Accounting 333 Exam 1 Complete Review Solution

Accounting 333 Exam 1 Complete Review Solution Characteristics of Useful Information - ANS-Relevant, Reliable, Complete, timely ,understandable, verifiable, accessible Transaction - ANS-An agreement between 2 entities to exchange goods or services Revenue cycle - ANS-Where goods and services are sold for cash Expenditure cycle - ANS-Where companies purchase inventory for resale Production/ conversion cycle - ANS-Where raw. Materials are transformed into finished goods Financing cycle - ANS-Where companies sell shares Human resource/ payroll cycle - ANS-Where employees. Are hired, trained, compensated, evaluated, promoted, and terminated 6 Components Accounting Information System (AIS) - ANS-People Procedures & instructions Data Software Internal controls and security measures Information technology infrastructure 3 important business functions - ANS...