ACCY 310 EXAM 1 STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. What is AIS?
Answer:
An information system that performs data collection, transformation, and
reporting that is specific to financial data. It captures accounting data created by
business even (or activities) that involve an exchange of economic resources.
Question:
2. What is AIS's role in collecting, processing, and reporting
financial and nonfinancial data?
Answer:
There is an INPUT of business data from business events, accounting then filters
the business data, accounting data in standard format (General ledger), and the
output is financial reports.
Question:
3. What is Data?
Answer:
Facts that are recorded and stored in the system. Can be a number, date, or name.
Question:
4. What is Information?
Answer:
Processed data used in decision-making.
Question:
5. What is the difference between Data and Information?
Answer:
Data is just facts, whereas, within a context, data can be processed into
meaningful information.
Question:
6. What is a Business Model?
Answer:
A company's plan for operations. Includes identifying the customer base,
products, operation plans, and sources of revenue and financing.
, Question:
7. What is a Business Process?
Answer:
a group of related business events designed to accomplish the strategic
objectives of the business
Question:
8. What is a Business Event?
Answer:
Always includes a verb and noun that is the object of the verb. There are
operating events, financing events, investing events, and information events
Question:
9. What is an example of a business model?
Answer:
Franchise, subscription, freemium, peer-to-peer, and direct-to-consumers
Question:
10. What is an example of a business event?
Answer:
Operating: Collect customer payment
Financing: Issue stocks
Investing: Buy/sell PP&E
Information: Take customer order
Question:
11. What is an example of a business process?
Answer:
A basic business model consists of acquisitions and payment processes,
conversion processes, and marketing, sales, and collections processes.
Question:
12. What is a Transaction-Based System?
Answer:
A traditional information system that captures only accounting business events
and ignores nonfinancial data and the relationships between events and
processes.
QUESTIONS AND CORRECT ANSWERS
Question:
1. What is AIS?
Answer:
An information system that performs data collection, transformation, and
reporting that is specific to financial data. It captures accounting data created by
business even (or activities) that involve an exchange of economic resources.
Question:
2. What is AIS's role in collecting, processing, and reporting
financial and nonfinancial data?
Answer:
There is an INPUT of business data from business events, accounting then filters
the business data, accounting data in standard format (General ledger), and the
output is financial reports.
Question:
3. What is Data?
Answer:
Facts that are recorded and stored in the system. Can be a number, date, or name.
Question:
4. What is Information?
Answer:
Processed data used in decision-making.
Question:
5. What is the difference between Data and Information?
Answer:
Data is just facts, whereas, within a context, data can be processed into
meaningful information.
Question:
6. What is a Business Model?
Answer:
A company's plan for operations. Includes identifying the customer base,
products, operation plans, and sources of revenue and financing.
, Question:
7. What is a Business Process?
Answer:
a group of related business events designed to accomplish the strategic
objectives of the business
Question:
8. What is a Business Event?
Answer:
Always includes a verb and noun that is the object of the verb. There are
operating events, financing events, investing events, and information events
Question:
9. What is an example of a business model?
Answer:
Franchise, subscription, freemium, peer-to-peer, and direct-to-consumers
Question:
10. What is an example of a business event?
Answer:
Operating: Collect customer payment
Financing: Issue stocks
Investing: Buy/sell PP&E
Information: Take customer order
Question:
11. What is an example of a business process?
Answer:
A basic business model consists of acquisitions and payment processes,
conversion processes, and marketing, sales, and collections processes.
Question:
12. What is a Transaction-Based System?
Answer:
A traditional information system that captures only accounting business events
and ignores nonfinancial data and the relationships between events and
processes.
