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ACCT 5410 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

business process

A

a prescribed sequence of work steps performed in order to produce a desired result for the organization. It is initiated by a particular kind of event, has a well defined beginning and end

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2
Q

four types of business processes

A

revenue processes, expenditure processes, conversion processes, administrative processes

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3
Q

Internal controls

A

set of procedures and policies adopted within an organization to safeguard its assets, check the accuracy and reliability of its data, promote operational efficiency, and encourage adherence to prescribed managerial practices

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4
Q

accounting information system

A

comprises the processes, procedures, and systems that capture accounting data from business processes; record the accounting data in the appropriate records; process the detailed accounting data by classifying, summarizing, and consolidating; and report the summarized accounting data to internal and external users

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5
Q

Steps in an accounting information system

A
  1. Work steps within a business process intended to capture accounting data as that business process occurs
  2. The manual or computer based records to record the accounting data from business processes
  3. Work steps that are internal controls within the business process to safeguard assets and to ensure accuracy and completeness of the data.
  4. work steps to process, classify, summarize, and consolidate the raw accounting data.
  5. Work steps that generate both internal and external reports.
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6
Q

vendor

A

provides materials or operating supplies to an organization.

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7
Q

supply chain

A

the entities, processes, and information flows that involve the movement of materials, fund, and related information through the full logistics process, from the acquisition of raw materials to the delivery of finished products to the end user

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8
Q

supply chain management

A

the management and control of all materials, funds, and related information in the logistics process, from the acquisition of raw materials to the delivery of finished products to the end user

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9
Q

IT enablement

A

using IT to enhance efficiency and effectiveness of internal or supply chain processes

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10
Q

information technology

A

defined as the computer, ancillary equipment, software, services, and related resources as applied to support business processes, it has three objectives

  1. Increased efficiency of business processes
  2. Reduced cost of business processes
  3. Increased accuracy of the data related to business processes
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11
Q

business process reegineering

A

the purposeful and organized changing of business processes to make them more efficient

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12
Q

data hierarchy

A 
bit
byte
field
record
file 
database
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13
Q

bit

A

smallest unit of info in a computer system

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14
Q

byte

A

a unit of storage that represents on character

made up of eight bits

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15
Q

field

A

one item within a record

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16
Q

record

A

a set of related fields for the same entity

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17
Q

file

A

set of related records

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18
Q

database

A

a collection of data stored on the computer in a form that allows the data to be easily accessed, retrieved, manipulated, and stored

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19
Q

relational database

A

stores data in several small two dimensional tables that can be joined together in many varying ways to represent many different kinds of relationships among the data

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20
Q

master files

A

the relatively permanent files that maintain the detailed data fro each major process

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21
Q

transaction file

A

set of relatively temporary records that will be processed to update the master file

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22
Q

sequential access

A

files store records in sequence with one record stored immediately after another

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23
Q

random access files

A

are not written or read in sequential order

24
Q

indexed sequential access method

A

files are stored sequentially, but can also be accessed randomly because an index allows random access to specific records

25
Q

batch processing

A

requires that all similar transactions are grouped together for a specified time, and then this group of transactions is processed as a batch

26
Q

online processing

A

each transaction is entered and processed one at a time

27
Q

real time processing

A

the transaction is processed immediately

28
Q

data warehouse

A

an integrated collection of enterprise wide data that includes five to ten fiscal years of nonvolatile date used to support management in decision making and planning

29
Q

operational database

A

contains the data that are continually updated as transactions are processed

30
Q

data mining

A

the process of searching data within the data warehouse for identifiable patterns that can be used to predict future behavior

31
Q

network

A

two or more computers linked together to share info and resources

32
Q

local area network LAN

A

computer network that spans a relatively small area

33
Q

internet

A

the global computer network

34
Q

intranet

A

a company’s private network accessible only to the employees of that company

35
Q

extranet

A

offers access to selected outsiders, such as buyers, suppliers, distributors, and wholesalers in the supply chain

36
Q

e business

A

the use of electronic means to enhance business processes

37
Q

electronic data interchange

A

the inter-company, computer to computer transfer of business documents in a standard business format

38
Q

point of sale systems

A

a system of hardware and software that captures retail sales transactions by standard bar coding

39
Q

Automated matching

A

a computer hardware and software system in which the software matches an invoice to its related purchase order and receiving report

40
Q

evaluated receipt settlement

A

an invoice less system in which computer hardware and software complete an invoice less match that is a comparison of the purchase order with the goods received

41
Q

E-payables and electronic invoice presentment and payment

A

web enabled receipt and payment of vendor invoices

42
Q

Enterprise resource planning

A

multi module software system designed to manage all aspects of an enterprise

43
Q

controls

A

steps to lessen the risk or reduce the impact of the risk

44
Q

control structures

A
  1. Enterprise risk management
  2. Code of ethics
  3. COSO accounting internal control structure
  4. IT system control structure
  5. Corporate governance structure
  6. IT governance Structure
45
Q

Enterprise risk management policies

A 
Internal Environment
Objective Setting
Event Identification
Risk Assessment
Risk Response
Control Activities
Information and Communication
Monitoring
46
Q

Internal Environment

A

tone of an organization and how they view ethics and risk

47
Q

Objective Setting

A

Objectives must exist before management can identify potential events affecting their achievement. ERM ensures that management has in place a process to set objectives that are in line with the company’s risk appetite.

48
Q

Event Identification

A

Internal and external events affecting achievement of an entity’s objectives must be identified, with distinction made between risks and opportunities

49
Q

Risk assessment

A

risks are analyzed by likelihood and impact

50
Q

Risk Response

A

developing a set of actions to align risks with the entity’s risk tolerances and risk appetite

51
Q

Control Activities

A

policies and procedures are established and implemented to help ensure that the risk responses are effectively carried out

52
Q

Information and Communication

A

Relevant Information is identified, captured, and communicated in a form and a time frame that enable people to carry out their responsibilities

53
Q

monitoring

A

the entirety of enterprise risk management is monitored and modified as necessary.

54
Q

IT Controls(General Controls)

A

apply overall to the IT accounting system

55
Q

IT Controls(Application Controls)

A

are used specifically in accounting applications to control inputs, processing, and output

56
Q

corporate governance

A

an elaborate system of checks and balances whereby a company’s leadership is held accountable for building shareholder value and creating confidence in the financial reporting processes

57
Q

IT governance

A

proper management, control, and use of IT systems are known as IT governance

ACCT 5410 (22 decks)

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