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info systems > class 8 > Flashcards

class 8 Flashcards

1
Q

what is an organization composed of?

A

one or more business functional areas

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2
Q

what should all business functions support?

A

the main mission and vision of an organization

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3
Q

what are 4 major functions of a business?

A

finance/ accounting
Human Resources
sales / marketing
production operations

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4
Q

what are the 3 areas of production operations?

A

manufacturing
retail
services

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5
Q

what is a functional area information systems?

A

a cross-organizational information systems designed to support a specific functional area

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6
Q

what are the 4 supported activities by functional area information systems?

A

accounting and finance
Human Resources
marketing and sales
operations (manufacturing)

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7
Q

what were information systems designed for?

A

to support a specific functional area to increase effectiveness and efficiency

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8
Q

what do functional area information systems do?

A

they provide information mainly to lower and middle class managers in the functional area

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9
Q

how do lower and middle level management use the information from functional area systems?

A

they use the information to help them plan, organize and control operations

the information is provided in reports

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10
Q

what are accounting and finance information systems?

A

systems used for managing, controlling and auditing the financial resources of the organization

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11
Q

what are 5 examples of some things accounting and finance information system are used for?

A

inventory management
accounts payable
expense accounts
cash management
payroll processing

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12
Q

what are Human Resources information systems?

A

systems used for managing, controlling and auditing the human capital in an organization

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13
Q

what are 5 examples of some things human resources information systems are used for?

A

recruiting and hiring
education and training
benefits management
employee termination
workforce planning

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14
Q

what are marketing and sales information systems?

A

systems used for managing new product development, distribution, pricing, promotional effectiveness, and self forecasting of the products and services offered by the organization

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15
Q

what are 5 examples of some things marketing and sales information systems used for?

A

market research and analysis
new product development
promotion and advertising
pricing and sales analysis
product location

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16
Q

what are productions and operations information systems?

A

systems used for managing, controlling and auditing the production and operations resources for the operation

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17
Q

what are 7 examples of some things marketing and sales information systems used for?

A

inventory analysis
cost and quality tracking
material and resource planning
customer service tracking
customer problem tracking
job costing
resource utilization

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18
Q

are accounting information systems and finance information systems 2 separate things?

A

yes

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19
Q

what is the difference between accounting information systems and finance information systems?

A

accounting focuses on cash flow management, involving, payroll and receivables

and finance provides internal and external professional access to stock, investment and capital spending information

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20
Q

what is an accounting information system?

A

integrates monitors and documents the operations of the aspects of business operations that have to do with accountability of the asses/ liabilities of the enterprise, the determinations of the results of operations leading to the computation of comprehensive income and the financial reporting aspects of business operations

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21
Q

what are the 2 financial statements that accounting information systems are required to produce?

A

the balance sheet
the income statement

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22
Q

what is an accounting information system?

A

a system that collects, records, stores and processes accounting and other data to produce information

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23
Q

what are the 5 questions accounting information systems helps managers answer?

A

how much and what kind of debt is outstanding
were sales higher this period then last
what assets do we have
what were cash outflows and inflows
did we make a profit last period

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24
Q

what are the 3 basic functions performed by an accounting information system?

A

collect and store data about the organizations business activities

provide management with information

provide adequate internal controls

25
Q

what are the 3 ways that accounting information systems collect and store data?

A

capture transaction data on source documents

record transaction data in journals which present chronological record of what occurred

post data from journals to ledgers which sort data by account type

26
Q

what are the 2 main reports accounting information systems provide management with?

A

financial statements
managerial reports

27
Q

what are the 3 ways that accounting information systems provide adequate internal controls?

A

ensure that the information produced by the system is reliable

ensure that business activities are performed efficiently and in accordance with managements objectives

safeguard organizational assets

28
Q

what are give-get exchanges?

A

when companies give cash in exchange for something or giving employees a paycheque in return for their labour

29
Q

what are transaction cycles?

A

the identifications of their business processes and groups of those give and get exchanges

30
Q

what processes record those business processes?

A

transaction processing system

31
Q

what are the 5 transaction processing cycles?

A

revenue cycle
expenditure cycle
production or conversion cycle
Human Resources/ payroll cycle
financing cycle

32
Q

what is the revenue cycle?

A

goods and services are sold for cash of a future promise to receive cash

33
Q

what is the expenditure cycle?

A

companies purchase raw materials to use in productions or inventories for resale in exchange for cash or a future promise to pay cash

34
Q

what is the production or conversion cycle?

A

raw materials transformed into finished goods

35
Q

what is the Human Resources/ payroll cycle?

A

employees are hired, trained, compensated, evaluated, promoted and terminated

36
Q

what is the financing cycle?

A

companies sell shares to investors and borrow money, where investors are paid dividends and interest is paid on loans

37
Q

where are the transaction processing cycle data stored?

A

the general ledger and reporting system

38
Q

can each transaction processing cycle include many different processes and activities?

A

yes

39
Q

how do the end of transaction processing cycles work?

A

the last activity in each cycle sends appropriate information to other cycles if needed

40
Q

what are the 2 major accounting transaction cycles?

A

revenue cycle
expenditure cycle

41
Q

what is an example for an accounting process for a sales transaction within an online company?

A

customer places an online order

order is processed on the system

the order system is confirmed and sent to warehouse
that fulfils the order, ships the product and notifies accounting

accounting generates the invoice and sends to the customer

42
Q

what are the 4 things needed to read a business processing map?

A

review the high-level and detail process maps

write a narrative for the business activity

annotate the narrative and cross-reference to the process map

create database tables and link to process maps

43
Q

what are the 3 steps in the sales cycle?

A

create invoices
receive customer payments
make deposits

44
Q

what are the 4 steps in the purchasing cycle?

A

create purchase order
receive items
enter bills
pay bills

45
Q

what is finance?

A

provide internal and external professional access to stock, investment and capital spending information

46
Q

what are 5 things finance departments do for the company?

A

acquires and manges cash for a business
acquire through shares or loans
invest cash wisely
company must maintain liquidity
need to analyze considerable financial information

47
Q

what are the 2 kinds of financial information systems?

A

strategic financial systems
tactical financial systems

48
Q

what are 3 examples of strategic financial systems?

A

financial conditional analysis systems
long range forecasting systems
corporate planning systems

49
Q

what are 4 examples of tactical financial systems?

A

budgeting systems
cash management systems
capital budgeting systems
investment management systems

50
Q

what are 3 characteristics of tactical systems in finance?

A

support mid-level managers

tactical systems relate to organizational objectives within a fiscal business year

systems aggregate and summarize internal data

51
Q

what are the 6 things budgeting systems can do?

A

plan revenues and expenses line-by-line

can summarize in various ways

can compare this years budget to last year

can compare actual expenses vs budgeted expenses

spreadsheet-type systems useful for budgeting

can use previous budget as basis for next year, 5 years, 10 years

52
Q

what are the 3 things cash management systems can help with?

A

ensure that the business has sufficient cash to meet its needs of day to day operations and for acquisitions of long-term assets

important output is the cashflow report

can forecast cashflows of a period of time

53
Q

what are the 2 things capital budgeting systems can do?

A

provide help with planning acquisition or disposal of major plant assets that will be used by the business during many years

provide outgoing and incoming cash for the life of the asset by using assumptions and consider net present value

54
Q

what are the 3 things investment management systems can do?

A

oversee an organizations investment in stocks, bonds and other securities

online databased provide immediate updates for stock and bond prices

value screen inputs the current price of each stock and calculates the gain or loss the companies invest portfolio would generate if sold now

55
Q

what are 3 characteristics of strategic systems in finance?

A

support very high level managers

strategic systems relate to organizational goals

systems use internal data and external data

56
Q

what are the 2 things that financial condition analysis systems can do?

A

provide insightful analysis of financial statements and data

online databases can allow for financial analysis of competitors, suppliers, buyers and other organizations

57
Q

what do long range forecasting systems do?

A

use internal and external data to apply statistical techniques to analyze trends

58
Q

what do corporate planing systems do?

A

contains simulation models for various aspects of business using past data

info systems (18 decks)

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