100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Accounting Information Systems Exam 1 practice questions & answers. $8.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting Information System
  4.  
  5. Accounting Information System

Exam (elaborations)

Accounting Information Systems Exam 1 practice questions & answers.
 6 views  0 purchase
  • Course
  • Accounting Information System
  • Institution
  • Accounting Information System

Accounting Information Systems Exam 1 practice questions & answers.

Preview 1 out of 4  pages

Document information

  • September 5, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • accounting information systems exam 1 practice que

Written for

  • Accounting Information System
  • Accounting Information System

Seller

avatar-seller
Professorkaylee

Content preview

Accounting Information Systems Exam 1
practice questions & answers.
an accounting information system is a set of interrelated: ANS -activities, documents and processing
procedures



the components of an accounting information system are designed to collect _________ and report
___________. ANS -Data ; Information



an accounting information system is defined as a set of three interrelated elements. Which of the
following choices best gives an example of each element? ANS -Buying inventory, sales invoice, general
ledger software



an accounting information system transforms inputs into outputs via processes such as: ANS -
journalizing transactions and posting them to the ledger



which of the following best fits the definition of an accounting information system explained in the text?
ANS -processed source documents leading to the general purpose financial statements.



April compiled checks, receipts and invoices, then entered them into Quickbooks. She printed out her
financial statements and took them to the bank as documentation for a loan application. In that
scenario, checks, receipts and invoices could be referred to as: ANS -documents, data, and information



Claudia borrowed money from her bank, signing a five-year note payable. She then calculated the
monthly payment needed to pay off the loan within three years. Which of the following statements is /
are most true? ANS -the required monthly payment is an example of "information", as the term is used
in the definition of an accounting information system.



Eugene is a self-employed business owner. In February 2011, he gathered together his income and
expense records for 2010. He used them, along with appropriate software, to prepare his tax return,
which he then transmitted to the Internal Revenue Service. Has Eugene used an accounting information
system based on the definition provided in the text? ANS -Yes, because all elements of the definition
are present.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $8.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$8.99
  • (0)
  Add to cart