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AIS - Chapter 1 & Chapter 2
Key terms from AIS Chapters 1 & 2
18
Accounting
Undergraduate 3
09/23/2010

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Term
information
Definition
data that have been organized and processed to provide meaning to the user
Term
value of information
Definition
benefit produced by the information minus the cost of producing it
Term
system
Definition
set of two or more interrelated components that interact to achieve a goal
Term
data
Definition
facts that are collected, recorded, stored, and processed by an information system
Term
accounting information system
Definition
a system that collects, records, stores, and processes data to produce information for decision makers
Term
value chain
Definition
linking together of all the primary and support activities in a business. Value is added as a product passes through the chain
Term
supply chain
Definition
an extended system that includes an organization's value chain as well as its suppliers, distributors, and customers
Term
transaction
Definition
an agreement between two entities to exchange goods or services
Term
5 major business or transaction cycles
Definition
revenue cycle
expenditure cycle
production cycle
human resources/payroll cycle
financing cycle
Term
coding
Definition
systematic assignment of numbers or letters to items to classify and organize them
Term
sequence codes
Definition
items are numbered consecutively to ensure that there will be no gaps in the sequence, helps keep track of missing documents
Term
block code
Definition
blocks of numbers within a numerical sequence that are reserved for categories having a meaning to the user.
Term
group codes
Definition
used in conjunction with block codes. Two or more subgroups of digits are used to code the item
Term
batch processing
Definition
periodic updating of data
Term
performance reports
Definition
compare standard, or expected, performances with actual performance
Term
Enterprise resource planning (ERP)system
Definition
system that integrates all aspects of an organization's activities into one accounting information system
Term
7 characteristics of useful information
Definition
1. Relevant
2. Reliable
3. Complete
4. Timely
5. Understandable
6. Verifiable
7. Accessible
Term
data processing cycle
Definition
operations performed on data to produce meaningful info.
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