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Chapter 1 (AIS EXAM 1) Questions and Answers 100% correct
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Chapter 1 (AIS EXAM 1) Questions and Answers 100% correct system set of two or more interrelated components that interact to achieve a goal (pg.3) information data that has been organized and processed to provide meaning and improve the decision making process (pg.3) data fact...

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

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  • chapter 1 ais exam 1 questions and answers 100
  • system set of two or more interrelated components
  • information data that has been organized and proce
  • data facts about activities events resources a

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  • Ais

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Chapter 1 (AIS EXAM 1) Questions and
Answers 100% correct
system - answer set of two or more interrelated components that interact to achieve
a goal (pg.3)

information - answer data that has been organized and processed to provide
meaning and improve the decision making process (pg.3)

data - answer facts about activities (EVENTS), RESOURCES, and people
(AGENTS) that are collected, recorded, stored and processed by the information
system (pg.3)

accounting - answer an information system that records, classifies, and summarizes
economic events in a logical manner for the purpose of providing financial information
for decision making

accounting information system - answer a set of interrelated and interacting
components that collects, records, stores and processes economic facts about
resources, events, and agents (REA) so that it is financially meaningful to decision
makers

categories/types of data collected in an AIS - answer 3 types REA:
-events (like a sale, that's an event)
-resources (what resources are involved in a sale? inventory, cash if cash sale)
-agents (what people/agent is involved? customers, employees)

Typical activities by business process/cycle - answer business process definition:
-A set of related, coordinated, and structured activities and tasks, performed by a
person, a computer, or a machine, that help accomplish a specific organizational goal.
Transaction cycle types:
-revenue cycle
-expenditure cycle
-production/conversion cycle
-human resources/payroll cycle
-financing cycle
THEN ALL SEND ECONOMIC DATA TO THE GENERAL LEDGER AND REPORTING
SYSTEM THAT WILL GENERATE A SET OF FINANCIAL STATEMENTS

revenue cycle (Typical activities by business process/cycle) - answer Activities
associated with selling goods and services in exchange for cash or a future promise to
receive cash.
- Give Goods ----------> Get Cash

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