ACTG 313 test 1 exam with correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers
Data
Facts collected, recorded, and stored in the system. Number,
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
date, name ||\\||\\
example of data ||\\||\\ ||\\||\\
2/22/14
ABC Company ||\\||\\
123, 99, 3, 20, 60 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Information
Data is converted into a meaningful and valuable context. Data
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
becomes __________ once organized ||\\||\\ ||\\||\\ ||\\||\\
Decision Quality ||\\||\\
It is affected based on the info provided. Too much info can
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
reduce it. ||\\||\\
Information Technology ||\\||\\
Useful to help decision-makers more effectively filter and
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
condense information. ||\\||\\
Valuable
,Information becomes _______ when the benefits exceed the ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
costs of gathering, maintaining, and storing the data.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What makes information useful? 14 characteristics
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1. access restricted
||\\||\\ ||\\||\\
2. accurate
||\\||\\
3. available
||\\||\\
4. reputable
||\\||\\
5. complete
||\\||\\
6. concise
||\\||\\
7. consistent
||\\||\\
8. current
||\\||\\
9. objective
||\\||\\
10. relevant||\\||\\
11. timely ||\\||\\
12. useable ||\\||\\
13. understandable
||\\||\\
14. verifiable
||\\||\\
Business Process ||\\||\\
Set of related, coordinated, and structured activities and tasks
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
performed by people, machines, or both to achieve specific ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
organizational goals ||\\||\\
Transactions
,agreement between 2 entities to exchange goods, services, or ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
any other event than can be measured in economic terms by an
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
organization
transaction processing ||\\||\\
using transaction data to create financial statements
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
give-get exchange ||\\||\\
give something to get something
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
examples of give get exchange: rev, exp, production, payroll, ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
financing cycle ||\\||\\
Revenue cycle: give goods/service ----- get cash ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
expense cycle: get goods/service ----- give cash ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
production cycle: give labor & materials --- get finished goods ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
payroll cycle: give cash ----- get labor ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
financing cycle: give cash ---- get cash ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Accounting information systems (AIS) ||\\||\\ ||\\||\\ ||\\||\\
system that collects, records, stores, and processes date in
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information used for decision makers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
what is the output of AIS?
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Information
What does AIS consist of? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, 1. people who use the system
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2. processes
||\\||\\
3. technology
||\\||\\
4. controls to safeguard info
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
How does AIS add value? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1. improving quality and reducing costs
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2. improve efficiency
||\\||\\ ||\\||\\
3. improving decision making
||\\||\\ ||\\||\\ ||\\||\\
Value Chain ||\\||\\
links together the different activities within the organization
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
that provide value to the customer
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
primary activities ||\\||\\
directly add value to customer ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
support activities ||\\||\\
enable primary activities to be efficient and effective
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
supply chain ||\\||\\
Extended system that includes the organization's value chain as ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
well as its suppliers, distributors and customers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
data processing cycle
||\\||\\ ||\\||\\
data input steps ||\\||\\ ||\\||\\
answers
Data
Facts collected, recorded, and stored in the system. Number,
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
date, name ||\\||\\
example of data ||\\||\\ ||\\||\\
2/22/14
ABC Company ||\\||\\
123, 99, 3, 20, 60 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Information
Data is converted into a meaningful and valuable context. Data
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
becomes __________ once organized ||\\||\\ ||\\||\\ ||\\||\\
Decision Quality ||\\||\\
It is affected based on the info provided. Too much info can
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
reduce it. ||\\||\\
Information Technology ||\\||\\
Useful to help decision-makers more effectively filter and
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
condense information. ||\\||\\
Valuable
,Information becomes _______ when the benefits exceed the ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
costs of gathering, maintaining, and storing the data.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What makes information useful? 14 characteristics
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1. access restricted
||\\||\\ ||\\||\\
2. accurate
||\\||\\
3. available
||\\||\\
4. reputable
||\\||\\
5. complete
||\\||\\
6. concise
||\\||\\
7. consistent
||\\||\\
8. current
||\\||\\
9. objective
||\\||\\
10. relevant||\\||\\
11. timely ||\\||\\
12. useable ||\\||\\
13. understandable
||\\||\\
14. verifiable
||\\||\\
Business Process ||\\||\\
Set of related, coordinated, and structured activities and tasks
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
performed by people, machines, or both to achieve specific ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
organizational goals ||\\||\\
Transactions
,agreement between 2 entities to exchange goods, services, or ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
any other event than can be measured in economic terms by an
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
organization
transaction processing ||\\||\\
using transaction data to create financial statements
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
give-get exchange ||\\||\\
give something to get something
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
examples of give get exchange: rev, exp, production, payroll, ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
financing cycle ||\\||\\
Revenue cycle: give goods/service ----- get cash ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
expense cycle: get goods/service ----- give cash ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
production cycle: give labor & materials --- get finished goods ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
payroll cycle: give cash ----- get labor ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
financing cycle: give cash ---- get cash ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Accounting information systems (AIS) ||\\||\\ ||\\||\\ ||\\||\\
system that collects, records, stores, and processes date in
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information used for decision makers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
what is the output of AIS?
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Information
What does AIS consist of? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, 1. people who use the system
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2. processes
||\\||\\
3. technology
||\\||\\
4. controls to safeguard info
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
How does AIS add value? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1. improving quality and reducing costs
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2. improve efficiency
||\\||\\ ||\\||\\
3. improving decision making
||\\||\\ ||\\||\\ ||\\||\\
Value Chain ||\\||\\
links together the different activities within the organization
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
that provide value to the customer
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
primary activities ||\\||\\
directly add value to customer ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
support activities ||\\||\\
enable primary activities to be efficient and effective
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
supply chain ||\\||\\
Extended system that includes the organization's value chain as ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
well as its suppliers, distributors and customers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
data processing cycle
||\\||\\ ||\\||\\
data input steps ||\\||\\ ||\\||\\
