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Accounting Information Systems

10th Edition
Hall + 1 other
Publisher: Cengage Learning,
ISBN: 9781337619202

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BuyFindarrow_forward

Accounting Information Systems

10th Edition
Hall + 1 other
Publisher: Cengage Learning,
ISBN: 9781337619202
Chapter 1, Problem 3DQ
Textbook Problem
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Distinguish between financial and nonfinancial transactions. Give three examples of each.

To determine

Explain the difference between financial and non-financial transactions. Provide three examples of each.

Explanation of Solution

Transaction Process System:

Transaction process system can be defined as a system designed to process all the transactions which include gathering, modifying and recovering of all the information. This process system is reliable and consistent in nature.

Any transaction which has an impact on organization’s account in monetary terms is known as financial transactions. Assets and liabilities of a company are also affected by financial transaction. Organization has a legal obligation to record all financial transactions...

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Chapter 1 Solutions

Accounting Information Systems
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Ch. 1 - What are the fundamental objectives of all...Ch. 1 - What does stewardship mean, and what is its role...Ch. 1 - List five functional areas and their...Ch. 1 - Distinguish the roles of internal and external...Ch. 1 - What is the role of a database administrator?Ch. 1 - What is the role of the accounting function in an...Ch. 1 - Distinguish between the centralized and...Ch. 1 - What is distributed data processing?Ch. 1 - What is an ERP system?Ch. 1 - What two roles are played by accountants with...Ch. 1 - Define the term attest function.Ch. 1 - Define the term financial services.Ch. 1 - What is IT auditing?Ch. 1 - Distinguish between conceptual and physical...Ch. 1 - What is the role of the audit committee of the...Ch. 1 - Who initiates a fraud audit within the...Ch. 1 - When can external auditors rely on the work...Ch. 1 - Name the tests that auditors perform to gather...Ch. 1 - What characteristic conceptually distinguishes...Ch. 1 - What is the role of network administration?Ch. 1 - What is cloud computing?Ch. 1 - Name the two ways in which organizations acquire...Ch. 1 - Why are custom systems more expensive than...Ch. 1 - What types of companies are potential customers...Ch. 1 - Briefly explain accounting independence.Ch. 1 - Why do systems designers need to know anything...Ch. 1 - Discuss the differences between internal and...Ch. 1 - Comment on the level of detail necessary for...Ch. 1 - Distinguish between financial and nonfinancial...Ch. 1 - An information system must meet three fundamental...Ch. 1 - Do you think transaction processing Systems differ...Ch. 1 - Discuss the difference between the financial...Ch. 1 - Examine Figure 1-4 and discuss where and how...Ch. 1 - Discuss how the dements of efficiency,...Ch. 1 - Discuss what is meant by the statement, The...Ch. 1 - Discuss the importance of accounting independence...Ch. 1 - Discuss why it is crucial that internal auditors...Ch. 1 - Contrast centralized data processing with...Ch. 1 - Discuss how conceptual and physical systems differ...Ch. 1 - Why is an active board of directors audit...Ch. 1 - Do you agree with the statement. The term IT...Ch. 1 - Describe cloud computing and explain how it is...Ch. 1 - Why is it important to organizationally separate...Ch. 1 - What is an external financial audit, and what are...Ch. 1 - Why do firms outsource their IT functions? Explain...Ch. 1 - Which of the following is NOT a purpose of the...Ch. 1 - Which of the following are objectives of the data...Ch. 1 - Which of the following is NOT a database...Ch. 1 - Which of the following is NOT a financial...Ch. 1 - The following are subsystems of the accounting...Ch. 1 - Which of the following is NOT a characteristic of...Ch. 1 - When viewed from the highest to most elemental...Ch. 1 - Which of the following is least likely to be used...Ch. 1 - Which of the following is NOT an objective of all...Ch. 1 - Which of the following best describes the...Ch. 1 - Which of the following best describes the...Ch. 1 - Which of the following best describes the...Ch. 1 - Which statement best describes cloud computing? a....Ch. 1 - Which of the following statements is most...Ch. 1 - USERS OF INFORMATION Classify the following users...Ch. 1 - GENERAL MODEL FOR AIS Redraw the diagram presented...Ch. 1 - ACCOUNTING INFORMATION SYSTEM ACQUISITION What is...Ch. 1 - INFORMATION SYSTEM CATEGORIZATION Classify the...Ch. 1 - ORGANIZATION FUNCTIONS Based on Figure 1-6 in the...Ch. 1 - ORGANIZATION FUNCTIONS: DIVERSIFIED FIRM Based on...Ch. 1 - FUNCTIONAL SEGMENTATION The current organizational...Ch. 1 - COMMUNICATIONS Before the mid-1970s, systems...Ch. 1 - CHARACTERISTICS OF USEFUL INFORMATION All records...Ch. 1 - DATA ATTRIBUTES Drawing from your basic accounting...Ch. 1 - ROLE OF INTERNAL AUDIT FUNCTION Nano Circuits Inc....Ch. 1 - INTERNAL AUDITOR INDEPENDENCE Technical Solutions...

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