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List of Most Important Topics to Review for Exam

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List of Most Important Topics to Review for Exam
AIS 424A- Winter 2013
List of Most Important Topics to Review for Exam I

Chapters 1&2:
- The three basic objectives of AIS
1. To effectively collect and store data about a company’s activities, transactions, and resources
- Capture transaction data on source documents.
- Record transaction data in journals, which present a chronological record of what occurred.
- Post data from journals to ledgers, which sort data by account type.
2. To transform data into information useful to management in internal decision making:
 In classic (manual) systems, this information is provided in the form of reports that fall into two main categories:
– financial statements
– managerial reports
3. To provide adequate internal controls:
a) Safeguard organizational assets
b) Ensure that the information produced by the system is reliable.
c) Ensure that business activities are performed efficiently and in accordance with management’s objectives.

- Major steps of the accounting cycle -
- Source documents by cycle REVENUE Function
-

Expenditure Cycle

HR:

General Ledger & Reporting System -
- Designing a Chart of accounts
First digit: represents the major types of accounts
Second digit: represent the subaccounts within major types of account.
Third digit: represents the specific or unique names of the accounts

- Types of journals cash receipts journal cash payments journal sales journal purchases journal general journal.

- The concept of audit trail including the distinction between backward and forward audit trails
An audit trail is a traceable path of a transaction through a data processing system from point of origin to final output, or backwards from from final output to point of origin. It is used to check the accuracy and validity of ledger postings.

Backward: 3->2->1 existence assertion
Forward: 1->2->3 competence assertion

- Internal control considerations
 The third function of an

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