ACC200 Ch2 Set 1

Question 1

Data processing cycle

Answer 1

the operations performed on data to generate meaningful & relevant information

Question 2

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Answer 2

Data processing cycle

Question 3

Data input - first step in processing input

Answer 3

to capture transaction data & enter them into a system

Question 4

Data must be collected about three facets of each business activity?

Answer 4

1) each activity of interest 2) the resource(s) affected by each activity 3) the people who participated in each activity

Question 5

Data needed for a revenue cycle

Answer 5

• date & time a sale occurred - employee who made a sale & a sales assistant who processed a sale - checkout register where a sale was processed - item(s) sold - quantity of each item sold - list price & actual price of each time sold - total amount of a sale - delivery instructions & - for credit sales: customer name, customer bill-to & ship-to addresses

Question 6

Source documents

Answer 6

a document in which data collected for a clinical trial is first recorded.

Question 7

Turnaround documents

Answer 7

company outputs sent to an external party, who often adds data to a document, & then are returned to the issuing company as input documents.

Question 8

Source data automation

Answer 8

The use of automated methods of data entry that attempt to reduce or eliminate many of the activities, people, and data media required by traditional data entry methods. - devices capture transaction data in machine-readable form at the time & place of their origin

Question 9

Data input - second step in processing input?

Answer 9

is to make sure captured data are accurate & complete

Question 10

Data input - third step in processing input

Answer 10

to make sure company policies are followed, such as those associated with approving or verifying transactions

Question 11

Data storage components

Answer 11

• Ledgers - Coding techniques - Chart of accounts - Journals - Audit trail - Computer-based storage concepts

Question 12

Cumulative accounting information is stored in?

Answer 12

general & subsidiary ledgers

Question 13

General ledger

Answer 13

contains summary-level data for every asset, liability, equity, revenue & expense account

Question 14

Subsidiary ledger

Answer 14

contains detailed data for any general ledger account with many individual sub accounts

Question 15

Control account

Answer 15

the general ledger account corresponding to a subsidiary ledger

Question 16

Data in ledgers is organised logically using?

Answer 16

coding techniques

Question 17

Coding

Answer 17

the systematic assignment of numbers or letters to items to classify & organise them

Question 18

Sequence codes

Answer 18

items are numbered consecutively to account for all items. Any missing items cause a gap in the numerical sequence

Question 19

Block code

Answer 19

blocks of numbers are reserved for specific categories of data

Question 20

Group codes

Answer 20

two or more subgroups of digits used to code items, are often used in conjunction with block codes