ACCOUNTING 310 EXAM 1 QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026

ACCOUNTING 310 EXAM 1 QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026 Accounting Information System - Answers A system that records, processes and reports on transactions to provide financial and non-financial information to make decisions and have appropriate levels of internal controls for those transactions Relevance - Answers Information capable of making a difference in a decision. Predictive value, confirmatory value, and materiality Faithful Representation - Answers Information produced accurately reflects the condition of the business. Complete, neutral, and free from error Data - Answers Simply raw facts that describe an event and have little meaning on their own Information - Answers Data organized in a meaningful way to be useful to the user. Data serves as an input Information Overload - Answers Too much information causes information overload - decision making is hindered Discretionary Information - Answers Information that is not required by law Mandatory Information - Answers Information that is required by law User - Answers Record journal entries Designer - Answers System analyst Implementer - Answers Database Administrator Evaluator - Answers Auditor Manager - Answers Controller or CFO Inbound Logistics - Answers Activities associated with receiving and storing raw materials and other partially completed materials and distributing those materials to manufacturing when and where they are needed Operations - Answers Activities that transform inputs into finished goods and services Outbound Logistics - Answers Activities that warehouse and distribute the finished goods to the customers Marketing and Sales Activities - Answers Identify the needs and wants of their customers to help attract them to the firm's products and buy them Service Activities - Answers Provide the support of customers after the products and services are sold to them Procurement Activities - Answers Involve purchasing inputs such as raw materials, supplies, and equipment Human Resource Management - Answers Activities include recruiting, hiring, training and compensating employees Technology Activities - Answers Include all of the technologies to support value-creating activities. These technologies also include research and development to develop new products or research and development to determine ways to produce products at a cheaper price Firm Infrastructure - Answers Activities are all of the activities needed to support the firm, including the CEO, finance, accounting, and legal Enterprise System - Answers A centralized database that collects data from throughout the company including orders, customers, sales, inventory, and employees Financial Reporting System - Answers GL, Accounting Transactions, journal entries, journals, and sub-ledgers. Summarizes the accounting transactions in financial reports, including financial statements, footnotes, and related disclosures Human Resource Management System - Answers Records and tracks interactions of a company's employees. Employee records, payroll, benefits, attendance, career progression, performance evaluation Supply Chain - Answers Refers to the flow of materials, information, payments, and services from supplies all the way through the customer Supply Chain Management - Answers Determine levels of inventory in stock and the amount to be ordered and determine timing to transferring inventory Customer Relationship Management - Answers Used to manage interactions with customers and may include tracking customer purchases, ensuring customer satisfaction, and product placement Business Process - Answers A defined sequence of business activities that use resources to transform specific inputs into specific outputs to achieve a business goal Business Analysis - Answers The process of defining business process requirements and evaluating potential improvements Business Model - Answers A simple abstract representation of one of more business processes Documentation - Answers Explains how business processes and business systems work; a tool for information transmission and communication Events - Answers Include start, intermediate, and end events. Intermediate events affect the flow of a process, but do not start or end the process Activites - Answers Represent specific steps in the business process. Basic activities are modeled as rounded rectangles Sequence Flows - Answers Represented by arrows to indicate the progression of activity within the process Gateways - Answers Show process branching and merging as the result of decisions. Often appear as pairs on the diagram Pools - Answers Identify organizations Lanes - Answers Identify departments or individuals within the organization Message Flows - Answers Exchanges between two participants (pools) in the same process Exclusive Gateway - Answers Only one path can be taken out of the gateway for each instance of a process depending on the branching conditions Inclusive Gateway - Answers One of more paths can be taken out of the gateway for each instance of a process depending on the branching conditions Parallel Gateway - Answers All paths are taken out of the gateway Start Message Event - Answers Used to begin a process based on an incoming message, such as a sales order