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Accounting Information Systems > Chapter 1 and 2 > Flashcards

Chapter 1 and 2 Flashcards

1
Q

Data

A

Facts collected, recorded, and stored in the system

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2
Q

Information

A

Data organized in a meaningful way

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3
Q

Information Overload

A

Too much information reduces decision quality

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4
Q

Information Technology

A

Used to help effective decision making and condense information

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5
Q

Value of Information (formula)

A

Benefit-Cost = Value of Information

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6
Q

When is information considered valuable?

A

When the benefits exceed the cost of gathering, maintaining, and storing the data.

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7
Q

Access Restricted

A

Limit access to authorized parties

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8
Q

Accurate

A

Accurate, correct, and free of error

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9
Q

Available

A

Available to users when needed

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10
Q

Reputable

A

Perceived as true and credible

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11
Q

Complete

A

Does not omit important aspects of events or activities

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12
Q

Concise

A

Clear, succinct, brief, but comprehensive

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13
Q

Consistent

A

Presented in the same format over time

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14
Q

Current

A

Up to the present data and time

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15
Q

Objective

A

Unbiased, unprejudiced, and impartial

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16
Q

Relevant

A

Reduces uncertainty and improves decision making

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17
Q

Timely

A

Provided in time for decision maker to make decisions

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18
Q

Useable

A

Easy to use for different tasks

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19
Q

Understandable

A

Easily comprehended and interpreted

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20
Q

Verifiable

A

Two independent people can produce the same information.

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21
Q

Machine-Readable

A

can be read and processed by a computer

22
Q

Business Process

A

A set of related, coordinated, and structured activities and tasks performed by people, machines, or both to achieve a specific organizational goal

23
Q

Components of an Information System (3)

A

People, Organization, Technology

24
Q

Transactions

A

Agreement between two entities to exchange goods/services which has economic value

25
Q

Transaction Processing

A

Transaction data is used to create financial statements

26
Q

Revenue Cycle

A

Give goods/service - Get Cash

27
Q

Expenditure Cycle

A

Get goods/service - Give Cash

28
Q

Financing Cycle

A

Give Cash- Get Cash

29
Q

Production Cycle

A

Give labor/raw materials - Get finished goods

30
Q

Payroll Cycle

A

Give cash- Get labor

31
Q

Accounting Information System

A

System that collects, records, stores, and processes data to produce information for decision makers

32
Q

AIS Consists of

A

People, Processes, Technology, Controls

33
Q

AI can be used in what fields?

A

Business, Education, Finance, Healthcare

34
Q

Data Analytics

A

The use of software and algorithms to find and solve problems and improve business performance

35
Q

Blockchain

A

individual digital records, called blocks, linked together using cryptography in a single list

36
Q

Cloud Computing

A

remote access to software, data storage, hardware, and applications

37
Q

Virtualization

A

The running of multiple systems simultaneously on one physical computer

38
Q

Internet of Things (IoT)

A

The embedding of sensors in a multitude of devices.

39
Q

AIS and strategy

A

A strategy is the overall goal the organization hopes to achieve… AIS is influenced by an organization’s strategy.

40
Q

Value Chain

A

links together different activities within an organization that provide value to a customer

41
Q

Primary Activities

A

Provide direct value to the customer

42
Q

Support Activities

A

Enable primary activities to be efficient and effective

43
Q

Supply Chain

A

An extended system that includes the organization’s value chain as well as its suppliers, distributors, and customers

44
Q

Data Processing Cycle

A

Data input – Data Processing – Information Output

45
Q

Data Input (processing steps)

A

Capture, Check, Ensure policies are followed

46
Q

Data Capture

A

Activity interests, Resources affected, People who participated in the activity

47
Q

Data Storage

A

Chart of accounts, Transaction journals, Subsidiary ledgers, General ledger

48
Q

Sequence Codes

A

items numbered consecutively

49
Q

Block Code

A

blocks of numbers reserved for specific categories

50
Q

Group Codes

A

Two or more subgroups of digits used to code items

51
Q

Mnemonic codes

A

Letters and numbers interspersed for identification

52
Q

Types of Data Processing

A

Creating new records,
Reading existing data
Updating previous records or data
Deleting data

Accounting Information Systems (1 decks)

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