ACTG 313 UPDATED SCRIPTED EXAM QUESTIONS AND
SOLUTIONS GUARANTEE A+
✔✔Accounting - ✔✔the systematic and comprehensive recording of an organization's
financial transactions, including summarizing, analyzing, and reporting these
transactions to all users
✔✔Artificial intelligence (AI) - ✔✔the use of computer systems to simulate human
intelligence processes such as learning, reasoning, and self-improvement
✔✔Value chain - ✔✔linking all primary and support activities in a business. Value is
added as a product passes through the chain
✔✔Primary activities - ✔✔value chain activities that produce, market, and deliver
products and services to customers and provide post-delivery service and support
✔✔Support Activities - ✔✔value chain activities such as firm infrastructure, technology,
purchasing, and human resources that enable primary activities to be performed
efficiently and effectively
✔✔Supply Chain - ✔✔an extended system that includes an organization's value chain
as well as its suppliers, distributors, and customers
✔✔Data Processing Cycle - ✔✔The 4 operation (Data input, Data storage, data
processing, and information output) performed on data to generate meaningful and
relevant information
✔✔Source Documents - ✔✔Documents used to capture transaction data at its source-
when the transaction takes place. Ex. Sales orders, purchase orders, employee time
cards
✔✔Turnaround Documents - ✔✔Records of company data sent sent to an external
party and then returned to the system as input. Turnaround docs are in machine
readable format to facilitate their subsequent processing as input records. Ex. Utility bill
✔✔Source Data automation - ✔✔The collection of transaction data in machine readable
form at the time and place of origin. Ex. Point of sale terminals and ATMs
✔✔General Ledger - ✔✔A ledger that contains summary-level data for every asset,
liability, equity, reveneu, and expense account of the organization
✔✔Subsidiary Ledger - ✔✔A ledger used to record detailed data for a general ledger
account w/ many individual subaccounts such as A/R, A/P, Inventory
, ✔✔Control Account - ✔✔a title given to a general ledger account that summarizes the
total amounts recorded in a subsidiary ledger
✔✔Coding - ✔✔1. the systematic assignment of numbers or letters to items to classify
and organize them 2. The writing program instructions that direct a computer to perform
specific data processing tasks
✔✔Sequence codes - ✔✔Items are numbered consecutively so that gaps in the
sequence code indicate missing items that should be investigated. Examples include
prenumbered checks, invoices, and purchase orders.
✔✔Block Codes - ✔✔blocks of numbers reserved for specific categories of data,
thereby helping to organize the data
✔✔Group Codes - ✔✔Two or more subgroups of digits that are used to code an item. A
group code is often used in conjunction with a block code.
✔✔Mnemonic Code - ✔✔Letters and numbers that are interspersed to identify an item.
The mnemonic code is derived from the description of the item and is usually easy to
memorize.
✔✔Chart of accounts - ✔✔A listing of all the numbers assigned to balance sheet and
income statement accounts. The account numbers allow transaction data to be coded,
classified, and entered into the proper accounts. They also facilitate financial statement
and report preparation.
✔✔General Journal - ✔✔A journal used to record infrequent or non-routine
transactions, such as loan payments and end-of-period adjusting and closing entries.
✔✔Specialized Journal - ✔✔A journal used to record a large number of repetitive
transactions such as credit sales, cash receipts, purchases, and cash disbursements.
✔✔Audit trail - ✔✔a path that allows a transaction to be traced through a data
processing system from point of origin to output or backward from output to point of
origin. Used to check accuracy and validity of ledger postings and to trace changes in
account balances
✔✔Attributes - ✔✔The properties, identifying numbers, and characteristics of interest of
an entity that is stored in a database. Examples are employee number, pay rate, name,
and address.
✔✔Fields - ✔✔the portion of a data record where the data value for a particular attribute
is stored
SOLUTIONS GUARANTEE A+
✔✔Accounting - ✔✔the systematic and comprehensive recording of an organization's
financial transactions, including summarizing, analyzing, and reporting these
transactions to all users
✔✔Artificial intelligence (AI) - ✔✔the use of computer systems to simulate human
intelligence processes such as learning, reasoning, and self-improvement
✔✔Value chain - ✔✔linking all primary and support activities in a business. Value is
added as a product passes through the chain
✔✔Primary activities - ✔✔value chain activities that produce, market, and deliver
products and services to customers and provide post-delivery service and support
✔✔Support Activities - ✔✔value chain activities such as firm infrastructure, technology,
purchasing, and human resources that enable primary activities to be performed
efficiently and effectively
✔✔Supply Chain - ✔✔an extended system that includes an organization's value chain
as well as its suppliers, distributors, and customers
✔✔Data Processing Cycle - ✔✔The 4 operation (Data input, Data storage, data
processing, and information output) performed on data to generate meaningful and
relevant information
✔✔Source Documents - ✔✔Documents used to capture transaction data at its source-
when the transaction takes place. Ex. Sales orders, purchase orders, employee time
cards
✔✔Turnaround Documents - ✔✔Records of company data sent sent to an external
party and then returned to the system as input. Turnaround docs are in machine
readable format to facilitate their subsequent processing as input records. Ex. Utility bill
✔✔Source Data automation - ✔✔The collection of transaction data in machine readable
form at the time and place of origin. Ex. Point of sale terminals and ATMs
✔✔General Ledger - ✔✔A ledger that contains summary-level data for every asset,
liability, equity, reveneu, and expense account of the organization
✔✔Subsidiary Ledger - ✔✔A ledger used to record detailed data for a general ledger
account w/ many individual subaccounts such as A/R, A/P, Inventory
, ✔✔Control Account - ✔✔a title given to a general ledger account that summarizes the
total amounts recorded in a subsidiary ledger
✔✔Coding - ✔✔1. the systematic assignment of numbers or letters to items to classify
and organize them 2. The writing program instructions that direct a computer to perform
specific data processing tasks
✔✔Sequence codes - ✔✔Items are numbered consecutively so that gaps in the
sequence code indicate missing items that should be investigated. Examples include
prenumbered checks, invoices, and purchase orders.
✔✔Block Codes - ✔✔blocks of numbers reserved for specific categories of data,
thereby helping to organize the data
✔✔Group Codes - ✔✔Two or more subgroups of digits that are used to code an item. A
group code is often used in conjunction with a block code.
✔✔Mnemonic Code - ✔✔Letters and numbers that are interspersed to identify an item.
The mnemonic code is derived from the description of the item and is usually easy to
memorize.
✔✔Chart of accounts - ✔✔A listing of all the numbers assigned to balance sheet and
income statement accounts. The account numbers allow transaction data to be coded,
classified, and entered into the proper accounts. They also facilitate financial statement
and report preparation.
✔✔General Journal - ✔✔A journal used to record infrequent or non-routine
transactions, such as loan payments and end-of-period adjusting and closing entries.
✔✔Specialized Journal - ✔✔A journal used to record a large number of repetitive
transactions such as credit sales, cash receipts, purchases, and cash disbursements.
✔✔Audit trail - ✔✔a path that allows a transaction to be traced through a data
processing system from point of origin to output or backward from output to point of
origin. Used to check accuracy and validity of ledger postings and to trace changes in
account balances
✔✔Attributes - ✔✔The properties, identifying numbers, and characteristics of interest of
an entity that is stored in a database. Examples are employee number, pay rate, name,
and address.
✔✔Fields - ✔✔the portion of a data record where the data value for a particular attribute
is stored
