Chapter 1: AIS overview1.Data differs from information in which way?a.Data are output, and information is inputb.Information is output, and data are inputc.Data are meaningful bits of informationd.There is no difference Show 2.The business process that includes goods storage, receiving vendor invoices, and updating payable accounts iscalled Get answer to your question and much more 3.Which of the following is a primary activity in the value chain? Get answer to your question and much more 4.Which transaction cycle includes interactions between an organization and its suppliers? Get answer to your question and much more 5.Which of the following is NOT a means by which information improves decision making?a.increased information overloadb.reduces uncertaintyc.provides feedback about the effectiveness of prior decisionsd.identifies situations requiring management action 6.In the value chain concept, upgrading IT is considered what kind of activity? Get answer to your question and much more 7.When a subsystem’s goals are inconsistent with the goals of another subsystem, or with the system as a whole,it is called Get answer to your question and much more 8.Which of the following is a function of an AIS? Get answer to your question and much more 9.A firm, its suppliers, and its customers collectively form which of the following?a.supply chainb.ERP systemc.value chaind.AIS 10.A report telling how well all approved vendors have performed in the prior 12 months is information that isMOST needed in which business process? Get answer to your question and much more Q: Classify the following activities as part of the identifying (I), recording (R), or communicating… A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and… Q: Explain the accounting processing cycle. A: Click to see the answer Q: Which entity is most likely to be part of both the payroll cycle Pand the expenditure cycle اختواحد… A: Cash disbursement represents the distribution of cash from one party to another. It is the cash… Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.… A: Under subsidiary ledger, all activities related to customer is recorded. Q: Identify an activity base that could be used to charge user divisions for services for each… A: Concept Introduction: Activity Based Costing (ABC): ABC costing method is generally used to allocate… Q: Explain whether the cost of accounting systems primarily support internal or external reporting A: Cost Accounting System: Cost accounting system can be defined as a framework designed by the… Q: How do an organization's activities and lines of business impact the design of an Accounting… A: Accounting Information Systems or AIS is the system which includes processing, gathering and storing… Q: which internal users need the accounting information A: Accounting information data is the data that emerges from business exchanges. When distinguished,… Q: Users of accounting information can be identified as internal and external users. List two of users… A: The 4 financial statement A balance sheet is a financial statement that represents the financial… Q: Identify the following users of accounting information as either an (a) external or (b) internal… A: Click to see the answer Q: Prepare an entity relationship diagram, in good form, for the expenditure cycle, which consists of… A: Click to see the answer Q: plogically record a business's A: To explain the record of business debit and credit transactions. Q: Individual customer accounts are kept in a ledger O purchase ledger O sales ledger O general ledger… A: Solution: Individual customer accounts are kept in a ledger called a "Subsidiary ledger". Q: Identify the following users of accounting information as either an (a) external or (b) internal… A: Internal users: Internal users of the financial statement are the inside individuals or the members… Q: Use the flowchart to answer these questions:a. What accounting document is represented by symbol… A: Click to see the answer Q: What is the first step in the accounting processing cycle? What role do source documents fulfill in… A: Accounting Processing Cycle: Accounting processing cycle refers to the process of recording a… Q: Classify the following activities as part of the identifying (I), recording (R), or communicating… A: Identifying function: helps the organization to select from its business activities, the… Q: is the segment of activity of a business which is responsible for both revenue and expenses. a.… A: The segment which is responsible for revenue and expenses is the profit center but it is not… Q: Describe the internal role of accounting for organizations. A: Accounting refers to the method of communicating financial information to users such as investors,… Q: are the main activities and please explain how each of those activities are performed in the… A: Transaction Process: Transaction process system helps a business to process all the transactions… Q: Accounting is the information system that Measures business activities. Communicates the results to… A: " All of the above is the correct option" as accounting is the information system that examines the… Q: Components of an accounting information system Measures working people hardware all of the above A: The accounting information systems records and process both the financial and non financial… Q: Identifying users of accounting information For each of the users of accounting information,… A: Click to see the answer Q: Define accounting cycle A: Accounting: It can be defined as the process of summarizing and recording the financial events and… Q: An accounting clerk would take first which of the following steps? A. Post individual amounts to the… A: Option B is correct. Q: What are the key activities and the logical tasks, sources and uses of information, and movement of… A: The spending or the expenditure cycle also known as the buy and pay cycle, invoices all processes… Q: Explain accounting process cycle. A: Accounting Cycle: The accounting cycle refers to the process of recording a business transaction in… Q: An organization needs to keep flow of information with various internal and external parties.… A: Accounting is defined as the procedure for recording, interpreting as well as summarizing the… Q: Discuss what is meant by the statement, “The accounting system is a conceptual flow of… A: Accounting Information system is a set of components used for gathering, making, storing, preparing,… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you  FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education Which transaction cycle involves transactions between a company and its customers?revenue cycle[Correct. The revenue cycle involves interactions between an organization and its customers, such as shipping them goods.
What are the three cycles of transaction process?Three transaction cycles process most of the firm's economic activity: the expenditure cycle, the conversion cycle, and the revenue cycle. These cycles exist in all types of businesses— both profit-seeking and not-for-profit.
What are the 5 major transaction cycles?The basic exchanges can be grouped into five major transaction cycles.. Revenue cycle—Interactions with customers. ... . Expenditure cycle—Interactions with suppliers. ... . Production cycle—Give labor and raw materials; get finished product.. Human resources/payroll cycle—Give cash; get labor.. Financing cycle—Give cash; get cash.. What is the relationship between transaction cycles?A transaction cycle is an interlocking set of business transactions. Most of these transactions can be aggregated into a relatively small number of transaction cycles related to the sale of goods, payments to suppliers, payments to employees, and payments to lenders.
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Which transaction cycle includes interactions between an organization and its suppliers?
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