Baylor University Chapter 1-3 Exam 1
ACC 3303 Mrs. Edison
System
a set of two or more interrelated components that interact to achieve a goal. Most
systems are composed of smaller subsystems that support the larger system.
Goal conflict
a subsystem's goals are inconsistent with the goals of another subsystem or with
the system as a whole.
Goal congruence
a subsystem achieves its goals while contributing to the organization's overall
goal.
Information
is data that have been organized and processed to provide meaning and improve
the decision-making process.
Data
are facts that are collected, recorded, stored, and processed by an information
system.
Information overload
occurs when those limits are passed, resulting in a decline in decision-making
quality and an increase in the cost of providing that information
Information technology (IT)
The computers and other electronic devices used to store, retrieve, transmit, and
manipulate data.
The value of information
benefit produced by the information minus the cost of producing it.
A business process
a set of related, coordinated, and structured activities and tasks that are
performed by a person, a computer, or a machine, and that help accomplish a
specific organizational goal.
, A transaction
an agreement between two entities to exchange goods or services or any other
event that can be measured in economic terms by an organization.
transaction processing
Process of capturing transaction data, processing it, storing it for later use, and
producing information output, such as a managerial report or a financial
statement.
give-get exchange
Transactions that happen a great many times, such as giving up cash to get
inventory from a supplier and giving employees a paycheck in exchange for their
labor.
The revenue cycle,
where goods and services are sold for cash or a future promise to receive cash.
expenditure cycle
where companies purchase inventory for resale or raw materials to use in
producing products in exchange for cash or a future promise to pay cash
production or conversion cycle
where raw materials are transformed into finished goods
human resources/payroll cycle
where employees are hired, trained, compensated, evaluated, promoted, and
terminated.
financing cycle
, where companies sell shares in the company to investors and borrow money, and
where investors are paid dividends and interest is paid on loans.
general ledger and reporting system
Information-processing operations involved in updating the general ledger and
preparing reports for both management and external parties.
accounting information system
A system that collects, records, stores, and processes data to produce information
for decision makers. It includes people, procedures and instructions, data,
software, information technology infrastructure, and internal controls and security
measures.
ACC 3303 Mrs. Edison
System
a set of two or more interrelated components that interact to achieve a goal. Most
systems are composed of smaller subsystems that support the larger system.
Goal conflict
a subsystem's goals are inconsistent with the goals of another subsystem or with
the system as a whole.
Goal congruence
a subsystem achieves its goals while contributing to the organization's overall
goal.
Information
is data that have been organized and processed to provide meaning and improve
the decision-making process.
Data
are facts that are collected, recorded, stored, and processed by an information
system.
Information overload
occurs when those limits are passed, resulting in a decline in decision-making
quality and an increase in the cost of providing that information
Information technology (IT)
The computers and other electronic devices used to store, retrieve, transmit, and
manipulate data.
The value of information
benefit produced by the information minus the cost of producing it.
A business process
a set of related, coordinated, and structured activities and tasks that are
performed by a person, a computer, or a machine, and that help accomplish a
specific organizational goal.
, A transaction
an agreement between two entities to exchange goods or services or any other
event that can be measured in economic terms by an organization.
transaction processing
Process of capturing transaction data, processing it, storing it for later use, and
producing information output, such as a managerial report or a financial
statement.
give-get exchange
Transactions that happen a great many times, such as giving up cash to get
inventory from a supplier and giving employees a paycheck in exchange for their
labor.
The revenue cycle,
where goods and services are sold for cash or a future promise to receive cash.
expenditure cycle
where companies purchase inventory for resale or raw materials to use in
producing products in exchange for cash or a future promise to pay cash
production or conversion cycle
where raw materials are transformed into finished goods
human resources/payroll cycle
where employees are hired, trained, compensated, evaluated, promoted, and
terminated.
financing cycle
, where companies sell shares in the company to investors and borrow money, and
where investors are paid dividends and interest is paid on loans.
general ledger and reporting system
Information-processing operations involved in updating the general ledger and
preparing reports for both management and external parties.
accounting information system
A system that collects, records, stores, and processes data to produce information
for decision makers. It includes people, procedures and instructions, data,
software, information technology infrastructure, and internal controls and security
measures.
