ACG 3401 Final Exam – COMPLETE
VERIFIED STUDY GUIDE || 2025 EDITION
Description:
The ACG 3401 Final Exam guide compiles all core topics in one resource: transaction
cycles, enterprise systems, security, and IT in accounting. Verified answers and
explanations are provided.
Keywords:
ACG 3401 final exam
complete accounting exam
transaction cycles
IT in accounting
enterprise systems
verified final answers
accounting systems review
Moral Hazard
conflict of interest between management and shareholders
limited by corporate governance
Board of Directors
,a group of persons elected by the stockholders to manage a corporation
hire/fire management
strategic advisor
BOD Qualifications
independent directors are preferred
relevant and knowledgable
Stock Market Regulations for BOD
majority independent directors
meet regularly
auditing committee
nominating committee
compensation committee
shareholders vote on executive compensation
Goals of Expenditure Cycle
-purchase from reliable vendors
-purchase high quality items
-obtain best possible price
-purchase only items that are properly authorized
-have resources available when they are needed
-receive only those items ordered
-ensure items are not lost, stolen, or broken
-pay for the items in a timely manner
,Expenditure Cycle Purchase System
inventory control
purchase requisition
purchasing
receiving
accounts payable
Inventory Control
create order when items go below reorder levels
Purchase Requisition
document listing merchandise needed by a department and requesting it be purchased
sent to AP and Purchasing
Purchasing
prepares PO
sends to Inventory Control, AP, and Receiving (Blind Copy)
Receiving
counts and inspects goods
prepare receiving report
sends to raw materials, purchasing, inventory control, and AP
AP
, receives PR, PO, Receiving Report, and invoice
decides when to pay
Descriptive Analytics
techniques that describe past performance and history
summary statistics
Diagnostic Analytics
procedures that explore the current data to determine why something has happened the way it has
typically comparing the data to a benchmark
clustering, profiling, similarity, data reduction
Predictive Analytics
determines what is likely to happen
generates models
regression, classification, link prediction
Prescriptive Analytics
optimize future actions/behaviors
AI
Automation
use tech to improve efficiency and effectiveness
Reengineering
use tech to restructure business processes and firm organization
VERIFIED STUDY GUIDE || 2025 EDITION
Description:
The ACG 3401 Final Exam guide compiles all core topics in one resource: transaction
cycles, enterprise systems, security, and IT in accounting. Verified answers and
explanations are provided.
Keywords:
ACG 3401 final exam
complete accounting exam
transaction cycles
IT in accounting
enterprise systems
verified final answers
accounting systems review
Moral Hazard
conflict of interest between management and shareholders
limited by corporate governance
Board of Directors
,a group of persons elected by the stockholders to manage a corporation
hire/fire management
strategic advisor
BOD Qualifications
independent directors are preferred
relevant and knowledgable
Stock Market Regulations for BOD
majority independent directors
meet regularly
auditing committee
nominating committee
compensation committee
shareholders vote on executive compensation
Goals of Expenditure Cycle
-purchase from reliable vendors
-purchase high quality items
-obtain best possible price
-purchase only items that are properly authorized
-have resources available when they are needed
-receive only those items ordered
-ensure items are not lost, stolen, or broken
-pay for the items in a timely manner
,Expenditure Cycle Purchase System
inventory control
purchase requisition
purchasing
receiving
accounts payable
Inventory Control
create order when items go below reorder levels
Purchase Requisition
document listing merchandise needed by a department and requesting it be purchased
sent to AP and Purchasing
Purchasing
prepares PO
sends to Inventory Control, AP, and Receiving (Blind Copy)
Receiving
counts and inspects goods
prepare receiving report
sends to raw materials, purchasing, inventory control, and AP
AP
, receives PR, PO, Receiving Report, and invoice
decides when to pay
Descriptive Analytics
techniques that describe past performance and history
summary statistics
Diagnostic Analytics
procedures that explore the current data to determine why something has happened the way it has
typically comparing the data to a benchmark
clustering, profiling, similarity, data reduction
Predictive Analytics
determines what is likely to happen
generates models
regression, classification, link prediction
Prescriptive Analytics
optimize future actions/behaviors
AI
Automation
use tech to improve efficiency and effectiveness
Reengineering
use tech to restructure business processes and firm organization
