Actg 474 Midterm Exam With
Complete Solution
System - ANSWER two or more interrelated components that interact to
achieve a goal, often composed of subsystems that support the larger system
goal conflict - ANSWER when a subsystems goals are inconsistent with the
goals of another subsystem or the system as a whole
goal congruence - ANSWER when a subsystem achieves its goals while
contributing to the organizations overall goal
data - ANSWER facts that are collected, recorded, stored, and processed by a
system
information - ANSWER data that has been organized and processed to
provide meaning and improve decision-making
information overload - ANSWER exceeding the amount of information a
human mind can absorb and process, resulting in a decline in
decision-making quality and an increase in the cost of providing information
information technology - ANSWER computers and other electronic devices
used to store, retrieve, transmit, and manipulate data
value of information - ANSWER benefit provided by information less the cost
of producing it
business process - ANSWER a set of related, coordinated, and structured
activities and tasks, performed by a person, a computer, or a machine that
help accomplish a specific organizational goal
,transaction - ANSWER an agreement between two entities to exchange
goods or services
transaction processing - ANSWER process of capturing transaction data,
processing it, storing it for later use, and producing information output, such
as financial reports
give-get exchange - ANSWER transactions that happen a lot, such as giving
up cash to get inventory
transaction cycles - ANSWER major give-get exchanges that occur frequently
in most companies
revenue cycle - ANSWER activities associated with selling goods and services
in exchange for cash or a future promise to receive cash
expenditure cycle - ANSWER activities associated with purchasing inventory
for resale or raw materials in exchange for cash or a future promise to pay
cash
production/conversion cycle - ANSWER activities associated with using labor,
raw materials, and equipment to produce final goods
HR/payroll cycle - ANSWER activities associated with hiring, training,
compensating, evaluating, promoting, and firing employees
financing cycle - ANSWER activities associated with raising money bu selling
shares in the company to investors and borrowing money as well as paying
dividends and interest
general ledger and reporting system - ANSWER information-processing
operations involved in updating the general ledger and preparing reports for
both management and external parties
, accounting information system - ANSWER 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
predictive analysis - ANSWER use of data warehouses and complex
algorithms to forecast future events, based on historical trends and
calculated probabilities
value chain - ANSWER linking together all of the primary and support
activities in a business. value is aded as a product passes through the chain
primary activities - ANSWER value chain activities that produce, market, and
deliver products and services to customers and provide post-delivery service
and support
support activities - ANSWER value chain activities such as firm infrastructure,
technology, purchasing, and HR that enable primary activities to be
performed efficiently and effectively
supply chain - ANSWER an extended system that includes an organizations
value chain as well as its suppliers, distributors, and customers
source documents - ANSWER documents used to capture transaction data at
its source- when the transaction takes place
turnaround document - ANSWER records of company data sent to an
external party and then returned to the system as input. in machine-readable
form to facilitate their subsequent processing as input records
source data automation - ANSWER collection of transaction data in
machine-readable form at the time and place of origin
general ledger - ANSWER a ledger that contains summary-level data for
Complete Solution
System - ANSWER two or more interrelated components that interact to
achieve a goal, often composed of subsystems that support the larger system
goal conflict - ANSWER when a subsystems goals are inconsistent with the
goals of another subsystem or the system as a whole
goal congruence - ANSWER when a subsystem achieves its goals while
contributing to the organizations overall goal
data - ANSWER facts that are collected, recorded, stored, and processed by a
system
information - ANSWER data that has been organized and processed to
provide meaning and improve decision-making
information overload - ANSWER exceeding the amount of information a
human mind can absorb and process, resulting in a decline in
decision-making quality and an increase in the cost of providing information
information technology - ANSWER computers and other electronic devices
used to store, retrieve, transmit, and manipulate data
value of information - ANSWER benefit provided by information less the cost
of producing it
business process - ANSWER a set of related, coordinated, and structured
activities and tasks, performed by a person, a computer, or a machine that
help accomplish a specific organizational goal
,transaction - ANSWER an agreement between two entities to exchange
goods or services
transaction processing - ANSWER process of capturing transaction data,
processing it, storing it for later use, and producing information output, such
as financial reports
give-get exchange - ANSWER transactions that happen a lot, such as giving
up cash to get inventory
transaction cycles - ANSWER major give-get exchanges that occur frequently
in most companies
revenue cycle - ANSWER activities associated with selling goods and services
in exchange for cash or a future promise to receive cash
expenditure cycle - ANSWER activities associated with purchasing inventory
for resale or raw materials in exchange for cash or a future promise to pay
cash
production/conversion cycle - ANSWER activities associated with using labor,
raw materials, and equipment to produce final goods
HR/payroll cycle - ANSWER activities associated with hiring, training,
compensating, evaluating, promoting, and firing employees
financing cycle - ANSWER activities associated with raising money bu selling
shares in the company to investors and borrowing money as well as paying
dividends and interest
general ledger and reporting system - ANSWER information-processing
operations involved in updating the general ledger and preparing reports for
both management and external parties
, accounting information system - ANSWER 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
predictive analysis - ANSWER use of data warehouses and complex
algorithms to forecast future events, based on historical trends and
calculated probabilities
value chain - ANSWER linking together all of the primary and support
activities in a business. value is aded as a product passes through the chain
primary activities - ANSWER value chain activities that produce, market, and
deliver products and services to customers and provide post-delivery service
and support
support activities - ANSWER value chain activities such as firm infrastructure,
technology, purchasing, and HR that enable primary activities to be
performed efficiently and effectively
supply chain - ANSWER an extended system that includes an organizations
value chain as well as its suppliers, distributors, and customers
source documents - ANSWER documents used to capture transaction data at
its source- when the transaction takes place
turnaround document - ANSWER records of company data sent to an
external party and then returned to the system as input. in machine-readable
form to facilitate their subsequent processing as input records
source data automation - ANSWER collection of transaction data in
machine-readable form at the time and place of origin
general ledger - ANSWER a ledger that contains summary-level data for
