Accounting Information Systems Actual
Questions And Answers Latest Updated
Graded A+
three fundamental objectives of information ANSWERS 1. to support the stewardship
function of management 2. to support management decision making 3. support the firms
day to day operations
financial transaction ANSWERS an economic event that affects the assets and
equities of the organization, is reflected in its accounts, and is measured in monetary
terms
nonfinancial transaction ANSWERS events that do not meet the narrow definition of
a financial transactions
accounting information systems ANSWERS lacks a well defined body of knowledge
Sarbanes Oxley Act (SOX) of 2002 ANSWERS established new corporate
governance regulations and standards for public companies registered with the
Securities and Exchange Commission (SEC)
external users ANSWERS trading partners, stakeholders
information system ANSWERS set of formal procedures by which data are collected,
stored, processed into information and distributed to users
distinction between MIS and AIS ANSWERS centers on the concept of a transaction:
two classes- financial and nonfinancial transactions
transaction ANSWERS an event that affects or is of interest to the organization and
is processed by its information system as a unit of work
AIS 3 subsystems ANSWERS 1. transaction processing system (TPS) 2. general
ledger/financial reporting system (GL/FRS) 3. management reporting system (MRS)
transaction processing system ANSWERS supports daily business operations with
numerous reports, documents, and messages for users throughout the organization
general ledger/financial reporting system ANSWERS produces the traditional
financial statements, such as the income statement, balance sheet, statement of cash
flows, tax returns, and other reports required by law
, management reporting system ANSWERS provides internal management with
special-purpose financial reports and information needed for decision making such as
budgets, variance reports, and responsibility reports
MIS ANSWERS processes nonfinancial transactions that are not normally processed
y traditional AIS
nondiscretionary reporting (GL/FRS) ANSWERS organization has few or no choices
in the information it provides much of the info consists of traditional financial statements,
tax returns, and other legal documents
discretionary reporting (MRS) ANSWERS the organization can choose what
information to report and how to present it
end users ANSWERS fall into two general groups: external and internal. external
include creditors, stockholders, potential investors, regulatory agencies, tax returns, and
other reports that the firm has a legal obligation to produce. internal includes
management at every level of the organization, as well as operations personnel, great
deal of latitude in the way it meets the needs of internal users.
data ANSWERS facts which may or may not be processed and have no direct effect
on a users actions
information ANSWERS causes the user to take an action that he or she otherwise
could not or would not have taken information is determined by the effect it has on the
user, not by its physical form
data sources ANSWERS financial transactions that enter the information system
from either internal or external sources. external financial transactions are the most
common form of data
data collection ANSWERS first operational stage in the information system. objective
is to ensure that event data entering the system are valid, complete, and free from
material errors. most important stage in the system
data processing ANSWERS tasks range from simple to complex used for production
scheduling applications, statistical techniques for sales forecasting, and posting and
summarizing procedures used for accounting applications
database ANSWERS physical repository for financial and nonfinancial data business
data are organized in a logical hierarchy. the levels in the data hierarchy are: attributed,
record, and file
data attribute ANSWERS a logical and relevant characteristic o an entity about which
the firm captures data
Questions And Answers Latest Updated
Graded A+
three fundamental objectives of information ANSWERS 1. to support the stewardship
function of management 2. to support management decision making 3. support the firms
day to day operations
financial transaction ANSWERS an economic event that affects the assets and
equities of the organization, is reflected in its accounts, and is measured in monetary
terms
nonfinancial transaction ANSWERS events that do not meet the narrow definition of
a financial transactions
accounting information systems ANSWERS lacks a well defined body of knowledge
Sarbanes Oxley Act (SOX) of 2002 ANSWERS established new corporate
governance regulations and standards for public companies registered with the
Securities and Exchange Commission (SEC)
external users ANSWERS trading partners, stakeholders
information system ANSWERS set of formal procedures by which data are collected,
stored, processed into information and distributed to users
distinction between MIS and AIS ANSWERS centers on the concept of a transaction:
two classes- financial and nonfinancial transactions
transaction ANSWERS an event that affects or is of interest to the organization and
is processed by its information system as a unit of work
AIS 3 subsystems ANSWERS 1. transaction processing system (TPS) 2. general
ledger/financial reporting system (GL/FRS) 3. management reporting system (MRS)
transaction processing system ANSWERS supports daily business operations with
numerous reports, documents, and messages for users throughout the organization
general ledger/financial reporting system ANSWERS produces the traditional
financial statements, such as the income statement, balance sheet, statement of cash
flows, tax returns, and other reports required by law
, management reporting system ANSWERS provides internal management with
special-purpose financial reports and information needed for decision making such as
budgets, variance reports, and responsibility reports
MIS ANSWERS processes nonfinancial transactions that are not normally processed
y traditional AIS
nondiscretionary reporting (GL/FRS) ANSWERS organization has few or no choices
in the information it provides much of the info consists of traditional financial statements,
tax returns, and other legal documents
discretionary reporting (MRS) ANSWERS the organization can choose what
information to report and how to present it
end users ANSWERS fall into two general groups: external and internal. external
include creditors, stockholders, potential investors, regulatory agencies, tax returns, and
other reports that the firm has a legal obligation to produce. internal includes
management at every level of the organization, as well as operations personnel, great
deal of latitude in the way it meets the needs of internal users.
data ANSWERS facts which may or may not be processed and have no direct effect
on a users actions
information ANSWERS causes the user to take an action that he or she otherwise
could not or would not have taken information is determined by the effect it has on the
user, not by its physical form
data sources ANSWERS financial transactions that enter the information system
from either internal or external sources. external financial transactions are the most
common form of data
data collection ANSWERS first operational stage in the information system. objective
is to ensure that event data entering the system are valid, complete, and free from
material errors. most important stage in the system
data processing ANSWERS tasks range from simple to complex used for production
scheduling applications, statistical techniques for sales forecasting, and posting and
summarizing procedures used for accounting applications
database ANSWERS physical repository for financial and nonfinancial data business
data are organized in a logical hierarchy. the levels in the data hierarchy are: attributed,
record, and file
data attribute ANSWERS a logical and relevant characteristic o an entity about which
the firm captures data
