Exam (elaborations)
ACC253 UPDATED Exam Questions And CORRECT Answers
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Accounting Information System (AIS) 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. 4 Financial Statements in order 1. Income statement 2. Statement of retained earnings 3. Balance sheet 4. Statement of cash flows 4 Major Cycles of Business Operations in order 1. Financing Cycle 2. Expenditure Cycle 3. Conversion Cycle 4. Revenue Cycle
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ACC253
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ACC253
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