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Ati Accounting Final Exam Study Guide

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ATI ACCOUNTING FINAL EXAM STUDY GUIDE

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ATI ACCOUNTING FINAL EXAM
STUDY GUIDE
Accounting54Information54Systems54-54CORRECT54ANSWER54-
A54system54that54records,54processes,54summarizes,54reports54and54communicates54the54results54of54b
usiness54transactions54to54provide54financial54and54nonfinancial54information54to54facilitate54decision5
4making.


It54is54designed54to54ensure54appropriate54levels54of54internal54controls54for54those54transactions.



What54makes54information54useful?54-54CORRECT54ANSWER54-
In54order54for54information54to54be54useful,54it54must54be54relevant54and54be54a54faithful54representati
on.



Relevance:54information54must54be54relevant54to54the54decision54maker,54capable54of54influencing54the
54decisions54of54users




Faithful54representation:54information54is54complete,54neutral,54and54is54free54from54error.54Represents
54the54substance54of54the54underlying54economic54transaction.




What54are54the54mandatory54reporting54requirements54for54public54corporations?54-
54CORRECT54ANSWER54-Tax54returns54and54audited54financial54statements.




What54is54the54value54chain?54-54CORRECT54ANSWER54-A54chain54of54business54processes54for54a54firm.



Primary54activities:

1. Inbound54logistics:54receiving54and54storing54raw54materials54+54distributing54materials54to54w
here54they54are54needed

2. Operations:54activities54that54transform54inputs54into54finished54goods54and54services

3. Outbound54logistics:54activities54that54warehouse54and54distribute54finished54goods54to54customers

, 4. Marketing54and54sales54activities:54identify54needs54and54wants54of54customers54to54help54attract
54them54to54firm's54products


5. Service54activities:54provide54support54of54customers54after54products54and54services54are54sold54to54
them



Support54activities:

1. Firm54infrastructure:54activities54needed54to54support54the54firm54(CEO,54finance,54legal,54and54accou
nting54depts.)

2. HRM54activities

3. Technology54activities54to54support54value54creating54activities

4. Procurement54activities:54purchasing54inputs54(raw54materials,54supplies,54equipment)



What54skills54are54required54for54CISA54(Certified54Information54Systems54Auditor)?54-
54CORRECT54ANSWER54--54Pass54CISA54exam


- have545+54years54in54IS/IT54audit,54control,54assurance,54or54security54job

- adhere54to54professional54code54of54ethics



What54skills54are54required54for54a54CIA54(Certified54Internal54Auditor)?54-54CORRECT54ANSWER54--
54Bachelor's54degree54or54higher


- 5+54years54of54internal54audit54experience54or

- active54student54in54final54year54of54college54or

- active54student54with54approved54Internal54Audit54Education54Partnership54school



What54skills54are54required54for54a54CITP54(Certified54Information54Technology54Professional)?54-
54CORRECT54ANSWER
--54member54of54AICPA54in54good54standing

- valid54CPA54license

- minimum541,00054hours54of54business54experience54within545-
year54period54preceding54date54of54CITP54application

- pass54the54CITP54exam

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