Business Processes: Understanding Transactions and Cycles
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Questions and Answers

What is the primary purpose of the Expenditure Cycle in a business organization?

  • To acquire goods and services from suppliers (correct)
  • To generate financial statements
  • To manage employee salaries and benefits
  • To collect cash from customers

    • Which component of an Accounting Information System (AIS) is responsible for safeguarding information?

  • Processes
  • Technology
  • Controls (correct)
  • People

    • What is the outcome of the Revenue Cycle in a business organization?

  • Acquisition of goods and services from suppliers
  • Payment of salaries and benefits to employees
  • Delivery of goods and services to customers
  • Receipt of cash from customers (correct)

    • Which business process cycle involves the transformation of raw materials into finished goods?

    <p>Production Cycle</p> Signup and view all the answers

    What is the primary function of an Accounting Information System (AIS)?

    <p>To transform data into useful information</p> Signup and view all the answers

    What is the primary purpose of the Financing Cycle in a business organization?

    <p>To obtain cash from external sources</p> Signup and view all the answers

    What is the primary purpose of organizing data in a context?

    <p>To make it more meaningful and useful</p> Signup and view all the answers

    What is the term for facts collected, recorded, and stored in a system?

    <p>Data</p> Signup and view all the answers

    What is the most useful format for data to be in?

    <p>Machine-readable format</p> Signup and view all the answers

    What is the result of organizing data within a context, such as a sales invoice?

    <p>Information</p> Signup and view all the answers

    What is the role of an Accounting Information System (AIS) in an organization?

    <p>To add value to an organization by providing meaningful information</p> Signup and view all the answers

    What is the relationship between an Accounting Information System (AIS) and corporate strategy?

    <p>AIS affects and is affected by corporate strategy</p> Signup and view all the answers

    Which of the following is a characteristic of transactional data?

    <p>It is used to create financial statements</p> Signup and view all the answers

    What is the primary purpose of a business process in an organization?

    <p>To achieve a specific organizational goal</p> Signup and view all the answers

    Which of the following is a component of an information system?

    <p>Business process</p> Signup and view all the answers

    What is the primary purpose of transaction processing in an AIS?

    <p>To create financial statements</p> Signup and view all the answers

    What is the exchange of information between internal and external parties in an AIS known as?

    <p>Give-get exchange</p> Signup and view all the answers

    Which of the following is an example of an information need associated with the acquire inventory business process?

    <p>Inventory status reports</p> Signup and view all the answers

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