Study Sheet for Acc 304 Final Exam:
120 points
Covers Ch 1, 2, 3, 12, 13, 15 and 16.
Multiple choice and case/format problems.
Multiple Choice Questions:
Material from SUA and Ch 2.
Things to know:
Adjusting journal entries—Balance sheet and Income statement approach
Accruals—revenue and expense
Deferrals—revenue and expense
Calculations using BeginInv + P = EndInv + COGS
Journals—special and general journals
A = L + OE
Subsidiary vs. control accounts of general ledger
Freight out (selling expense) vs. freight in (COGS)
Worksheets
Identification of current assets and current liabilities
Be sure to do both practice quizzes on the class website.
Ch 2: Overview of Transaction Processing and ERP (Enterprise Resource Planning)
Know the Data Processing Cycle—Data Input (source documents), Data Storage (Ledgers, Journals, Audit Trail, Computer Based Storage Concepts, File Structure, Data Processing (updating, changing, deleting, adding data), and Information Output. These concepts appear throughout the exam on all sections.
p. 28 coding techniques –block, group, decimal, sequential, mnemonic
Chart of accounts
File definitions—file types (on webpage)
Batch processing
Online real-time processing
Be able to read/interpret a systems flowchart
End of chapter look at problems 2.5, 2.6, and 2.8 for practice
Other chapters:
Ch 1: Accounting Information Systems Overview
Definition of a system and AIS
= Group of elements that work together to achieve a common goal
6 components of the AIS
Information overload
Goal congruence vs. goal conflict
Value Chain—primary and support activities Page 13-14
Characteristics of Useful information Table 1-1
=CUTVARR Page 5.
1. Relevant
2. Reliable
3. Complete
4. Timely
5. Understandable
6. Verifiable
7. Accessible
Data vs. Information
What are the transaction cycles? Page 7
Table 1-3 Common Cycle Activities
Ch 1 provides foundation for all the Business Process chapters that follow: Ch 12, 13, 15 and 16. It is important to understand these fundamentals.
Functions of AIS
How AIS can Add Value to an Organization Page 11
Ch 12: Revenue Cycle: Sales to Cash Collections
Objectives of Sales/Collections
Functions of the Sales/Collections
Threats and Controls
New IT developments—important to list with definitions. ***
Steps in the Process
Know Tasks by Department
Documents and files used.
Same list for Ch 13 Acquisitions/Payment and Ch 15 Human Resources/Payroll.
Know:
1. How the processes work,
2. Risks/ threats and controls, and
3. How new developments in IT can be used to increase efficiency and reduce errors.
Ch 16: General ledger and Reporting System
Steps in General Ledger Reporting System
Inputs/Outputs
General Controls and Control Objectives
XBRL
To learn controls look at the document flowcharts that were handed out in class for each business process (sales, purchasing, and payroll).
For each department listed on these flowcharts, make a list of their employees’ responsibilities.
For example: Cashier: receives cash, receives cash prelist, makes bank deposit, posts cash receipts journal, etc.,
A/R: post to accounts only.
To prepare for the test you must know what each department should do in a well designed system.
Potential Case/format problems:
Internal Control Question.
Similar to practice questions in homework. Please email if you need any solutions.
Posting transactions to special journals.
blank journal paper is provided—similar to posting of SUA transactions to special journals. To prepare review SUA project.
Systems flowchart question.
Given a list of procedures, identify where each occurs (if it occurs) on a given systems flowchart.
Do not forget to study new technologies to make processing more efficient and error free.
EDI = electronic data interchange. Gets rid of paper documents
VMI = vendor managed inventory. Vendor has direct access to inventory records of retailer to keep them restocked
EFT = electronic funds transfer. No more paper checks!
ERS = evaluative receipts settlement. Going from 3-way to 2-way matching. No more invoices!
RFID = radio frequency identification tag.
GPS = global positioning system. Logistics software
OCR = optical character recognition
Electronic lockbox = customers send payments directly to the bank, and bank sends the firm a confirmation. Minimizes risk of misappropriation because the money doesn’t pass through employee hands.
Biometrics = finger prints, retina scan, voice recognition, etc. for security identification
Video cameras
Scanners of bar codes
FEDI = financial electronic data interchange. Both payment and information is sent electronically
POS = point-of-sale. Real-time updating of inventory and A/R
CRM = customer relationship management
Choiceboard = gives customers options, such as customizing a computer with parts
Good luck studying!!! I am sure this list looks daunting!