ACCY 310 MIDTERM VERIFIED STUDY GUIDE
Accounting Information System (AIS) - Answers - A system that records, processes,
reports, and communicates the results of business transactions to provide financial and
nonfinancial information to make decisions and have appropriate levels of internal
controls for those transactions.
accounting cycle - Answers - A six-step procedure that results in the preparation and
analysis of the major financial statements.
enterprise system - Answers - A database that collects data from throughout the firm.
Commercialized information system that integrates and automates business processes
across a firm's value chain located within and across organizations.
information value chain - Answers - The overall transformation from a business need
and business event to the collection of data and information to an ultimate decision.
input, process, output - Answers - Describes the structure of an information processing
program or other process. It is the most basic structure for describing a process.
data vs information - Answers - Data are raw facts; information is data converted into a
meaningful & useful context for decision making
useful information - Answers - relevant, reliable, complete, timely, understandable,
verifiable, accessible
Discretionary Information - Answers - information that is generated according to one's
own judgement
mandatory information - Answers - information that is required to be generated or
provided by law or regulation
Accountants role in AIS - Answers - designer, implementer, user, evaluator, manager
supply chain - Answers - the connected chain of all of the business entities, both
internal and external to the company, that perform or support the logistics function
Customer Relationship Management (CRM) - Answers - managing detailed information
about individual customers and carefully managing customer touch points to maximize
customer loyalty
database - Answers - a collection of organized data that allows access, retrieval, and
use of data
Accounting Information System (AIS) - Answers - A system that records, processes,
reports, and communicates the results of business transactions to provide financial and
nonfinancial information to make decisions and have appropriate levels of internal
controls for those transactions.
accounting cycle - Answers - A six-step procedure that results in the preparation and
analysis of the major financial statements.
enterprise system - Answers - A database that collects data from throughout the firm.
Commercialized information system that integrates and automates business processes
across a firm's value chain located within and across organizations.
information value chain - Answers - The overall transformation from a business need
and business event to the collection of data and information to an ultimate decision.
input, process, output - Answers - Describes the structure of an information processing
program or other process. It is the most basic structure for describing a process.
data vs information - Answers - Data are raw facts; information is data converted into a
meaningful & useful context for decision making
useful information - Answers - relevant, reliable, complete, timely, understandable,
verifiable, accessible
Discretionary Information - Answers - information that is generated according to one's
own judgement
mandatory information - Answers - information that is required to be generated or
provided by law or regulation
Accountants role in AIS - Answers - designer, implementer, user, evaluator, manager
supply chain - Answers - the connected chain of all of the business entities, both
internal and external to the company, that perform or support the logistics function
Customer Relationship Management (CRM) - Answers - managing detailed information
about individual customers and carefully managing customer touch points to maximize
customer loyalty
database - Answers - a collection of organized data that allows access, retrieval, and
use of data
