ACC 3385 CH 1 EXAM WITH COMPLETE SOLUTIONS
100% VERIFIED!!
System - ANSWER a set of two or more interrelated components that interact to
acheive a goal
Goal conflict - ANSWER occurs when a subsystes goals are inconsistent with the goals
of another subsystem or with the. system as a whole
Goal congruence - ANSWER occurs when a subsystem achieves its goals while
contributing to the organizations overall goal
Data - ANSWER facts that are collected, recorded, stored, and processed by an
information system
Information - ANSWER is data that have been organized and processed to provide
meaning and improve the decision-making process
Characteristics of useful information - ANSWER relevant
reliable
complete
timely
understandable
verifiable
accessible
Information overload - ANSWER occurs when those limits are passed, resulting in a
decline in decision-making quality and an increase in the cost of providing that
, information
Value of information - ANSWER the benefit produced by the information minus the cost
of producing it
Business process - ANSWER a set of related, coordinated, and structured activities
and tasks that are performed by a person, computer, or a machine, and help accomplish
a specific organizational goal
Transaction - ANSWER an agreement between two entities to exchange goods or
services or any other event that can be measured in economic terms by an organization
Give-get exchange - ANSWER transactions that happen a great many times, such as
giving up cash to get inventory from a supplier and giving employees a paycheck in
exchange for their labor
Business processes or transaction cycles - ANSWER the majpr give-get exchanges
that occur frequently in most companies
Revenue cycle - ANSWER activities associated with selling goods and services in
exchange for cash or a future promise to receive cash
Expenditure cycle - ANSWER activities associated with purchasing inventory for resale
or raw materials in exchange for cash or a future promise to pay cash
Production cycle - ANSWER activities associated with using labor, raw meeterials, and
equipment to produce finished goods
Human resources/payroll cycle - ANSWER activities associated with hiring, training,
compensating, evaluating, promoting, and terminationg emplloyees
100% VERIFIED!!
System - ANSWER a set of two or more interrelated components that interact to
acheive a goal
Goal conflict - ANSWER occurs when a subsystes goals are inconsistent with the goals
of another subsystem or with the. system as a whole
Goal congruence - ANSWER occurs when a subsystem achieves its goals while
contributing to the organizations overall goal
Data - ANSWER facts that are collected, recorded, stored, and processed by an
information system
Information - ANSWER is data that have been organized and processed to provide
meaning and improve the decision-making process
Characteristics of useful information - ANSWER relevant
reliable
complete
timely
understandable
verifiable
accessible
Information overload - ANSWER occurs when those limits are passed, resulting in a
decline in decision-making quality and an increase in the cost of providing that
, information
Value of information - ANSWER the benefit produced by the information minus the cost
of producing it
Business process - ANSWER a set of related, coordinated, and structured activities
and tasks that are performed by a person, computer, or a machine, and help accomplish
a specific organizational goal
Transaction - ANSWER an agreement between two entities to exchange goods or
services or any other event that can be measured in economic terms by an organization
Give-get exchange - ANSWER transactions that happen a great many times, such as
giving up cash to get inventory from a supplier and giving employees a paycheck in
exchange for their labor
Business processes or transaction cycles - ANSWER the majpr give-get exchanges
that occur frequently in most companies
Revenue cycle - ANSWER activities associated with selling goods and services in
exchange for cash or a future promise to receive cash
Expenditure cycle - ANSWER activities associated with purchasing inventory for resale
or raw materials in exchange for cash or a future promise to pay cash
Production cycle - ANSWER activities associated with using labor, raw meeterials, and
equipment to produce finished goods
Human resources/payroll cycle - ANSWER activities associated with hiring, training,
compensating, evaluating, promoting, and terminationg emplloyees
