ACTG 313 ACTUAL EXAM SCRIPT 2026
COMPLETE QUESTIONS AND SOLUTIONS
● Goal conflict - when a subsystem's goals are inconsistent with the
goals of another subsystem or the system as a whole
● Goal congruence - when a subsystem achieves its goals while
contributing to the organization's overall goal
● Data - facts that are collected, recorded, stored, and processed by an
information system
● Information - Data that have been organized and processed to provide
meaning and context that can improve the decision making process
● Machine Readable - Data in a format that can be read and processed
by a computer
● Information overload - Exceeding the amount of info a human mind
can absorb and process, resulting in a decline in decision making quality
and an increase in the cost of providing info
● Information technology - The computers and other electronic devices
used to store, retrieve, trasnmit, and manipulate data
,● Value of information - The benefit provided by information minus the
cost of producing it
● Information system - The combination of people and technologies in
an organization that collect, record, store, and process data to produce
the info needed to make informed decisions
● Business Process - A set of related, coordinated, and structured
activities and tasks that are performed by a person, a computer, or a
machine, and that help accomplish a specific organizational goal
● Transaction - An agreement between two entities to exchange goods or
services or any other event that can be measured in economic terms by
an organization
● Transaction Processing - Process of capturing data, processing it
,storing it for later use, and producing info output, such as a financial
statement
● Give-Get exchange - 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 - The major give-get
exchanges that occur frequently in most companies
● Revenue cycle - The recurring set of business activties and data
processing operations associated w/ selling goods and services in
exchange for cash or a future promise to receive cash
● Expenditure cycle - activities associated with purchasing inventory for
resale or raw materials in exchange for cash or a future promise to pay
cash
● Production or conversion cycle - the recurring set of business activities
and related data processing operations associated with using labor, raw
materials, and equipment to produce finished goods
● Human resources/PAyroll cycle - activities associated w/ hiring,
training, compensating, evaluating, promoting, and terminating
employees
● Financing cycle - activities associated with raising money by selling
shares in the company to investors and borrowing money as well as
paying dividends and interest
● General ledger and reporting system - information-processing
operations involved in updating the general ledger and preparing reports
for both management and external parties
COMPLETE QUESTIONS AND SOLUTIONS
● Goal conflict - when a subsystem's goals are inconsistent with the
goals of another subsystem or the system as a whole
● Goal congruence - when a subsystem achieves its goals while
contributing to the organization's overall goal
● Data - facts that are collected, recorded, stored, and processed by an
information system
● Information - Data that have been organized and processed to provide
meaning and context that can improve the decision making process
● Machine Readable - Data in a format that can be read and processed
by a computer
● Information overload - Exceeding the amount of info a human mind
can absorb and process, resulting in a decline in decision making quality
and an increase in the cost of providing info
● Information technology - The computers and other electronic devices
used to store, retrieve, trasnmit, and manipulate data
,● Value of information - The benefit provided by information minus the
cost of producing it
● Information system - The combination of people and technologies in
an organization that collect, record, store, and process data to produce
the info needed to make informed decisions
● Business Process - A set of related, coordinated, and structured
activities and tasks that are performed by a person, a computer, or a
machine, and that help accomplish a specific organizational goal
● Transaction - An agreement between two entities to exchange goods or
services or any other event that can be measured in economic terms by
an organization
● Transaction Processing - Process of capturing data, processing it
,storing it for later use, and producing info output, such as a financial
statement
● Give-Get exchange - 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 - The major give-get
exchanges that occur frequently in most companies
● Revenue cycle - The recurring set of business activties and data
processing operations associated w/ selling goods and services in
exchange for cash or a future promise to receive cash
● Expenditure cycle - activities associated with purchasing inventory for
resale or raw materials in exchange for cash or a future promise to pay
cash
● Production or conversion cycle - the recurring set of business activities
and related data processing operations associated with using labor, raw
materials, and equipment to produce finished goods
● Human resources/PAyroll cycle - activities associated w/ hiring,
training, compensating, evaluating, promoting, and terminating
employees
● Financing cycle - activities associated with raising money by selling
shares in the company to investors and borrowing money as well as
paying dividends and interest
● General ledger and reporting system - information-processing
operations involved in updating the general ledger and preparing reports
for both management and external parties
