ACC 321 Exam 1 Flashcards
a set of detailed methods, procedures, and routines that carry out specific activities, perform a duty, achieve goals or objectives, or solve one or more problems
system
occurs when a subsystem’s goals are inconsistent with the goals of another subsystem or with the system as a whole
Goal Conflict
occurs when a subsystem achieves its goals while contributing to the organization’s overall goal
Goal Congruence
facts that are collected, recorded, stored, and processed by an information system
data
data that have been organized and processed to provide meaning and context that can improve the decision-making process
Information
format that can be read and processed by a computer
Machine readable
occurs when those limits are passed, resulting in a decline in decision-making quality and an increase in the cost of providing that information
Information overload
The computers and other electronic devices used to store, retrieve, transmit, and manipulate data
Information technology ( IT )
the benefit produced by the information minus the cost of producing it.
value of information
is the combination of the people and the technologies in an organization that collect, record, store, and process data to produce the information needed to make informed decisions
information system
a set of related, coordinated, and structured activities and tasks that are performed by a person, a computer, or a machine and that help accomplish a specific organizational goal
business process
an agreement between two entities to exchange goods or services or any other event that can be measured in economic terms.
transaction
Process of capturing transaction data, processing it, storing it for later use, and producing information output, such as a managerial report or a financial statement.
transaction processing
Transactions that happen a great many times, such as giving up cash to get to get inventory from a supplier and giving employees a paycheck in exchange for their labor
give-get exchange
where goods and services are sold for cash or a future promise to receive cash
revenue cycle
where companies purchase inventory for resale or raw materials to use in producing products in exchange for cash or a future promise to pay cash
expenditure cycle
where raw materials are transformed into finished goods
production cycle or conversion cycle
where employees are hired, trained, compensated, evaluated, promoted, and terminated
human resources/payroll cycle
where companies sell shares in the company to investors and borrow money, and where investors are paid dividends and interest is paid on loans
financing cycle
A system that collects, records, stores, and processes data to produce information for decision makers. It includes people, procedures and instructions, data, software, information technology infrastructure, and internal controls and security measures
Accounting Information System (AIS)
the systematic and comprehensive recording of an organization’s financial transactions
accounting
The use of computer systems to simulate human intelligence processes such as learning, reasoning, and self-improvement
Artificial intelligence
the use of software and algorithms to discover, describe, interpret, communicate, and apply meaningful patterns in data to improve business performance
data analytics
Interactive real-time display of key indicators of operating performance; display of important data points, metrics, and key performance indicators in easily understood data visualizations such as line or bar charts, tables, or gauges.
data dashboard
An essential part of most analytic tools
data dashboard
Individual digital records, called blocks, linked together using cryptography in a single list, called a chain. The blockchain isn’t stored in a single location. Instead, it is a distributed ledger of hashed documents that functions as a decentralized database. Each computer in the distributed peer-to-peer network maintains a copy of the ledger to prevent a single point of failure.
Blockchain
Running multiple systems simultaneously on one physical computer.
Virtualization
Using a browser to remotely access software, data storage, hardware, and applications.
Cloud computing
Embedding sensors in devices so they can connect to the Internet.
Internet of Things (IoT)
Value chain activities that produce, market, and deliver products and services to customers and provide postdelivery service and support.
Primary activities
Value chain activities such as firm infrastructure, technology, purchasing, and human resources that enable primary activities to be performed efficiently and effectively.
Support activities
An extended system that includes an organization’s value chain as well as its suppliers, distributors, and customers.
Supply chain
Information-processing operations involved in updating the general ledger and preparing reports for both management and external parties.
General ledger and reporting system
General ledger and reporting system
Value chain
A path that allows a transaction to be traced through a data processing system from point of origin to output or backwards from output to point of origin. It is used to check the accuracy and validity of ledger postings and to trace changes in general ledger accounts from their beginning balance to their ending balance.
Audit trail
Anything about which an organization wants to collect and store information. Examples include an employee, an inventory item, and a customer.
Entity
The properties, identifying numbers, and characteristics of interest of an entity stored in a database. Examples are employee number, pay rate, name, and address.
Attributes
The portion of a data record where the data value for a particular attribute is stored. For example, in a spreadsheet, each row might represent a customer and each column an attribute of the customer. Each cell in a spreadsheet is a field.
Fields
A set of fields whose data values describe specific attributes of an entity, such as all payroll data relating to a single employee. An example is a row in a spreadsheet.
record
The actual value stored in a field. It describes a particular attribute of an entity. For example, the customer name field would contain “ZYX Company” if that company were a customer.
Data value
A structured interface that allows one system to interact with another system offering a data service to other systems. The interface is often operationalized in JSON or XML.
Application Programming Interfaces (API)
(1) The systematic assignment of numbers or letters to items to classify and organize them. (2) Writing program instructions that direct a computer to perform specific data processing tasks.
Coding
Items are numbered consecutively so that gaps in the sequence code indicate missing items that should be investigated. Examples include prenumbered checks, invoices, and purchase orders.
Sequence codes
Blocks of numbers reserved for specific categories of data, thereby helping to organize the data. An example is a chart of accounts.
Block code
Accumulating transaction records into groups or batches for processing at a regular interval such as daily or weekly. The records are usually sorted into some sequence (such as numerically or alphabetically) before processing.
Batch processing
The computer system processes data immediately after capture and provides updated information to users on a timely basis.
Real-time processing
A title given to a general ledger account that summarizes the total amounts recorded in a subsidiary ledger. For example, the accounts receivable control account in the general ledger represents the total amount owed by all customers. The balances in the accounts receivable subsidiary ledger indicate the amount owed by each specific customer.
Control Account
A ledger that contains summary-level data for every asset, liability, equity, revenue, and expense account of the organization.
General ledger
