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AIS CHAPTER 1,2,3,4,5,6,7,8,9,10,11,12 Questions and Answers CA$17.95   Add to cart
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AIS CHAPTER 1,2,3,4,5,6,7,8,9,10,11,12 Questions and Answers
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AIS CHAPTER 1,2,3,4,5,6,7,8,9,10,11,12 Questions and Answers Accounting Information System The system that processes quantitative data and provides quantitative information for management planning and control Relevant Information will make a difference in your decision making Relia...

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  • August 3, 2024
  • 125
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ais chapter questions a
  • accounting information system the system that proc
  • relevant information will make a difference in you
  • reliable information is free from error and bias a

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AIS CHAPTER 1,2,3,4,5,6,7,8,9,10,11,12
Questions and Answers
Accounting Information System - answer The system that processes quantitative
data and provides quantitative information for management planning and control

Relevant - answer Information will make a difference in your decision making

Reliable - answer Information is free from error and bias and faithfully represents
what it is supposed to

Complete - answer Information reported includes every material that is necessary for
faithful representation

Timely - answer Available to decision maker before it loses its capacity to influence
decisions

Understandable - answer Enables users to perceive its significance

Verifiable - answer Ability through consensus among measures to endure that
information represents what it purports to represent or that the chosen method of
measurement has been used without error or bias

Accessible - answer Available when needed and in a useful format

System - answer Two or more interrelated components that interact to achieve goals

Components of AIS - answer -People using the system
-Procedures and Instructions
-Data
-Software
-IT
-Computers, peripherals, networks....
-Internal Control and Security

Functions of AIS - answer -Collects and stores data about organization
-Transforms data into information useful to internal and external users
-Provides adequate controls to safeguard organizational assets

Value Chain - answer A chain of activities that delivers products or services of value
to customers

AIS Primary Activites - answer -Inbound Logistics

,-Operations
-Outbound Logistics
-Marketing and Sales
-Service (post sale--90 day trial)

AIS Support Activities - answer -Firm Infrastructure
-Human Resources
-Technology
-Purchasing

Supply Chain - answer A chain of value chains form the upstream suppliers to the
end consumers

Having Effective Decisions means... - answer Quality Decisions

Having Efficient Decisions means.. - answer Reducing cost of decision making

Strategy - answer They way to sustain competitiveness

Oranizations have limited resources, thus investments to AIS should... - answer
Have greatest impact on ROI

Importance and Uses of System Documentation - answer -Guideline and procedures
for current employee to follow
-Training of new employees
-Review and evaluation of system effectiveness and controls
-Modification of existing system
-Proposed system

Data Flow Diagrams - answer Graphical descriptions of the sources and destinations
of data

Document Flowcharts - answer Describes the flow of documents and information
between departments or units

System Flowcharts - answer Describes the realtionship between inputs, processing,
and outputs for a system

Program Flowcharts - answer Describes the sequences of logical operations
performed in a computer program

Data Source and Destination - answer

Data Flow - answer

Transformation Process - answer

,Data Stores - answer

Highest Level of DFD is called a... - answer Context Diagram

Differences between a DFD and Flowchart - answer -DFD focuses on logical
relatioship and flow of data among system's elements while system flow charts focus
more on the physical elements in the system
-DFD remains the same when devices change as long as the processing logic is the
same, but the flowchart will change as soon asn the services change

Business Process Diagrams (BPD) - answer A visual way to repersent the activites
in a business process, and can show the organizational unit performing the activity

Basic Exchange - answer Goods for money

Setting - answer A sizable business that sells product to other businesses

Key Activities of the Revenues Cycle - answer -Order Taking
-Shipping
-Billing
-Collections

Order Taking-Activites and Decisions - answer -Receive customer order
-Check customer credit
-Check inventory availability
-Prepare sales order

Order Taking-Source Documents - answer Input-Customer order
Output-Sales order to: customer, warehouse, shipping, billing

Order Taking-Threats - answer -Incomplete/inaccurate order
-Invalid orders
-Uncollectible accounts
-Stockouts or excess inventory
-Loss of customer

Order Taking-Controls - answer -Restriction fo access to master data
-Digital or written signatures
-Credit limits
-Specific Authorization ro approve sales of new cutomers and sales that go over credit
limits
-Aging of AR
-Perpetual inventory control system
-Use of Barcodes or RFID
-Training

, -Periodic physical counts of inventory
-Sales forecasts and activity reports
-CRM, and proper ecaluation fo customer service ratings

Shiping-Activities - answer -Pick
-Pack
-Ship

Shipping-Source Documents - answer Input- Sale order/Picking ticket
Output- Packing Slip(warehouse) and Bill of Lading(shipping) both go to Common
carrier, Customer, and billing

Shipping-Threats - answer -Picking the wrong items or quantity
-Theft of inventory
-Shipping errors

Shipping-Controls - answer -Barcode and RFID Technology
-Reconciliation of picking list to sales order details and shipping documents with sales
orders, picking lists and packing slips
-Restriction of physical access to inventory
-Documentationf of all inventory transfers
-Periodic physical counts of inventory
-Configuraton of ERP system to prevent duplicate shipments

Billing-Activities - answer -Invoicing
-Maintain Accounts Receivable

Open Invoice Method - answer New invoice for each transaction
ADV: Get money quicker

Balance Forward Method - answer One aggregate invoice
ADV: More convenient

Billing-Source Documents - answer Input-Sales order, Packing slips, and Bill of
lading
Output-Invoices to customer and to AR

Billing-Threats - answer -Failure to bill
-Billing Errors
-Posting errors in AR
-Inaccurate or invalid credit memos

Billing-Controls - answer -Separation of billing and shipping functions
-Periodic reconciliation of invoices with sales orders, picking tickets, and shipping
documents
-Reconciliation of shipping documents to sales orders

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