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AIS Midterm Questions and Answers

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AIS Midterm Questions and Answers Information is best described as: a. raw facts about transactions b. data that has been organized and processed so that it is meaningful to the user c. raw data that will be processed d. computerized data e. verbally communicated data b. data that has bee...

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  • August 4, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ais midterm questions and answers
  • information is best described as a raw facts abo
  • an accounting information system ais processes
  • information may increase uncertainty and

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AIS Midterm Questions and Answers
Information is best described as:
a. raw facts about transactions
b. data that has been organized and processed so that it is meaningful to the user
c. raw data that will be processed
d. computerized data
e. verbally communicated data - answer b. data that has been organized and
processed so that it is meaningful to the user

An accounting information system (AIS) processes ________ to provide users with
________.
a. data; information
b. data; transactions
c. information; data
d. data; benefits
e. outputs; inputs - answer a. data; information

_________ information may increase uncertainty and inhibit decision makers' ability to
make predictions.
a. timely
b. reliable
c. too much
d. complete
e. relevant - answer c. too much

Information that is free from error or bias and accurately represents the events or
activities of the organization is
a. irrelevant
b. reliable
c. incomplete
d. untimely
e. inaccurate - answer b. reliable

Information that does not omit important aspects of the underlying events or activities
that it measures is
a. complete
b. accessible
c. relevant
d. timely
e. incomplete - answer a. complete

Information is _________ when two knowledgable people independently produce the
same information.
a. verifiable

,b. relevant
c. reliable
d. complete
e. inconsistent - answer a. verifiable

Inventory information is provided in real time by a firm's accounting information system.
The accuracy of this information is questionable, however, since the production
manager often reports stock outs of components that the system indicates are in stock.
Which of the following characteristics of useful information is absent in the situation
described above?
a. relevant
b. reliable
c. complete
d. timely
e. accessible - answer b. reliable

Wisconsin Dells, Wisconsin, is a popular tourist destination. During the winter months,
the population dwindles to a meager few, but when summer comes, the size of the town
surges. Hunter Jackson is the town sanitation engineer. When the size of the town
surges, so do his responsibilities. Among them is management of the sewage
processing volume.
In an interview with the local paper, Hunter complained that a report on tourist
population that he uses to adjust processing volume refers to data that was collected
four days ago and it takes him a week to make adjustments.
Which of the following characteristics of useful information is absent in the situation
described above?
a. relevant
b. reliable
c. complete
d. timely
e. understandable - answer d. timely

All of the following are business processing cycles EXCEPT
a. online transaction processing cycle
b. the expenditure cycle
c. the human resources / payroll cycle
d. the production cycle
e. the revenue cycle - answer a. online transaction processing cycle

In which transaction cycle would information for inventory purchases be most likely to
pass between internal and external accounting information systems?
a. the revenue cycle
b. the expenditure cycle
c. the human resources / payroll cycle
d. the financing cycle
e. the batch processing cycle - answer b. the expenditure cycle

, Transaction cycles can be summarized on a high level as "give-get" transactions. An
example of "give-get" in the revenue cycle would be
a. give labor, get goods
b. give goods, get cash
c. give cash, get labor
d. give cash, get cash
e. turnaround document - answer b. give goods, get cash

The transaction cycle that includes the events of hiring employees and paying them is
known as the
a. revenue cycle
b. expenditure cycle
c. human resources cycle
d. financing cycle
e. pay as you go cycle - answer c. human resources cycle

Who of the following would NOT be involved in the revenue cycle?
a. accounts payable clerk
b. customer
c. cashier
d. credit manager
e. salesperson - answer a. accounts payable clerk

An accounting information system must be able to perform all of the following tasks
EXCEPT
a. collect transaction data
b. process transaction data
c. provide adequate controls
d. provide users with unrestricted access to all screens in the accounting information
system
e. produce the financial statements - answer d. provide users with unrestricted
access to all screens in the accounting information system

Which of the following is NOT an example of a common activity in an AIS?
a. buy and pay for goods and services
b. sell goods and services and collect cash
c. summarize and report results to interested parties
d. office automation, such as users' emails
e. maintain the general ledger and automatically generate the financial statements -
answer d. office automation, such as users' emails

Many modern accounting software packages offer separate transaction cycle modules.
What is the reason for this?
a. Every organization does not need to implement all of the available transaction cycle
modules.

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