Accounting 310 Exam 1 Questions and Correct Answers/ Latest Update / Already Graded

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Accounting 310 Exam 1 Questions and
Correct Answers/ Latest Update / Already
Graded
Accounting Information System

Ans: 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

Ans: Information capable of making a difference in a decision.
Predictive value, confirmatory value, and materiality


Faithful Representation

Ans: Information produced accurately reflects the condition of
the business. Complete, neutral, and free from error


Data

Ans: Simply raw facts that describe an event and have little
meaning on their own




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Information

Ans: Data organized in a meaningful way to be useful to the
user. Data serves as an input


Information Overload

Ans: Too much information causes information overload -
decision making is hindered


Discretionary Information

Ans: Information that is not required by law


Mandatory Information

Ans: Information that is required by law


User

Ans: Record journal entries


Designer

Ans: System analyst



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