Podcast
Questions and Answers
Match the term related to business processes with its corresponding description:
Match the term related to business processes with its corresponding description:
Sales and collections processes = Activities related to acquiring revenue from customers Conversion processes = Activities related to transforming inputs into outputs Acquisitions and payments processes = Activities related to obtaining resources and paying for them Take customer order = The initial step in fulfilling customer needs
Match the term related to data and information with its description:
Match the term related to data and information with its description:
Data = Raw facts and figures Output = The result of processing data Information quality = Characteristics ensuring data is fit for use Business event = An occurrence that affects a business
Match the accounting concept with its correct application:
Match the accounting concept with its correct application:
The practice of accounting = Serving the public interest and promoting prosperity Misperception(s) about accounting = Rigid rules providing no flexibility in choices Retained earnings = Profits which are not paid out as dividends Cost versus benefit = Weighing the expenses against the advantages
Match the IT term with its corresponding component or function within an information system:
Match the IT term with its corresponding component or function within an information system:
Match the business activity with the appropriate element of the supply chain:
Match the business activity with the appropriate element of the supply chain:
Match the term related to the characteristics of accounting information with its corresponding explanation:
Match the term related to the characteristics of accounting information with its corresponding explanation:
Match each stage of the business process with its corresponding action:
Match each stage of the business process with its corresponding action:
Match the term related to the information system with its correct function:
Match the term related to the information system with its correct function:
Match the element of customer interaction with its corresponding stage:
Match the element of customer interaction with its corresponding stage:
Match the accounting term with its corresponding value:
Match the accounting term with its corresponding value:
Flashcards
The practice of accounting
The practice of accounting
The profession and activities involved in recording, classifying, summarizing, and interpreting financial transactions.
Sales and collections processes
Sales and collections processes
Activities related to generating revenue through sales and managing the collection of payments from customers.
Conversion processes
Conversion processes
Processes that transform resources (inputs) into finished products or services (outputs) to add value.
Data
Data
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Acquisitions and payments processes
Acquisitions and payments processes
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Output
Output
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Cost versus benefit
Cost versus benefit
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Misperception(s) about accounting
Misperception(s) about accounting
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Enhancing characteristics of information quality
Enhancing characteristics of information quality
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Information quality
Information quality
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Study Notes
- Each item in List A matches one or more items in List B.
- Each item in List B can be used more than once in List A.
- Item 14 is an exception; it does not have a match.
List A and List B Matches
- The practice of accounting matches "Serves the public interest and promotes prosperity".
- Sales and collections processes have "Acquire and retain customers."
- Sales and collections processes relate to "Rigid black-or-white rules; no flexibility in accounting choices"
- Conversion processes match with "Combine resources to add value".
- Data corresponds to "Input into an information system."
- Acquisitions and payments processes relate to "Order raw materials from vendor" and "Inputs of resources into a business".
- Output relates to "Information or product."
- Misconception(s) about accounting are related to "No connection with business events."
- Misconception(s) about accounting are related to "Rigid black-or-white rules; no flexibility in accounting choices"
- Enhancing characteristics of information quality are related to a "Business event".
- Information quality relates to "Serves the public interest and promotes prosperity."
- Taking a customer order is a "Business event."
- Retained earnings refers to "Profits not declared or paid as dividends."
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