WGU D217 Accounting Information Systems Prep Exam And Correct Answers.
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Course
WGU D217
Institution
WGU D217
a financial transaction - Answer The primary input to the transaction processing system is
FRS provides information to external users; the MRS provides information to internal users. - Answer The major difference between the financial reporting system (FRS) and the management reporting sys...
WGU D217 Accounting Information
Systems Prep Exam And Correct
Answers.
a financial transaction - Answer The primary input to the transaction processing system is
FRS provides information to external users; the MRS provides information to internal users. - Answer
The major difference between the financial reporting system (FRS) and the management reporting
system (MRS) is the
whether the transactions are financial or nonfinancial that directly affect the processing of financial
transactions - Answer The author distinguishes between the accounting information system and the
management information system based on
the purchase of computer - Answer An example of a financial transactions is
log of customer calls - Answer An example of a nonfinancial transaction is
the conversion cycle - Answer The transaction processing system includes which of the following
the production of useful information - Answer The goal of data processing is
tax authorities - Answer Which of the following is an external end user?
internal auditing - Answer An appraisal function housed within the organization that performs a wide
range of services for management is
constituents - Answer What factor conceptually distinguishes external auditing and internal auditing?
cash disbursements - Answer What system is part of the expenditure cycle?
,physical and financial - Answer Both the revenue and the expenditure cycle can be viewed as having
two parts. These key parts are
represent relationships between key elements of both manual and computer systems - Answer System
flowcharts do which one of the following?
oval - Answer Which symbol is used to represent a data source or destination of documents and
reports in a system flowchart?
Sales Order Processing - Answer Which accounting application is least suited to batch processing?
there is a lag between the time when the economic event occurs, and the financial records are updated.
- Answer In contrast to a real-time system, in a batch processing system
processing takes place when the economic event occurs. - Answer In contrast to a batch processing
system, in a real-time system
block code - Answer The coding scheme most appropriate for a chart of accounts is
a mnemonic code - Answer When a firm wants its coding system to convey meaning without reference
to any other document, it would choose
missing or unrecorded documents can be identified. - Answer The most important advantage of
sequential coding is that
Management Reporting System (MRS) - Answer Li has implemented a new accounting information
system (AIS) to help him manage his construction company. Li uses the information captured by the
system to plan each project, forecasting the requirements for raw materials and the cash flow expected.
Which AIS subsystem helps Li in planning?
Variance reports - Answer Which information does the management reporting system (MRS) provide?
, The decision maker wastes resources analyzing outdated information. - Answer Useful information has
the following characteristics: relevance, timeliness, accuracy, completeness, and summarization. What
happens if the information is old?
The decision maker receives materially wrong information. - Answer Useful information has the
following characteristics: relevance, timeliness, accuracy, completeness, and summarization. What
happens if the information is inaccurate?
The organization needs to review its credit-granting policies. - Answer Which important information
does external feedback about the level of uncollected customer accounts indicate to the management
information system?
Raw material is moved into work-in process. - Answer What is a type of data source for the accounting
information system (AIS)?
It has unique information needs. - Answer Why would an organization decide to develop its own
custom information system?
Inaccurately recording sales and cash receipts transactions in journals and accounts. - Answer An
objective of internal controls is to mitigate the risk from errors and fraud. What is the primary risk
associated with revenue cycle transactions?
It is a temporary file using a numeric filing system. - Answer What does the letter N in an inverted
triangle mean in a system flowchart?
Master file - Answer Which digital computer file contains account data that are updated by
transactions and includes the general ledger and subsidiary ledgers?
Parallelogram symbol - Answer How would shipping logs be depicted in system flowchart?
This is an on-page connector used to replace flow lines that otherwise would cause excessive clutter on
the page. - Answer What is the circular symbol labeled A in the system flowchart?
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