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Accounting Information Systems Exam #1 questions & answers.
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Accounting Information Systems Exam #1 questions & answers.
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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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