrelated components that interact to achieve a goal,
often composed of subsystems that support the larger system; the equipment and
programs that comprise a complete computer installation; the programs and related
procedures that perform a single task on a computer
goal conflict - Answers - achieved when a subsystem is inconsistent with the goals of
another subsystem of the system as a whole
goal congruence - Answers - achieved when a subsystem achieves its goals while
contribution to the organization's overall goal
data - Answers - facts that are collected, recorded, stored and processed by a system
information - Answers - data that have been organized and processed to produce
meaning and improve decision making
information technology - Answers - the computer and other electronic devices used to
store, retrieve, transmit, and manipulate data
information overload - Answers - exceeding the amount of information a human mind
can absorb and process, resulting in a decline in decision making and an increase in the
cost of providing information
value of information - Answers - the benefit provided by information less the cost of
producing it
business process - Answers - a set of related, coordinated, and structured activities and
tasks, performed by person or by a computer or a machine, that helps accomplish a
specific organizational goal
transaction - Answers - an agreement between two entities to exchange goods or
services, such as selling inventory in exchange for cash; any other event that can be
measured in economic terms by an organization
transaction processing - Answers - the process of capturing transaction data,
processing it, storing it for later use, and producing information output, such as a
managerial report or a financial statement
give-get exchange - Answers - transactions that happen a great many times, such as
giving up cash to get inventory from a supplier an giving employees a paycheck in
exchange for their labor
, revenue cycle - Answers - the recurring set of business activities and data processing
operations associated with selling goods and services in exchange for cash or a future
promise to receive cash
expenditure cycle - Answers - a recurring set of business activities and related data
processing operations associated with purchasing inventory or raw materials in
exchange for cash or a future promise to pay cash
production (conversion) cycle - Answers - the recurring set of business activities and
related data processing operations associated with using labor, raw materials, and
equipment to produce finished goods
human resources/ payroll cycle - Answers - the recurring set of business activities and
data processing operations associated with hiring, training, compensating, evaluating,
promoting, and terminating employees
financing cycle - Answers - the business activities and data processing operations
associated with raising money by selling shares in the company or borrowing money, as
well as paying dividends and interest
general ledger and reporting system - Answers - the information-processing operations
involved in updating the general ledger and preparing reports for both management and
external parties
accounting information system (AIS) - Answers - a system that collects, records, stores,
and processes data to produce information for decision makers. It includes people,
procedures and instructions, data, software, information technology infrastructure, and
internal controls and security measures
predictive analysis - Answers - the use of data warehouses and complex algorithms to
forecast future events, based on historical trends and calculated possibilities
value chain - Answers - the linking together of all the primary and support activities in a
business; value is added as a product passes through the chain
primary activities - Answers - activities in the value chain that produce, market, and
deliver products and services to customers and provide post-delivery service and
support
support activities - Answers - activities in the value chain that enable the primary
activities to be preformed efficiently and effectively. Examples are administration,
purchasing, and human resources.
supply chain - Answers - an extended system that includes an organization's value
chain as well as its suppliers, distributors, and customers
