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AIS Study Exam I Questions & Answers 2024/2025
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AIS Study Exam I Questions & Answers 2024/2025 How can the outline/summaries be useful? - ANSWERSIntroducing material, study checklist Relevance - ANSWERSMakes a difference in a decision; enhances decision making (predictive value, feedback value, timeliness) Reliability - ANSWERSAccurac...

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  • August 10, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ais study exam i questions answers

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AIS Study Exam I Questions & Answers
2024/2025

How can the outline/summaries be useful? - ANSWERSIntroducing material, study checklist



Relevance - ANSWERSMakes a difference in a decision; enhances decision making (predictive value,
feedback value, timeliness)



Reliability - ANSWERSAccuracy of information (verifiability, neutrality, faithful representation)



Example from target breach. - ANSWERSHackers got customer name, credit card #, and pin



Elements - ANSWERSData



Characteristics - ANSWERSInformation



What is the goal of AIS? - ANSWERSTo transform data into information



List four subsidiary ledgers. - ANSWERSInventory, accounts payable, accounts receivable, fixed assets



General ledger - ANSWERSSummary of every asset, liability, equity, revenue & expense account



Subsidiary ledger - ANSWERSDetailed data for certain general ledger accounts



Data - ANSWERSRaw facts about events that have no organization or meaning



Information - ANSWERSData that have been processed and made meaningful to users; a business
resource

,System - ANSWERSConsists of interacting parts of components, is set up to achieve one or more goals



Information system - ANSWERSA set of interrelated subsystems, works to collect, process, store,
transform, and distribute information, helps to plan, make decisions, and control processes



Firm/company - ANSWERSDepends on information systems to stay competitive



Accounting information system - ANSWERSIs the intersection of accounting and information systems.
Accounting: financial account, managerial accounting, and taxation.

Information systems: collect, process, store, transform, and distribute



What are the five components? - ANSWERSData, procedures, hardware, software, and people



When is new AIS needed? - ANSWERSLate payment of vendor invoices, which means late fees and lost
cash discounts.

Late deliveries to customers.

Growth in inventories, accompanied by an increase in stockouts.

Slowdown in inventory turnover.

Increased time in collecting receivables.

Late periodic reports.

Increasing length of time to close out books at the end of a period.

Managers concerned about cash flows and financial picture of organization.

Manager complaints about lack of information needed for decision-making.

Owner worries about cash flows, taxes, and profitability.



What are inputs? - ANSWERSCollection of data/information from internal/external sources



What are processes? - ANSWERSSorting, organizing, and calculating

, What are outputs? - ANSWERSDistribution of information for internal/external decision makers



What do information systems auditors do? - ANSWERSAnalyze risks associated with computerized
information systems and can show organizations ways that their computer systems could be
compromised

Can be licensed as Certified Information Systems Auditors (CISA) and can obtain the certification from
ISACA

Can become a Certified Information Technology Professional (CITP), which CPAs can earn with business
experience and by passing an examination



General journal - ANSWERSInfrequent, non-routine transactions



Specialized journal - ANSWERSFrequent, common transactions recorded to simplify processes



What are some examples of specialized journals? - ANSWERSPayroll, purchase on account, sales on
account, cash receipts, cash disbursements



Steps in the accounting cycle - ANSWERSRecord transaction in a journal.

Post journal entries to a ledger.

Prepare an unadjusted trial balance.

Record and post adjusting journal entries.

Prepare an adjusted trial balance.

Prepare financial statements.

Record and post closing journal entries.

Prepare a post-closing trial balance.



Audit trail - ANSWERSEnables information users to follow the flow of data through the system



Costs of Cloud Computing - ANSWERSHardware, software, training (technical, business processes), data
conversion, interfaces and customization, professional services, reassigned employees, software
maintenance, software upgrades

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