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AIS Midterm Questions and Answers correct
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AIS Midterm Questions and Answers correct Information is best described as_________. 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 ________. data; information _____ in...

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  • August 4, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ais midterm questions and answers correct
  • information is best described as data th
  • an accounting information system ais processes
  • information may increase uncertainty and inh

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AIS Midterm Questions and Answers
correct
Information is best described as_________. - answer 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
________. - answer data; information

_____ information may increase uncertainty and inhibit decision makers' ability to make
predictions - answer overload

What term or phrase describes information that is free from error or bias and accurately
represents the events or activities of the organization? - answer reliable

What term or phrase describes information that does not omit important aspects of the
underlying events or activities? - answer complete

Information is _____ when two knowledgeable people independently produce the same
information - answer verifiable

Inventory information is provided by a firm's AIS. 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? - answer
reliability

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? - answer
timely

revenue cycle -
where goods and services are sold for cash or a future promise to receive cash
expenditure cycle -
where companies purchase inventory for resale or raw materials to use in producing
products in exchange for cash or a future promise to pay cash

, production/conversion cycle -
where raw materials are transformed into finished goods
human resources/payroll cycle -
where employees are hired, trained, compensated, evaluated, promoted, and
terminated
financing cycle -
where companies sell shares in the company to investors and borrow money, and
where investors are paid dividends and interest is paid on loans - answer Know the
business processing cycles.

In which transaction cycle would information for inventory purchases be most likely to
pass between internal and external accounting information systems? - answer the
revenue 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 _____. - answer give goods, get
cash

The transaction cycle that includes the events of hiring employees and paying them is
known as the _________. - answer HR/payroll cycle

Who would be involved in the revenue cycle? - answer customers, vendors

An accounting information system must be able to perform which tasks? - answer
collect transaction data;
process transaction data;
provide adequate controls

What are common activities performed using an AIS? - answer buy and pay for
goods and services;
sell goods and services and collect cash;
summarize and report results to interested parties

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

An AIS must include what processes and characteristics? - answer 1. the people
who use the system
2. the procedures and instructions used to collect, process, and store data
3. the data about the organization and its business activities
4. the software used to process the data
5. the information technology infrastructure, including the computers, peripheral
devices, and network communications devices used in the AIS
6. the internal controls and security measures that safeguard AIS data

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