Data must be converted into information to be considered useful and meaningful for decision making. There are seven characteristics that make information both useful and meaningful. If information is free from error or bias and accurately represents the events or activities or the organisation, it is represented as Show Data must be converted into information to be considered useful and meaningful for decision making. There are seven characteristics that make information both useful and meaningful. If the same information can be reproduced by two independent and knowleagble people, it is a representative of the characteristic of Information is best described as Data that has been organised and processed so that it is meaningful to the user In 2015, Singh Manufacturing implemented a Web-based information system that allows all employees to access mission-critical information. The intention was to increase production efficiency. Unfortunately, it had the opposite effect, as
deliveries fell behind schedule and costs increased. Shaman Gupta, the director of information technology services, asked Ashlee Wells to come in and talk with him about the system. Ashlee is a long-time employee of Singh, and her opinion is valued by her peers and by her supervisor. In which transaction cycle would information for paying dividends be most likely to pass between internal and external accounting information systems Accounting information plays major roles in managerial decision making by - Identifying situations requiring management action A well designed ais can improve the decision making in an organisation. Identify the statement that describes a situation where an ais may actually inhibit effective decision making An ais provides to its users an abundance of information without and filtering or condensing of information A value chain typically consists of five primary activities that can directly provide value to customers. The activities that help customers buy the organisation’s products or service represent The transaction cycle that includes product design is known as the Transaction cycle can be summarised on a high level as “give-get” transactions. An example of this in the revenue cycle would be The value of information can be best determined by The benefits associated with obtaining the information minus the cost of producing it A frantic Barney Rubble lost a large sale because he could not access the system to verify the inventory was in stock and ready to be shipped. Which of the following characteristics of useful information is absent in the situation described above? Question text Which of the following is not one of the three basic types of data about a specific sales transaction that should be captured by an Accounting Information System? In which transaction cycle would information for initiating back orders for out of stock goods be most likely to pass between internal and external accounting information systems? An accounting information system must be able to perform which of the following tasks? Collect transaction data Which of the following is a primary activity in the value chain? Facts that are collected, recorded and stored in a system Organised data becomes information that is useful for decision makers What can information overload do Can reduce the decision making quality When does information become valuable When the benefits exceed the costs of gathering, maintaining and storing data What is the value of information formula Benefit - cost = value of information What makes
information useful? Relevant - information needed to make a decision Clemente Santiago has formed a business that sells carved gourmet coconuts. He has hired five employees. The most senior is Mary, who manages the carving process. Jane is the newest employee. She collects the coconuts. Joe takes calls from unhappy customers. Tom tosses finished coconuts into the sea, sending them to the
wholesaler. Annie sends letters to the wholesaler extolling the virtues of the latest production run of nuts that are drifting across the bay. What is a key decision that needs to be made with regards to borrowing money from lenders?
How much capital to acquire The transaction cycle approach yields efficiencies when processing of a large number of transactions because a large number of transactions within a given cycle can be categorized into a relatively small number of distinct types. What is a business process A set of related,coordinated, and structured activities and tasks performed by people, machines or both to achieve a specific organisational goal What is a business transaction An agreement between two entities to exchange goods, services, or any other event that can be measured in economic terms What is transaction processing? Transaction data that is used to create financial statements What is the give get exchange for revenue cycle? What is the give get for the expenditure cycle What is the give get for production cycle Give labour and raw materials, get goods What is the give get for the payroll cycle What is the give get for the financing cycle When do you recognise revenue When the entity give the goods or does the service as it is invoice basis accounting A set of two or more interrelated components interacting to achieve a goal What is goal conflict in a system? It’s the inconsistency between goal Two processes or sub systems are aligned and wanting to achieve the goal Is a system that collects, records, stores and processes data to produce information for decision makers What does the ais consist of? People who use the system How does an ais add value to an organisation It adds value by:
Primary activities - activities providing direct value to the customer Wisconsin Dells, Wisconsin, is a popular tourist destination. During the winter months, the
population dwindles to a meager few, but when summer comes, the size of the town surges. Hunter Jackson is the town sanitation engineer. When the size of the town surges, so do his responsibilities. Among them is management of the sewage processing volume. In 2015, Singh Manufacturing implemented a Web-based information system that allows all employees to access mission-critical information. The intention was to increase production efficiency. Unfortunately, it had the opposite effect, as deliveries fell behind schedule and costs increased. Shaman Gupta, the director of
information technology services, asked Ashlee Wells to come in and talk with him about the system. Ashlee is a long-time employee of Singh, and her opinion is valued by her peers and by her supervisor. Baggins Incorporated identifies new product development and product improvement as the top corporate goals. An employee developed an innovation that will correct a shortcoming in one of the company's products. Although Baggins current Return on Investment (ROI) is 12%, the product innovation is expected to generate ROI of only 10%. As a result, awarding bonuses to employees based on ROI resulted in Sam Jones has been the controller of Downtown Tires for 25 years. Ownership of the firm recently changed hands and the new owners are conducting an audit of the financial records. The audit has been unable to reproduce financial reports that were prepared by Sam. While there is no evidence of wrongdoing, the auditors are concerned that the discrepancies might contribute to poor decisions. Which of the following characteristics of useful information is absent in the situation described above? How can query languages be used to help make better decisions? They can gather relevant data for decision making Arranging delivery of products to customers constitutes ________ in value chain analysis.
both improving products or services through information that increases quality and reduces costs and providing timely and reliable information to decision makers Identify the primary reason that it is important for a firm to identify the AIS improvements likely to yield the greatest return. Because most organisations have limited resources In which transaction cycle would information for retiring long-term debt be most likely to pass between internal and external accounting information systems? Which of the following is a component of an accounting information system?The five components are source documents, input devices, information processors, information storage, and output devices. Source documents are business documents that track business transactions.
Which of the following is a function of AIS?The correct answer is b. transforming data into useful information.
Which of the following are the components of the AIS?Components of an Accounting Information System (AIS) are: People, Data, Software, Procedure, Information Technology and Internal Controls.
What are the primary activities of an accounting information system?An accounting information system (AIS) is used by companies to collect, store, manage, process, retrieve, and report financial data.
|
