ACTG 313 FINAL EXAM PAPER 2026
QUESTIONS WITH ANSWERS GRADED A+
● information - Data converted into a meaningful and useful context
● information technology - used to help decision makers more
effectively filter and condense information
● when is information valuable - When the benefits exceed the costs of
gathering, maintaining, and storing the data.
● 14 characteristics that make information useful - access restricted,
accurate,
available,
reputable,
complete,
concise,
consistent,
current,
objective,
relevant,
, timely,
useable,
understandable,
verifiable
● when is data most useful - when it is in a machine-readable format that
can be read and processed by a computer
● machine readable format - xbrl
● business process - a set of related, coordinated, and structured
activities and tasks, performed by a person, a computer, or a machine
that help accomplish a specific organizational goal
● transaction - an agreement between two entities to exchange goods or
services, such as selling inventory in exchange for cash; any other event
that can be measured in economic terms by an organization
● transaction processing - Process of capturing transaction data,
processing it, storing it for later use, and producing information output,
such as a managerial report or a financial statement.
QUESTIONS WITH ANSWERS GRADED A+
● information - Data converted into a meaningful and useful context
● information technology - used to help decision makers more
effectively filter and condense information
● when is information valuable - When the benefits exceed the costs of
gathering, maintaining, and storing the data.
● 14 characteristics that make information useful - access restricted,
accurate,
available,
reputable,
complete,
concise,
consistent,
current,
objective,
relevant,
, timely,
useable,
understandable,
verifiable
● when is data most useful - when it is in a machine-readable format that
can be read and processed by a computer
● machine readable format - xbrl
● business process - a set of related, coordinated, and structured
activities and tasks, performed by a person, a computer, or a machine
that help accomplish a specific organizational goal
● transaction - an agreement between two entities to exchange goods or
services, such as selling inventory in exchange for cash; any other event
that can be measured in economic terms by an organization
● transaction processing - Process of capturing transaction data,
processing it, storing it for later use, and producing information output,
such as a managerial report or a financial statement.
