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Accounting Information Systems Ch. 1 Questions and Answers Graded A+
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Accounting Information Systems Ch. 1 Questions and Answers Graded A+ ______ by itself does not help make decisions. It must be converted into information before it is useful. Data _____ is a collection of unprocessed facts, figures, statistics, etc. that can be processes to create informat...

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  • August 4, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting information systems ch 1 questions and
  • by itself does not help make decisions it
  • is a collection of unprocessed facts figures
  • data that is processedsorted filtered categoriz

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Accounting Information Systems Ch. 1
Questions and Answers Graded A+
______ by itself does not help make decisions. It must be converted into information
before it is useful. - answer Data

_____ is a collection of unprocessed facts, figures, statistics, etc. that can be processes
to create information. - answer Data

Data that is processed(sorted, filtered, categorized, aggregated, etc.) into a product that
has the potential to impact a decision. - answer Information

Detailed methods, procedures and routines established to acheive a specific goal. -
answer Systems

An integrated set of components for collecting, storing, processing and communicating
information. - answer Information System

____ _____ have nothing to do with technology - answer Information System

A set of detailed methods, procedures and routines established or formulated to convert
data into information. - answer Data Information System

A framework designed in 1970 as a guide for development of future accounting
principles. Designed mainly for users without power (external users). - answer FASB
Conceptual Framework

Three levels of the FASB Conceptual Framework? - answer Objective, Qualitative
and Assumptions

First level of the FASB Conceptual Framework? - answer Objective

The ______ of the FASB Conceptual Framework is to provide information for decision
making. - answer Objective

The second level of the FASB Conceptual Framework is _______ ________. - answer
Qualitative Characteristics

Two types of qualitative characteristics? - answer Primary, Secondary

Primary Qualitative Characteristics consists of __________ and __________. - answer
Relevance, Reliability

, Secondary Qualitative Characteristics consists of __________ and __________. -
answer Comparability, consistency

Information is ___________ when it impacts the decision. - answer Relevant

__________ is when information can be trusted. - answer Reliability

The third level of the FASB Conceptual Framework consists of _____________ ,
__________ and __________. - answer Assumptions, Principles and constraints

4 Assumptions of the FASB Conceptual Framework? - answer Economic Entity,
Going Concern, Periodicity, monetary unit

Assumption that states a business is separate from its owners - answer Economic
Entity

Assumption that states a business will survive long enough to meet its current
obligations. - answer Going Concern

Assumption that states the life of a business is divided into time periods for financial
reporting. - answer Periodicity

Assumption that states the value of a dollar is stable. - answer Monetary Unit

4 Principles in the third level of the FASB Conceptual Framework? - answer
Historical Cost, Realization, Matching and Full Disclosure

In AIS, items are generally recorded at their _______ ________ - answer Historical
Cost

Revenue may be _________ when the earnings process is essentially complete via
evidence that an agreement exists, delivery has occurred or services have been
rendered, the seller's price is fixed and determinable, and collectability is reasonably
assured. - answer Realized

__________ expenses should appear on the income statementwith the revenue they
halped generate. - answer Matching

Principle that states we should give decision makers all the information they need. -
answer Full Disclosure

4 Constraints of the third level of the FASB Conceptual Framework? - answer Cost
Effectiveness, Materiality, Conservatism and Industry Practices

Constraint that states the benefit of having information must exceed the cost of
obtaining it. - answer Cost Effectiveness

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