Distinguish between the accounting information system and the management information system
The AIS processes financial (e.g., cash receipts) and nonfinancial (e.g., addition to the approved vendor list) transactions that directly affect the processing of the financial transaction. These are handled by the three major subsystems: transaction processing, general ledger/financial reporting, and management reporting.
The MIS processes additional nonfinancial transactions that contribute to the decision making of managers.
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Revenues are recognized when
A) net assets increase or decrease as a result of any company activity. B) net assets increase or decrease as a result of primary operating activities. C) net assets increase as a result of any company activity. D) net assets increase as a result of primary operating activities.
In the story about Stuart Mease at Virginia Tech, Stuart gave an example of an ethical dilemma. Which of the following was this ethical dilemma?
a. Taking a meal allowance per diem while traveling even though the client paid for the meal b. Reporting on your taxes a gift to a child even though the exchange was not a gift c. Not telling a professor he/she reported the incorrect grade on your report card d. Accepting credit for a task that you did not perform
Case law is created by the judicial branch and statutory law is created by the _____ branchof government
Fill in the blanks with correct word
Which of the following journal entries would be recorded if a business purchased office supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account?
A) Cash 750 Accounts Payable 750 B) Accounts Payable 750 Cash 750 C) Cash 750 Office Supplies 750 D) Accounts Payable 750 Office Supplies 750