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Accounting Information Systems Exam 1 practice questions & answers.
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Accounting Information Systems Exam 1 practice questions & answers.
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Accounting Information Systems Exam 1practice questions & answers.
an accounting information system is a set of interrelated: ANS -activities, documents and processing
procedures
the components of an accounting information system are designed to collect _________ and report
___________. ANS -Data ; Information
an accounting information system is defined as a set of three interrelated elements. Which of the
following choices best gives an example of each element? ANS -Buying inventory, sales invoice, general
ledger software
an accounting information system transforms inputs into outputs via processes such as: ANS -
journalizing transactions and posting them to the ledger
which of the following best fits the definition of an accounting information system explained in the text?
ANS -processed source documents leading to the general purpose financial statements.
April compiled checks, receipts and invoices, then entered them into Quickbooks. She printed out her
financial statements and took them to the bank as documentation for a loan application. In that
scenario, checks, receipts and invoices could be referred to as: ANS -documents, data, and information
Claudia borrowed money from her bank, signing a five-year note payable. She then calculated the
monthly payment needed to pay off the loan within three years. Which of the following statements is /
are most true? ANS -the required monthly payment is an example of "information", as the term is used
in the definition of an accounting information system.
Eugene is a self-employed business owner. In February 2011, he gathered together his income and
expense records for 2010. He used them, along with appropriate software, to prepare his tax return,
which he then transmitted to the Internal Revenue Service. Has Eugene used an accounting information
system based on the definition provided in the text? ANS -Yes, because all elements of the definition
are present.
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