Accounting 211
Study Guide for Final Exam
Chapters 7 – 12
Chapter 7:
1. Terminology Accounting information system People, records, and methods that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers Accounts payable ledger Subsidiary ledger listing individual creditor (supplier) accounts
Accounts receivable ledger Subsidiary ledger listing individual customer accounts.
Batch processing Accumulating source documents for a period of time and then processing them all at once such as once a day, week, or month.
Cash disbursements journal Special journal normally used to record all payments of cash; also called cash payments
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2. An accounting information system – its principles and components- Control principle prescribes that an accounting information system have internal controls. Internal controls are methods and procedures allowing managers to control and monitor business activites. Relevance principle prescribes that an accounting information system report useful, understandable, timely and pertinent information for effective decision making. The compatibility principle prescribes that an accounting information system conform with a company’s activities, personnel, and structure. The flexibility principle prescribes that an accounting information system be able to adapt to changes in the company, business environment, and needs of decisions makers. The cost-benefit principle prescribes that the benefits from an activity in an accounting information system outweight the costs of that activity. The five basic components of an accounting information system are source documents, input devices, information processors, information storage, and output devices. 3. Technology related concepts - hardware, software, source documents, input, processing, output, storage, etc. and know examples of each- Source documents examples include bank statements and checks, invoice from supplies and cash register files. Input devices examples are keyboards, scanners and modems. Information processors examples are web-based application service providers. Information storage
acute pain-a protective mechanism that alerts the individual to a condition or experiece that is immediately harmful
Romney, M., & Steinbart, P. (2012). Accounting information systems. (12th ed., p. 143). Upper Saddle River, NJ: Prentice Hall.
1. Some people accuse sociologists of observing conditions that are obvious. How does looking at sociology as “making the familiar strange” help counter this claim? How does sociology differ from simple commonsense reasoning?
3. Microbiologists employee a number of approached to acquiring a pure culture from a from sample containing a number of different types of bacteria. Briefly describe three different procedures commonly used to secure pure cultures from a mixed culture. The use of simple labeled diagrams may be quite helpful.
Usually, when you log on to a computer that is connected to a network, you must type your _____.
During the Late Kaskaskia (Cratonic Sequence 3), what type of deposition predominated on the craton?
The Rapid Response Team (RRT) saves lives and decreases the risk for harm by providing care to clients before a respiratory or cardiac arrest occurs. Although the RRT does not replace the Code Team, which responds to client arrests, it intervenes rapidly
Some of the positive things about China’s location was that it was separated from the rest of the world which caused very few conflicts to occur with other early civilizations. However due to this separation from other civilizations, China did not have as much influence in technology or culture from other civilizations.
Which of the following was evidence to support Vanzetti's innocence during the Braintree robbery and double murder trial?
Who benefited from the Magna Carta? The English NobilityThe English nobility gained the most benefits from the Magna Carta, which established limitations on the power of the king.
Accounting Information Systems The Crossroads of Accounting and IT by Donna Kay, Ali Ovlia Instructor’s Solutions Manual
Accounting is the art of measuring and communicating financial information. To maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules or principles have been evolved. These rules or principles are classified as concepts and conventions. One of the important concept in accounting is “Measurement” (Mattessich, 1977)
The accounting software, is a computer software that records and processes accounting transactions within practical components such as accounts payable, accounts receivable, payroll and trial balance. The software may be developed by the organization using it, may be purchased from a third party or may be a combination of both. Today’s packaged accounting software not only records financial transactions and produce accounting reports, but they include functionality for managerial decision making aimed at gaining competitive advantage. (Collins, 2006). Many of the accounting software products have add-ons that can be used to integrate the software with other software. For example, Intuit, offers add-ons that a third party can mix with QuickBooks. Almost all the accounting software have a broad customer base, which is good for small businesses. Accounting and payroll application software packages are the most extensively used packages among small businesses. However, when it comes to adopting a computer system to manage their accounts, small businesses are at crossroads. The problem is, which one of the ever-increasing brands in the market is suitable for them? If they already have one, should they upgrade it to a new system? Can they afford it? Are there any risks? There are all questions that the business asks itself before they even consider any software. The focus of this research is only on the implementation stage of the software. And the focus is from the point of
Companies using computerized accounting systems often face high implementation and maintenance costs. Most business owners and managers are unable to update these systems on their own, so they must contract with an outside agency to set up the system. Ongoing technical support costs may also be necessary for these systems.
Accounting information system is systems that collect, record, stored and process the data into information for the users for decision making. However, information is data that organized and process to provide meanings to users. Users typically need information to make decisions or to improve decisions making process. As a general rule, users can make better decision as the quantity and quality of information increase. Tesci gather the information from various type of technology such as computer, mobile phone,