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Accounting Information Systems Exam #1 questions & answers. $9.29   Add to cart

Exam (elaborations)

Accounting Information Systems Exam #1 questions & answers.

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  • Accounting Information System
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  • Accounting Information System

Accounting Information Systems Exam #1 questions & answers.

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  • September 5, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Accounting Information System
  • Accounting Information System
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Professorkaylee
Accounting Information Systems Exam
#1 questions & answers.
accounting ANS - information infrastructure of an entity that permits it to achieve it objectives



accounting information system ANS - made up of 6 characteristics that work together to achieve a firms
goal



6 characters of AIS ANS - 1- the people who use the system

2- activities/intrusions

3- data

4- software

5- IT Infrastructure- computers

6-internal controls and security measures



3 Functions of Accounting Information systems ANS - 1- collect and process data about business
activities

2- provide information for decision making

3- establishing adequate controls



transforming data into information ANS - 1- inputs: capture, record

2- processing: classify, calculate, sort

3- outputs: compile, arrange

4- storage: store, retrieve, delete

5- internal controls: custody, record keeping



value chain ANS - links all business processes within an organization



business process ANS - group of tasks that create value

, supply chain ANS - links value chains from different firms



where do all business process/cycles send their information to? ANS - general ledger and reporting
system



WALMART SUPPLY CHAIN ANS - -14 secs after item is scanned the warehouse is notified

-2 day turnaround period from warehouse to shelf

-IMPACT: lower levels of inventory, lower interest cost, higher diversity of products



3 objectives of internal controls ANS - 1- ensure that the information is reliable

2- ensure that all business activities are performed efficiently

3- safeguard for data



source document ANS - collect data to improve control and accuracy of data



segregation of duties ANS - separating the responsibility for different portions of transactions among
different people



segregation of duty should be split into what 3 categories? and why do we have this in place? ANS - 1-
authorizing transactions

2- recording transactions

3- custody of asset

why?- help prevent errors, frauds, misstatements



Revenue Cycle ANS - associated with providing goods and services to customers and collecting cash



payroll cycle ANS - acquire and pay for resources

associated with managing employee workforce

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