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Chapters 1-4 ACC
ACC 444 final exam
| Question | Answer |
|---|---|
| Turnaround Document | records of company data sent to an external party and then returned to the system as input. |
| Source data automation: | capture transaction data in machine-readable form at the time and place of their origin: online banking system, barcode, ATM |
| Pre-numbered documents: | verify that all transactions have been recorded and that none of the documents has been misplaced. |
| Transaction processing | process that begins with capturing transaction data and ends with an informational output such as financial statements. |
| Data must be collected about three facets | Event: buy sth/ sell sth ( the activity of interest) • Resources : how much paid/ received ( the resources affected by each activity) • Agent/Actor: who are the people involved ( who participate each activity) |
| General ledger | contains summary-level data for every asset, liability, revenue, and expense account of the organization |
| Subsidiary ledger | records all data for any general ledger account that has many individual subaccounts. Subsidiary ledgers are commonly used for items such as A/R, A/P, fixed assets, and inventory. The general ledger account corresponding to a subsidiary ledger is con |
| Chart of accounts: | : a list of all general accounts an organization uses. |
| Entity: | something about which information is stored (employees, inventory items, and customers) |
| Attributes: | are characteristics of interest with respect to the entity |
| Field: | data values are stored in a physical space called a field. |
| Record | The set of field that contain data about various attributes of the same entity forms a record. Related records are grouped to a form of file |
| Master file | store cumulative information about an organization’s resources and the agent with whom it interacts. The master files are permanent. They exist across fiscal periods. Changes are made to the file to reflect the effects of new transactions |
| Transaction file | contains records for the individual business transactions that occur during a specific fiscal period. |
| database. | A set of interrelate, centrally coordinated files is referred to as a |
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