Essay about Acct 3317 Exam 1 Study Guide

Submitted By Tugolf21
Words: 390
Pages: 2

Chapter 1
Data vs information
Cost benefit of information
Useful information must be relevant, reliable, complete, timely, understandable, verifiable and accessible.
What is a transaction?
Business process cycles – Revenue, expenditures, production, Payroll and financing - Figure 1.2
General ledger and reporting system
6 components of AIS
People
Procedures and instructions
Data
Software
Information technology structure
Internal controls and security
3 important business functions of AIS Collect and store data
Transform data so that it can be used in decision making
Provides controls to safeguard the organizations assets and information.
How does AIS provide value? Improve quality and reduces costs of prdts or services (quality monitoring, kpis)
Improve efficiency - JIT system
Sharing knowledge
Improving effectiveness and efficiency of supply chain (allowing customers to directly access sales order systems and access inventory information)
Improve internal control structure – application controls
Improving decision making
Discussion on how AIS can improve decision making?
-Identify situations requiring action
-reduce uncertainty
-store info about previous decisions
-provide accurate info in timely manner
-analyze sales data
Read AIS Value Chain

Chapter 2 - Transactional Processing and ERPs I. Data Input a. Assign cycles and have them determine input information (Rev, HR and Exp) II. Processing b. 4 types of data processing i. Creating ii. Reading iii. Updating iv. Deleting c. Batching vs realtime processing III. Output d. Reports, documents, querying IV. Data Storage e. General and sub ledgers, Chart of Accounts, Journal, f. Entity, attributes, field, master file, transactional file, database g. Coding techniques – Sequencing, block, group…