- Study guides, Class notes & Summaries

What is an accounting information system? correct answers An accounting information system is a structure of interrelated components that collect, store, and process data arising from business events. What are the components of an accounting information system? correct answers Procedures and instructions, internal controls, data, people, software, and information technology infrastructure Why is it important for accountants to know about accounting information systems? correct answers Beca...

An accounting information system is a set of interrelated: correct answers Activities, documents and technologies. The components of an accounting information system are designed to collect ___ and report ___. correct answers Data, information 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? correct answers Buying inventory, sales invoice, general ledger software An acco...

System correct answers An entity consisting of two or more components or subsystems that interact to achieve a goal, the equipment and programs that comprise a complete computer installation, and the programs and related procedures that perform a single task on a computer. Systems Concept correct answers A systems analysis principle that states that changes in subsystems cannot be made without considering the effect on other subsystems and the system as a whole Goal Conflict correct answer...

Themes of this textbook correct answers Enterprise Systems E-Business Controls 10 elements are included in the study of AIS: correct answers Communications, accounting and auditing principles Technology, databases, reporting, control Business operations, events processing, management decision making, systems development and operation Organization, interrelationships, integration, and central objectives must be present in a system because: correct answers A system is a set of in...

1 An accounting information system is defined as correct answers a system that records, processes, summarizes and reports on business transactions to provide financial and nonfinancial information to facilitate decision making 2.Benefits of enterprise system or enterprise resource planning correct answers a centralized database that collects data from throughout the firm Can significantly lower the cost of support processes included in sales, general and admin expenses 3. As business ana...

AICPA Core Competency Framework correct answers Broad Business Competencies Personal Competency Functional Competency FASB Components AIS achieves correct answers Provide financial reporting Identify and measure elements of financial statements Provide timely, reliable, and relevant info to users Full disclosure principle AIS Structure correct answers Inputs, Processes, Outputs, Storage, Internal Controls Information Competence correct answers Find Evaluate Use Communicate Cr...

System correct answers 1. an entity consisting of two or more components or subsystems that interact to achieve a goal. 2. the equipment and programs that comprise a complete computer installation. 3. the programs and related procedures that perform a single task on a computer. Goal conflict correct answers occurs when a decision or action of a subsystem is inconsistent with another subsystem or the system as a whole. goal congruence correct answers achieved when a subsystem achieves its g...

Data correct answers acts that are collected, recorded, stored, and processed by an information system (input) -Most useful when it is in machine-readable form Information correct answers data that have been organized and processed to provide meaning and improve the decision-making process (output) Value of information correct answers the benefit provided by information less the cost of producing it transaction correct answers an agreement between two entities to exchange goods or serv...

Relevant correct answers An accounts receivable aging report used in credit granting decisions Reliable correct answers A report checked by 3 different people for accuracy Complete correct answers An accounts receivable aging report that included all customer accounts Timely correct answers An accounts receivable aging report was received before the credit manager had to make a decision whether to extend customer credit Understandable correct answers The report was carefully designed...