Chapter 1 and 2

Question 1

Data

Answer 1

Facts collected, recorded, and stored in the system

Question 2

Information

Answer 2

Data organized in a meaningful way

Question 3

Information Overload

Answer 3

Too much information reduces decision quality

Question 4

Information Technology

Answer 4

Used to help effective decision making and condense information

Question 5

Value of Information (formula)

Answer 5

Benefit-Cost = Value of Information

Question 6

When is information considered valuable?

Answer 6

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

Question 7

Access Restricted

Answer 7

Limit access to authorized parties

Question 8

Accurate

Answer 8

Accurate, correct, and free of error

Question 9

Available

Answer 9

Available to users when needed

Question 10

Reputable

Answer 10

Perceived as true and credible

Question 11

Complete

Answer 11

Does not omit important aspects of events or activities

Question 12

Concise

Answer 12

Clear, succinct, brief, but comprehensive

Question 13

Consistent

Answer 13

Presented in the same format over time

Question 14

Current

Answer 14

Up to the present data and time

Question 15

Objective

Answer 15

Unbiased, unprejudiced, and impartial

Question 16

Relevant

Answer 16

Reduces uncertainty and improves decision making

Question 17

Timely

Answer 17

Provided in time for decision maker to make decisions

Question 18

Useable

Answer 18

Easy to use for different tasks

Question 19

Understandable

Answer 19

Easily comprehended and interpreted

Question 20

Verifiable

Answer 20

Two independent people can produce the same information.

Question 21

Machine-Readable

Answer 21

can be read and processed by a computer

Question 22

Business Process

Answer 22

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

Question 23

Components of an Information System (3)

Answer 23

People, Organization, Technology

Question 24

Transactions

Answer 24

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

Question 25

Transaction Processing

Answer 25

Transaction data is used to create financial statements

Question 26

Revenue Cycle

Answer 26

Give goods/service - Get Cash

Question 27

Expenditure Cycle

Answer 27

Get goods/service - Give Cash

Question 28

Financing Cycle

Answer 28

Give Cash- Get Cash

Question 29

Production Cycle

Answer 29

Give labor/raw materials - Get finished goods

Question 30

Payroll Cycle

Answer 30

Give cash- Get labor

Question 31

Accounting Information System

Answer 31

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

Question 32

AIS Consists of

Answer 32

People, Processes, Technology, Controls

Question 33

AI can be used in what fields?

Answer 33

Business, Education, Finance, Healthcare

Question 34

Data Analytics

Answer 34

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

Question 35

Blockchain

Answer 35

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

Question 36

Cloud Computing

Answer 36

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

Question 37

Virtualization

Answer 37

The running of multiple systems simultaneously on one physical computer

Question 38

Internet of Things (IoT)

Answer 38

The embedding of sensors in a multitude of devices.

Question 39

AIS and strategy

Answer 39

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

Question 40

Value Chain

Answer 40

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

Question 41

Primary Activities

Answer 41

Provide direct value to the customer

Question 42

Support Activities

Answer 42

Enable primary activities to be efficient and effective

Question 43

Supply Chain

Answer 43

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

Question 44

Data Processing Cycle

Answer 44

Data input -- Data Processing -- Information Output

Question 45

Data Input (processing steps)

Answer 45

Capture, Check, Ensure policies are followed

Question 46

Data Capture

Answer 46

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

Question 47

Data Storage

Answer 47

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

Question 48

Sequence Codes

Answer 48

items numbered consecutively

Question 49

Block Code

Answer 49

blocks of numbers reserved for specific categories

Question 50

Group Codes

Answer 50

Two or more subgroups of digits used to code items

Question 51

Mnemonic codes

Answer 51

Letters and numbers interspersed for identification

Question 52

Types of Data Processing

Answer 52

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