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AIS Chapter 2: Introduction to Transaction Processing Questions and Answers graded A+ $13.49   Add to cart
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AIS Chapter 2: Introduction to Transaction Processing Questions and Answers graded A+
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AIS Chapter 2: Introduction to Transaction Processing Questions and Answers graded A+ Financial Transaction an economic event that affects the assets and equities of the firm, is reflected in its accounts, and is measured in monetary terms. the expenditure cycle the conversion cycle th...

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  • August 4, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ais chapter 2 introduction to transaction process
  • financial transaction an economic event that affec
  • the expenditure cycle the conversion cycle the rev
  • expenditure cycle time lag between the two due t

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AIS Chapter 2: Introduction to Transaction
Processing Questions and Answers graded
A+
Financial Transaction - answer an economic event that affects the assets and
equities of the firm, is reflected in its accounts, and is measured in monetary terms.

the expenditure cycle

the conversion cycle
the revenue cycle - answer similar types of transactions are grouped together into
three transaction cycles:

@Expenditure Cycle: time lag between the two due to credit relations with suppliers:
- physical component (acquisition of goods)
-
financial component (cash disbursements to the supplier)
@Conversion Cycle :
- the production system (planning, scheduling, and control of the physical product
through the manufacturing process)
-
the cost accounting system (monitors the flow of cost information related to production)
@Revenue Cycle: time lag between the two due to credit relations with customers :
-
physical component (sales order processing)
-
financial component (cash receipts) - answer Each Cycle has Two Primary
Subsystems
:

- Source Documents
- Product Documents
- Turnaround Documents
- Journals
- Ledger - answer Manual System Accounting Records
SPTJL

Source Documents - answer used to capture and formalize transaction data needed
for transaction processing

Product Documents - answer the result of transaction processing

, Turnaround Documents - answer a product document of one system that becomes a
source document for another system

Journals - answer a record of chronological entry

Ledger - answer a book of financial accounts

- special journals
- general journal - answer Two types of Journals:

special journals - answer specific classes of transactions that occur in high frequency

general journal - answer nonrecurring, infrequent, and dissimilar transactions

- general ledger
- subsidiary ledger - answer Two types of ledger:

general ledger - answer shows activity for each account listed on the chart of
accounts

subsidiary ledger - answer shows activity by detail for each account type

audit trail - answer The _______ is less observable in computer-based systems than
traditional manual systems.

physical trail - answer In Computer-Based Systems
the data entry and computer programs are the ________ .

magnetic files - answer In Computer-Based Systems
the data are stored in ________ .

- Master File
- Transaction File
- Reference File
- Archive File - answer Computer Files
MTRA

Archive File - answer contains past transactions for reference purposes

Reference File - answer contains relatively constant information used in processing
(e.g., tax tables, customer addresses)

Transaction File - answer a temporary file containing transactions since the last
update

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