Solutions Manual For Accounting Information Systems

Solutions Manual For Accounting Information Systems What is an accounting information system? - ANSWERSA system that records, processes, and reports both financial and non-financial information. What aspects does a simple information system have? - ANSWERSInput, processing, storage, and output. What is processing? - ANSWERSActivities at the transaction level - CRUD (Create new records, Read existing records, Update existing records, Delete records or data). What are two different types of databases? - ANSWERSHierarchical and relational. What is a hierarchical database? - ANSWERSAn outdated method where you need data at a higher level to obtain data at a lower level. What is a relational database? - ANSWERSA database used frequently today that allows all business streams to access data and information as required by the business. Example: Sheridan Student Services booking system. What is the difference between data and information? - ANSWERSData are raw facts (ie., numbers) that describe an event and have little meaning on their own. Information is data organized to be meaningful for the user. Data serves as an input. What is discretionary information? - ANSWERSInformation that is not required by law. Think: secret What is mandatory information? - ANSWERSInformation that is mandatory by law. What is a value chain? - ANSWERSThe primary activities (Inbound > Operations > Outbound > Marketing > Service) What is the supply chain? - ANSWERSRefers to the flow of materials, information, payments, and services from suppliers through to the customer. What are the typical business cycle of AIS - ANSWERSRevenue cycle, Expenditure cycle, Hr/Payroll cycle, Production/Manufacture cycle, Financing cycle. Transaction found under the Revenue cycle - ANSWERSUpdate credit rating, sales, ship inventory, invoice customer. Transaction found under Expenditure/Procurement cycle - ANSWERSTrack vendor performance, record inventory receipts using the goods receipt transaction, process vendor invoices, pay invoices. Transaction found under Hr/Payroll - ANSWERSUpdate employee master data, employee time tracking, create tax slips, government reporting, calculate employee payroll