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CPA BEC > Business 4: Organizational Needs Assessment > Flashcards

Business 4: Organizational Needs Assessment Flashcards

1
Q

What are five important components of IT?

A

1) Hardware
2) Software
3) Data
4) Network
5) People

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2
Q

How would you categorize a monitor and a mouse?

A

Hardware

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3
Q

What is hardware?

A

Actual physical computer or computer peripheral device

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4
Q

What does software include?

A

Systems and programs that process data and turn that data into info

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5
Q

True or false.

Software can be for general use or for specialized use.

A

True

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6
Q

What is a network made up of?

A

Communication media that allows multiple computers to share data and info

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7
Q

What is data?

A

Raw facts (e.g. quantity, name, or a dollar amount)

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8
Q

In a computer environment, data stored on devices is often described as either what two types of data?

A
  • Production data (live/real)

- test data (staging/fake)

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9
Q

What is production data a result of?

A
  • results from production processing

- stored in production systems

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10
Q

What is test data a result of?

A
  • results from test processing

- stored in test systems

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11
Q

What is information created from?

A

Data that have been processed and organized

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12
Q

What are the four primary roles that business information systems play in business operations?

A

1) Process detailed data
2) Provide info used for making daily decisions
3) Provide info used for developing business strategies
4) Take orders from customers

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13
Q

What does TPS stand for?

A

Transaction processing system

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14
Q

What does an integrated system allow for?

A

Less redundancy of data entry and storage

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15
Q

From a functional perspective, business information systems might be divided into what four categories?

A

1) Sales and marketing systems
2) Manufacturing and production systems
3) Finance and accounting systems
4) Human resources systems

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16
Q

What is the first step in processing business transactions?

A

Data capture

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17
Q

What are two data capture techniques?

A

1) Manual entries

2) Source data automation

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18
Q

Is a well-designed input screen a good technique to ensure that data are captured accurately and completely?

A

Yes

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19
Q

Are auto-entry fields a good technique to ensure that data are captured accurately and completely?

A

YES

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20
Q

Once data about a business activity has been collected and entered into the system, what happens next?

A

Data processing

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21
Q

Business info systems allow a business to perform what five functions on data?

A

1) Collect
2) Process
3) Store
4) Transform
5) Distribute

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22
Q

What is the name of the business information system that is most important to an accountant?

A

Accounting information system (AIS)

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23
Q

What is an AIS?

A
  • Type of management information system
  • Also partly a transaction processing system
  • Also partly a knowledge system
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24
Q

A well-designed AIS creates what sort of trail?

A
  • Audit trail for accounting transactions
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25
Q

What does an audit trail allow a user to do?

A
  • trace a transaction from a source document to ledge

- vouch from ledger back to source document

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26
Q

True or false.

One of the objectives of an AIS is to record invalid transactions.

A

False (“valid”)

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27
Q

True or false.

One of the objectives of an AIS is to properly classify recorded transactions.

A

True

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28
Q

What is the general sequence of events in an AIS?

A

Input >&raquo_space; Output

  • Source doc
  • Journal
  • Ledger
  • Trial balance
  • F/S reports
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29
Q

Similar economic events are typically grouped for repetitive processing into what five transaction cycles?

A

1) Revenue cycle
2) Expenditure cycle
3) Production cycle
4) HR/payroll cycle
5) Financing cycle

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30
Q

Transaction processes are generally divided into what four functional areas that make up the data processing cycle?

A

1) Data input
2) Data storage
3) Data processing
4) Info output

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31
Q

True or false.

A basic issue associated with data input is ensuring that all transactions of interest are accounted for.

A

True

32
Q

True or false.

A basic issue associated with data input is ensuring that all transactions of interest are accounted for and in the correct amounts.

A

True

33
Q

True or false.

A basic issue associated with data input is identifying all the people originating the transactions.

A

True

34
Q

Transactions associated with equity and debt financing including issuance of stock or debt, payment of dividends or debt service payments are part of what transaction cycle?

A

Financing cycle

35
Q

Source documents and turnaround documents assist in what?

A

Input verification

36
Q

Give an example of a source document.

A
  • purchase orders
  • customer orders
  • time sheets
37
Q

What is used to make data in the AIS more accessible and useful?

A

Coding

38
Q

What are three different types of coding methods?

A

1) Sequence codes
2) Block codes
3) Group codes

39
Q

Sequence codes ensure what?

A

That a list of transactions include neither duplicates nor gaps in the number sequence

40
Q

What do block codes use to group similar items?

A

Blocks of numbers to group similar items (e.g. assets might be coded 100-199)

41
Q

True or false.

In group codes, different groups of numbers have meaning.

A

True

42
Q

What do charts of accounts represent?

A
  • A form of coding that summarizes accounting data by ledger classification (e.g. assets, liabilities, revenues, expenses, etc.) for the purposes of financial analysis and presentation
43
Q

What does chart of accounts allow a business to do?

A

Customize classification of data in the ways that best meet the info requirements of the business

44
Q

Define entity (w/r/t computer storage).

A

Subject of the stored info (e.g. employee, customer, etc.)

45
Q

Define attributes (w/r/t computer storage).

A

The specific items of interest for each entity (e.g. rate of pay for employees, credit rating for customers, etc.)

46
Q

Define field (w/r/t computer storage).

A
  • A field contains a single piece of info (an attribute) of the entity.
  • E.g. FirstName, LastName, City
47
Q

Define record (w/r/t computer storage).

A
  • Includes all attributes about a single instance of an entity (e.g. an employee)
48
Q

Define data value (w/r/t computer storage).

A
  • The contents of fields are typically referred to as data values.
49
Q

Define file (w/r/t computer storage).

A

Records are grouped into files

50
Q

Define master file (w/r/t computer storage).

A
  • Similar to a ledger

- Master file stores cumulative info and info that is relatively permanent (e.g. customers, vendors, inventory)

51
Q

Define transaction file (w/r/t computer storage).

A
  • Similar to a journal

- The transaction file stores individual transactions

52
Q

Define database (w/r/t computer storage).

A
  • Files that are interrelated and coordinated are referred to as a database
53
Q

True or false.

Transactions are processed to keep info current, and include various functions and methods.

A

True

54
Q

What does OLRT stand for?

A

Online real-time processing

55
Q

What is a query?

A

Request for specific data (e.g. day’s sales)

56
Q

What are three different types of info output?

A

1) Documents
2) Reports
3) Query

57
Q

Reports can come in what two forms?

A

1) Internal (e.g. sales analysis)

2) External (e.g. f/s)

58
Q

What are three common types of reports generated by AIS?

A

1) Budgets
2) Production and delivery schedules
3) Performance reports

59
Q

In a computerized environment, what two methods can be used to perform file maintenance on master files, including databases?

A

1) Batch processing

2) Online, Real-Time processing (OLRT)

60
Q

True or false.

There is never a time delay b/w the time the transaction is initiated and the time that it is fully processed with batch processing

A

False (“always”)

61
Q

True or false.

There is never a time delay b/w the time the transaction is initiated and the time that it is fully processed with batch processing

A

False (“always”)

62
Q

What does EUC stand for?

A

End-user computing

63
Q

How often and to whom are periodic scheduled reports made available?

A
  • On a regular basis

- To end users of the system

64
Q

Give an example of a periodic scheduled report.

A
  • Weekly commission report

- Monthly financial statement

65
Q

When are exception reports produced?

A
  • When a specific condition or exception occurs
66
Q

Give an example of when an exception report may be produced?

A
  • When a customer’s credit balance is greater than the credit limit
67
Q

When is a demand report made available?

A

On demand

68
Q

What is a demand report also referred to as?

A

Response report (b/c an end user can log onto a workstation and obtain a response in the form of a report w/o waiting for scheduled report creation)

69
Q

Define an ad hoc report.

A
  • One that does not currently exist but that can be created on demand
  • W/o having to get a software developer or programmer involved
70
Q

What is a query?

A
  • A set of criteria that the end user can send to the system to extract all transactions or other info that meet these criteria
71
Q

What is a query?

A
  • A set of criteria that the end user can send to the system to extract all transactions or other info that meet these criteria
72
Q

True or false.

Under push reporting, info can be “pushed” and sent to a computer screen or computer desktop.

A

True

73
Q

How are dashboard reports used by organizations?

A
  • To present summary info necessary for management action
74
Q

What does XBRL stand for?

A

Extensible Business Reporting Language

75
Q

What is XBRL derived from?

A

XML (Extensive markup language)

76
Q

What do XBRL tags define?

A
  • Define the data (provide meta-data)
  • E.g. tags could indicate the taxonomy used (GAAP or IFRS), the currency, the time period, as well as the definition of the element

CPA BEC (26 decks)

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