Chapter 1: Introduction

Question 1

improves reliability, relevance, accessibility, understandability, usability, and timeliness

Answer 1

XBRL

Question 2

the benefit produced by the info minus the cost of producing it

Answer 2

value of information

Question 3

the combination of the ppl and technologies in an org that collect, record, store, process data to produce the info needed to make informed decision

Answer 3

information system

Question 4

set of related coordinated and structured activities and tasks performed by a person, computer, or machine, and that help accomplish a specific org goal

Answer 4

business process

Question 5

transaction that happens many times

Answer 5

give-get exchange

Question 6

where g/s are sold for cash or a future promise to receive cash

Answer 6

revenue cycle

Question 7

where companies purchase inventory for resale or raw materials to use in producing products in exchange for cash

Answer 7

expenditure cycle

Question 8

where raw materials are transformed into FG

Answer 8

production or conversion cycle

Question 9

where companies sell shares in the company investors and borrow money

Answer 9

financing cycle

Question 10

where investors are paid dividends and interest is paid on loans

Answer 10

financing cycle

Question 11

is the intelligence and the information providing vehicle

Answer 11

Accounting Information System

Question 12

must collect, enter, process, store, and report data and info

Answer 12

AIS

Question 13

should be the orgs primary info system and provides users with info they need to perform their jobs

Answer 13

AIS

Question 14

6 components of an AIS system

Answer 14

1. ppl
2. procedures and instructions
3. data
4. software used
5. information technology infrastructure
6. internal controls and security measures

Question 15

Collects and stores data about the org’s activities and resources

Answer 15

AIS

Question 16

AIS transforms data into _____ so management can ____, execute, ______ and evaluate

Answer 16

info
plan
control

Question 17

provides adequate controls to safeguard the orgs assets and data

Answer 17

AIS

Question 18

AIS can use artificial intelligence to improve

Answer 18

decision making

Question 19

uses computer systems to stimulate human intelligence processes

Answer 19

artificial intelligence

Question 20

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

Answer 20

data analytics

Question 21

focuses on the future and answers questions like why something happened, what will happen next

Answer 21

data analytics

Question 22

4 types of data analytics

Answer 22

predictive
prescriptive
descriptive
cognitive

Question 23

interactive real-time display of key indicators of operating performance

Answer 23

data dashboard

Question 24

individual digital records, linked together using cryptography un a single list called a chain

Answer 24

blockchain

Question 25

is a distributed ledger that functions as a decentralized database

Answer 25

blockchain

Question 26

the history of ownership of something of value

Answer 26

provenance

Question 27

running multiple system simultaneously on 1 computer

Answer 27

virtualization

Question 28

using a browser to remotely access software, data storage, hardware, and applications

Answer 28

cloud computing

Question 29

embedding sensors into devices so they can connect to the internet

Answer 29

Internet of things

Question 30

making a wise decision requires an understanding of the org’s

Answer 30

overall business strategy

Question 31

helps an org adopt and maintain a strategic position

Answer 31

AIS

Question 32

linking all primary and support activities in a business

Answer 32

value chain

Question 33

value chain consists of 5 primary activities that directly provide value to customers:

Answer 33

1. inbound logistics
2. operations
3. outbound logistics
4. marketing and sales
5. service activities

Question 34

receiving, storing, and distributing materials an org uses to create the services and products it sells

Answer 34

inbound logistics

Question 35

activities distribute finsihed products or services to customer

Answer 35

outbound logistics

Question 36

an org’s value chain is part of a larger system which is a

Answer 36

supply chain

Question 37

data is most useful when it is in this format

Answer 37

machine-readable format

Question 38

public companies are required to code their financial statements using

Answer 38

XBRLs

Question 39

components of an information system (3)

Answer 39

• people
• technology
• organization

Question 40

by storing the blockchain on all network computers, the risks of data being held centrally is eliminated

Answer 40

decentralization