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AIS Exam 1 Study Guide Questions and Answers
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AIS Exam 1 Study Guide Questions and Answers Chapter 1 AIS: An Overview Information Different from data. It is data that have been organized and processed to provide meaning to a user. Data Facts that are collected, recorded, stored, and processed by an information system. The raw...

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  • August 3, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ais exam 1 study guide questions and answers
  • information different from data it is data that h
  • data facts that are collected recorded stored a
  • system a set of interrelated components that inter

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AIS Exam 1 Study Guide Questions and
Answers
Chapter 1 - answer AIS: An Overview

Information - answer Different from data. It is data that have been organized and
processed to provide meaning to a user.

Data - answer Facts that are collected, recorded, stored, and processed by an
information system. The raw material and building blocks of information.

System - answer A set of interrelated components that interact to achieve a goal.

Value of Information - answer Value of Information = Benefits - Costs.

(cost benefit analysis)

4 Criteria of good information: - answer 1. Relevance (reduces the uncertainty by
helping predict or confirm)
2. Timeliness (received in time to affect the decision)
3. Reliability (dependable and free from error or bias)
4. Completeness (doesn't leave out anything important)

AICPA (Accounting Information CPA) - answer Certification for Information
Technology Professionals CITP: Must be a CPA to have this designation

Value Chain - answer A series of activities performed which provides value. Primary
and support activities (Line and staff)

Primary:
Inbound logistics
Operations
Outbound logistics
Marketing/sales
Services

Support:
Firm infrastructure -accountants, lawyers, administration, AIS.
Human resources
Technology
Purchasing

, Types of Decisions: - answer 1. Structure decisions -repetitive and routine, can be
delegated to lower-level employees. (day to day specific tasks)
2. Semi-structured decisions -have incomplete rules and require some subjectivity.
(using resources to accomplish organizational objectives e.g. budgeting)
3. Unstructured decisions -Nonrecurring and non-routine. Require much subjectivity.
(where the objectives and policies are set)

Higher up = less structured and more strategic planning.

Michael Porter - answer Father of the value chain

ESSAY Q: Define "Accounting Information System" - answer An AIS is a system that
collects, records, stores, and processes data to produce information for decision
makers. It can either use technology, be a paper-and-pencil system, or something in
between. Its functions include: collecting and storing data about events, resources, and
agents, transforming the data so that management can make decisions, and providing
adequate controls.

Chapter 2 - answer Overview of Business Processes

ESSAY Q: Transaction Cycles - answer 1. Revenue Cycle (Give goods; get cash)
2. Expenditures Cycle (Give cash; get goods)
3. Human Resources/Payroll Cycle (Give cash; get labor)
4. Production/Inventory Cycle (Give labor and raw materials; get finished product)
5. Financing Cycle (Give cash; get cash)

Source Documents - answer

Chart of Accounts - answer A *List* of all accounts we use in AIS:

1. Major account categories (A, L, OE, Rev & Expense)

2. Primary sub-account (CA, Long term investments)

3. Specific accounts (AR, inventory)

4. Subsidiary account (customer code for AR, etc.)

Transaction Processing - answer Manual system: data is entered into paper journals
and ledgers

Computer-based systems: series of operations performed on data called "data
processing cycle" (data input; data storage; data processing; information output)

Journals and Ledgers - answer General journal, sales journal, purchases, cash
receipts, cash payments

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