Test Bank for Accounting Information Systems 15th
Edition by Marshall B. Romney, Paul J. Steinbart|
What is an accounting information system? - ANSWER A system that records,
processes, and reports both financial and non-financial information.
What aspects does a simple information system have? - ANSWER Input,
processing, storage, and output.
What is processing? - ANSWER Activities at the transaction level - CRUD (Create
new records, Read existing records, Update existing records, Delete records or
data).
What are two different types of databases? - ANSWER Hierarchical and relational.
What is a hierarchical database? - ANSWER An outdated method where you need
data at a higher level to obtain data at a lower level.
What is a relational database? - ANSWER A database used frequently today that
allows all business streams to access data and information as required by the
business. Example: Sheridan Student Services booking system.
What is the difference between data and information? - ANSWER Data are raw
facts (ie., numbers) that describe an event and have little meaning on their own.
Information is data organized to be meaningful for the user. Data serves as an input.
What is discretionary information? - ANSWER Information that is not required by
law. Think: secret
What is mandatory information? - ANSWER Information that is mandatory by law.
What is a value chain? - ANSWER The primary activities (Inbound > Operations >
Outbound > Marketing > Service)
What is the supply chain? - ANSWER Refers to the flow of materials, information,
payments, and services from suppliers through to the customer.
What are the typical business cycle of AIS - ANSWER Revenue cycle, Expenditure
cycle, Hr/Payroll cycle, Production/Manufacture cycle, Financing cycle.
Transaction found under the Revenue cycle - ANSWER Update credit rating, sales,
ship inventory, invoice customer.
Transaction found under Expenditure/Procurement cycle - ANSWER Track vendor
performance, record inventory receipts using the goods receipt transaction, process
vendor invoices, pay invoices.
Edition by Marshall B. Romney, Paul J. Steinbart|
What is an accounting information system? - ANSWER A system that records,
processes, and reports both financial and non-financial information.
What aspects does a simple information system have? - ANSWER Input,
processing, storage, and output.
What is processing? - ANSWER Activities at the transaction level - CRUD (Create
new records, Read existing records, Update existing records, Delete records or
data).
What are two different types of databases? - ANSWER Hierarchical and relational.
What is a hierarchical database? - ANSWER An outdated method where you need
data at a higher level to obtain data at a lower level.
What is a relational database? - ANSWER A database used frequently today that
allows all business streams to access data and information as required by the
business. Example: Sheridan Student Services booking system.
What is the difference between data and information? - ANSWER Data are raw
facts (ie., numbers) that describe an event and have little meaning on their own.
Information is data organized to be meaningful for the user. Data serves as an input.
What is discretionary information? - ANSWER Information that is not required by
law. Think: secret
What is mandatory information? - ANSWER Information that is mandatory by law.
What is a value chain? - ANSWER The primary activities (Inbound > Operations >
Outbound > Marketing > Service)
What is the supply chain? - ANSWER Refers to the flow of materials, information,
payments, and services from suppliers through to the customer.
What are the typical business cycle of AIS - ANSWER Revenue cycle, Expenditure
cycle, Hr/Payroll cycle, Production/Manufacture cycle, Financing cycle.
Transaction found under the Revenue cycle - ANSWER Update credit rating, sales,
ship inventory, invoice customer.
Transaction found under Expenditure/Procurement cycle - ANSWER Track vendor
performance, record inventory receipts using the goods receipt transaction, process
vendor invoices, pay invoices.
