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AIS Quiz 1 Ch 1 Questions and Answers correct
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AIS Quiz 1 Ch 1 Questions and Answers correct Define an Accounting Information System A system that collects, records, stores, and processes data to produce information for decision makers. It includes people, procedures and instructions, data, software, information technology infrastructure, and...

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  • August 4, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ais quiz 1 ch 1 questions and answers correct
  • define an accounting information system a system t
  • what are the 6 components of an ais the people wh
  • list the 5 basic transaction cycles and briefly di

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AIS Quiz 1 Ch 1 Questions and Answers
correct
Define an Accounting Information System - answer A system that collects, records,
stores, and processes data to produce information for decision makers. It includes
people, procedures and instructions, data, software, information technology
infrastructure, and internal controls and security measures.

What are the 6 components of an AIS? - answer The people who use the system,
procedures and instructions used to collect-process-store the data, data about the
organization and its business activities, software used to process the data, information
technology infrastructure (computers, peripheral devices, and network communication
devices used in the AIS), internal controls and safety measures that safeguard AIS
data.

List the 5 basic transaction cycles and briefly discuss. - answer Revenue Cycle (Sell
goods for cash), Expenditure Cycle (Purchase inventory for resale), Production or
Conversion Cycle (Raw materials into finished goods), HR/Payroll Cycle (Employees
are hired or trained), Financing Cycle (Sell shares or borrow money)

What are the 7 characteristics of useful information. - answer Relevant (Improved
decision making), Reliable (Free from error or bias), Complete (No omissions), Timely
(In time for decisions), Understandable (In an intelligible format), Verifiable (Two
independents can arrive to the same conclusion), Accessible (Available to users when
they need it)

What is a transaction and how does it differ from transaction processing? - answer
Transaction is an agreement between two entities to exchange goods or services that
can be measured in economic terms. Capturing transaction data and information output
(Financial Statements) is called transaction processing.

Give 5 common activities of the revenue cycle. - answer Approve credit sales, check
inventory availability, pick and pack customer orders, and increase sales and AR (or
decrease AR)

Give 5 common activities of the expenditure cycle. - answer Store goods, receive
vendor invoices, Update (Increase/Decrease) AP, Pay vendors for goods and services

Give 5 common activities of the Human Resource/Payroll cycle. - answer Update
payroll, prepare and disburse payroll, discharge employees, recruit hire and train
employees, and calculate and disburse taxes and benefit payments

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