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ACCT 460 Exam 1with Latest Updated Questions And Answers 2024
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ACCT 460 Exam 1with Latest Updated Questions And Answers 2024
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ACCT 460 Exam 1with Latest UpdatedQuestions And Answers 2024
what .is .a .system .- .correct .answer.a .set .of .interdependent .parts .that .together .accomplish
.specific .objectives
what .must .a .system .have .- .correct .answer.interrelationships .and .integration .within .its
.elements .and .a .central .objective
what .is .an .accounting .information .system .- .correct .answer.a .system .that .collects,
.records, .stores, .and .processes .information .related .to .the .financial .aspects .of .business
.events
who .uses .the .financial .information .in .an .accounting .information .system? .- .correct
.answer.internal .and .external .decision .makers
what .do .accountants .need .to .understand .about .accounting .information .systems? .-
.correct .answer.- .how .the .system .works
- .how .the .financial .information .is .reported
- .how .the .information .is .used .to .make .decisions
what .are .the .possible .components .of .an .AIS? .- .correct .answer.- .work .steps .within .a
.business .process .intended .to .CAPTURE .accounting .data .as .that .business .process
.occurs
- .manual .or .computer-based .RECORDS .used .to .record .the .accounting .data .from
.business .processes
- .work .steps .that .are .INTERNAL .CONTROLS .within .the .business .process .to .safeguard
.assets .and .to .ensure .the .accuracy .and .completeness .of .the .data
- .work .steps .to .PROCESS, .classify, .summarize, .and .consolidate .the .raw .accounting .data
- .work .steps .that .generate .both .internal .and .external .REPORTS
where .do .we .find .financial .transactions? .- .correct .answer.they .results .from .business
.processes
,what .is .a .business .process? .- .correct .answer.a .prescribed .sequence .of .work .steps .that
.must .be .performed .in .order .to .produce .a .desired .result .for .the .organization
what .are .examples .of .business .processes .- .correct .answer.- .a .sale
- .purchasing .raw .materials
- .paying .employees
- .paying .vendors
what .are .the .financial .impacts .of .business .processes? .- .correct .answer.they .can .have
.direct .or .indirect .impact
A .prescribed .sequence .of .work .steps .performed .in .order .to .produce .a .desired .result .for
.the .organization .is .called .a(an): .- .correct .answer.Business .Process
The .process .that .must .identify .the .transactions .to .be .recorded, .capture .all .the .important
.details .of .the .transactions, .properly .process .the .transaction .details, .and .provide .reports
.is .termed .the: .- .correct .answer.Accounting .Information .System
what .are .the .three .categories .of .AIS? .- .correct .answer.- .manual .systems
- .legacy .systems
- .modern, .integrated .IT .systems
who .generally .uses .manual .systems? .- .correct .answer.- .mainly .small .organizations
- .partially .used .by .medium/large .organizations
what .documents .are .used .in .manual .systems? .- .correct .answer.- .source .document
- .turnaround .document
- .general .journal
- .special .journals
- .general .ledger
- .subsidiary .ledgers
what .does .a .source .document .do? .- .correct .answer.captures .key .data .of .a .transaction
what .three .functions .do .source .documents .serve .in .the .accounting .system? .- .correct
.answer.1. .provides .necessary .input .data
2. .triggers .business .process .to .begin
3. .serves .as .part .of .permanent .audit-trail
what .are .some .examples .of .source .documents? .- .correct .answer.- .purchase .orders
- .sales .orders
- .cash .receipts
what .is .a .turnaround .document? .- .correct .answer.output .of .one .accounting .system .and
.can .be .used .as .input .for .another .accounting .system
, what .is .an .example .of .a .turnaround .document? .- .correct .answer.credit .card .statement
what .does .a .turnaround .document .do? .- .correct .answer.improves .input .efficiency .and
.accuracy .by .eliminating .human .error
what .is .a .general .journal .used .for? .- .correct .answer.infrequent, .non-routine .transactions
.such .as .adjusting .entries, .closing .entries, .and .other .entries .that .don't .go .to .the .special
.journals
what .are .examples .of .general .journals? .- .correct .answer.- .purchase .of .fixed .assets .by
.notes .payable
- .receipt .of .note .receivable .
- .interest .revenue
- .interest .expense
- .purchase .returns .and .allowances
what .is .a .special .journal .used .for? .- .correct .answer.routine .transactions .such .as .sales,
.purchases, .cash .receipts, .cash .disbursements
what .is .a .ledger? .- .correct .answer.a .file .used .to .store .cumulative .information
what .is .typically .found .in .the .ledger? .- .correct .answer.t-accounts .where .we .keep .track .of
.beginning .balance, .increases, .decreases, .and .ending .balance .of .each .account
what .is .the .general .ledger? .- .correct .answer.- .keeps .the .summary .level .information .for .all
.accounts
- .does .NOT .contain .detailed .information
where .can .you .find .source .information .for .preparing .financial .statements? .- .correct
.answer.general .ledger
what .is .the .subsidiary .ledger? .- .correct .answer.has .detailed .information .regarding
.ROUTINE .transactions .about .each .entity
what .are .examples .of .subsidiary .ledgers? .- .correct .answer.- .accounts .receivable .
- .accounts .payable
what .works .as .a .control .account? .- .correct .answer.general .ledger
what .documents .comprise .the .records .for .the .manual .accounting .system? .- .correct
.answer.source .documents
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