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AIS Final Exam Review Questions (Extensive)

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AIS Final Exam Review Questions (Extensive) D) Activities, documents, and technologies An accounting information system is a set of interrelated: A) Activities and documents only B) Activities and technologies only C) Documents and technologies only D) Activities, documents, and technologies...

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

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  • ais final exam review questions extensive
  • d activities documents and technologies an acco
  • a data information the components of an accounti
  • b buying inventory sales invoice general ledger

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AIS Final Exam Review Questions
(Extensive)
D) Activities, documents, and technologies - answer An accounting information
system is a set of interrelated:
A) Activities and documents only
B) Activities and technologies only
C) Documents and technologies only
D) Activities, documents, and technologies

A) Data, information - answer The components of an accounting information system
are designed to collect ______ and report _______.
A) Data, information
B) Data, data
C) Information, information
D) Information, data

B) Buying inventory, sales invoice, general ledger software - answer An accounting
information system is defined by the text as a set of three interrelated elements. Which
of the following choices best gives an example of each element?
A) Buying inventory, selling inventory, balance sheet
B) Buying inventory, sales invoice, general ledger software
C) Selling inventory, sales invoice, balance sheet
D) Selling inventory, writing a check, general ledger software

A) Journalizing transactions and posting them to the ledger - answer An accounting
information system transforms inputs into outputs via processes such as:
A) Journalizing transactions and posting them to the ledger
B) Identifying the elements of the FASB Conceptual Framework
C) Always utilizing information technology
D) Recognizing and adapting tot he cost-benefit constraint

C) Processed source documents leading to the general purpose financial statements -
answer Which of the following best fits the definition of an accounting information
system explained in the text?
A) A checkbook register
B) A publicly-traded corporation's financial statements
C) Processed source documents leading to the general purpose financial statements
D) An Excel spreadsheet of financial statement ratios

A) Documents and data - answer April compiled checks, receipts, and invoices, then
entered them into Quickbooks. She printed out her financial statements and took them

,to the bank as documentation for a loan application. In that scenario, checks, receipts,
and invoices could be referred to as:
A) Documents and data
B) Data and information
C) Documents and information
D) Documents, data, and information

A) The required monthly payment is an example of "information," as the term is used in
the definition of an accounting information system. - answer Claudia borrowed
money from her bank, signing a five-year note payable. She then calculated the monthly
payment needed to pay off the loan within three years. Which of the following
statements is / are the most true?
A) The required monthly payment is an example of "information," as the term is used in
the definition of an accounting information system.
B) The five-year note payable would be considered a "technology" if it were prepared
with computer software
C) Both A and B are true
D) Neither A nor B is true

D) I, II, and III - answer Claudia borrowed money from her bank, signing a five-year
note payable. She then calculated the monthly payment needed to pay off the loan
within three years. Based on the definition of an accounting information system provided
in the text, the five year note payable could be considered: (i) an input, (ii) an output, (iii)
a document.
A) I and II only
B) I and III only
C) II and III only
D) I, II, and III

B) Yes, because all elements of the definition are present. - answer Eugene is a self-
employed business owner. In February 2011, he gathered together his income and
expense records for 2010. He use them, along with appropriate software, to prepare his
tax return, which he then transmitted to the Internal Revenue Service. Has Eugene use
an accounting infromation system based on the definition provided in the text?
A) Yes, because he used software to prepare his tax return.
B) Yes, because all elements of the definition are present.
C) No, because all accounting information systems must produce general purpose
financial statements.
D) No, because no internal decision maker is mentioned

D) Yes, because all elements of the definition are present or implied - answer The
vice president for customer service of First United Bank determined that Lee had
overpaid his mortgage. The bank sent Lee a letter asking him if he wanted a refund of
the over-payment or if he wanted to apply it to future mortgage payments. Has the vice
president for customer service used an accounting information system based on the
definition provided in the text?

, A) No, because no mention is made of software.
B) No, because the letter does not constitute an output
C) No, because no mention is made of general purpose financial statements
D) Yes, because all elements of the definition are present

B) All organizations need an AIS - answer Accounting information systems is an
important area of study for future accountants because:
A) All organizations use information technology in their AIS
B) All organizations need an AIS
C) Both A and B
D) Neither A nor B

A) Principles of debit and credit - answer Accounting information systems is an
important area of study for future accountants because a well-designed AIS can
respond to many elements of the FASB Conceptual Framework. All of the following are
parts of the conceptual framework except:
A) Principles of debit and credit
B) Objective of financial reporting
C) Elements of financial statements
D) Qualitative characteristics of accounting information

D) Neither A nor B - answer Which of the following best explains why AIS is an
important area of study for future accountants?
A) AIS is the only area of accounting where students learn about information technology
B) AIS is the only area of accounting where students learn about the FASB Conceptual
Framework
C) Both A and B
D) Neither A nor B

B) Resistance to change is a potential cost when making changes to the AIS - answer
AIS is an important area of study for future accounts because a well-designed AIS can
recognize and adapt to the cost-benefit constraint. Which of the following statements is
most true?
A) Non-financial costs and benefits are less important than financial costs and benefits
in designing an AIS
B) Resistance to change is a potential cost when making changes to the AIS
C) Financial statement users benefit from more information when it comes from the AIS
D) Source documents should be electronic, rather than paper-based, because
electronic documents are more cost effective

C) Matching, land is not depreciated - answer AIS is an important area of study for
future accountants because a well-designed AIS can respond to many elements of the
conceptual framework. Which of the following best pairs an element of the conceptual
framework with a specific examples of that element?
A) Relevance, land reported at historical cost
B) Consistency, land reported at historical cost

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