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Chapter 1 Quiz Accounting Information Systems An Overview questions & answers.
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Chapter 1 Quiz Accounting Information Systems An Overview questions & answers.
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Chapter 1 Quiz Accounting InformationSystems An Overview questions &
answers.
Information is best described as ANS - data that have been organized and processed to provide meaning
and improve decision making
The value of information can be best determined by ANS - the benefit provided by information less the
cost of producing it
_____ information reduces uncertainty, improves decision making, or confirms or corrects prior
expectations ANS - Relevant
Joey Smith has been the controller of Nadia Cake for the past 5 years. The owners of Nadia have
recently decided to expand their operation and are in the process of obtaining a loan from a local bank.
In order to be qualified for the loan, the bank asks Nadia to conduct an audit of the financial records.
The auditors have been unable to obtain Nadia's financial statements that were prepared by Joey. While
there is no evidence of wrongdoing, the auditors are not able to complete the audit. Which of the
following characteristics of useful information is absent in the situation described above? ANS -
Accessible
Before a company can identify the information needed to effectively manage a process, the company
must ANS - understand its business process
In which transaction cycle would information for generating customer orders be most likely to pass
between internal and external accounting information systems? ANS - The revenue cycle
Which of the following is not a transaction cycle? ANS - The general ledger cycle
Which of the following is an example of a common activity in an AIS? ANS - Selling goods and services
and collecting cash
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