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23. What is the difference between revenue cycle and expenditure cycle? 24. Write the three important functions perform by AIS a) __ b) __ c) __ 25. What is the difference between AIS and MIS? 26 __ encompasses the variety of activities an organization must undertake to support its day-to-day operations. 27. What are the principal components of a transaction processing system? 28. What is the difference between merchandise business and Manufacturing companies? Show in the form of DFD 29. What is the distinction between single entry accounting system and double entry accounting system? 30. Show the steps in an accounting cyde. 31. Why receivable needs a subsidiary ledger? You have been engaged by the management of Alden, Inc. to review its internal control over the purchase, receipt, storage, and issue of raw materials.You have prepared the following comments that describe Alden's procedures. Raw materials, which consist mainly of high-cost electronic components, are kept in a locked storeroom. Storeroom personnel include a supervisor and four clerks. All are well trained, competent,and adequately bonded. Raw materials are removed from the storeroom only upon written or oral authorization of one of the production foremen. No perpetual inventory records are kept; hence, the storeroom clerks do not keep records of goods received or issued.To compensate for the lack of perpetual records,a physical inventory count is taken monthly by the storeroom clerks.who are well supervised.Appropriate procedures are followed in taking the inventory count. After the physical count, the storeroom supervisor matches quantities contend against a predetermined re-order level If the count for a given part is below the re-order level,the supervisor enters the part number on a materials requisition list and sends this list to the accounts payable clerk.The accounts payable clerk prepares a purchase order for a predeterminec I re-order quantity for each part and mails the purchase order to the vendor from whom the part was last purchased. When ordered materials arrive at Alden, they are received by the storeroom clerks. The clerks count the merchandise and agree the counts to the shipper's bill of lading. All vendor's bills of lading are initialed, dated,and filed in the storeroom to serve as receiving reports.

Pergunta

23. What is the difference between revenue cycle and expenditure cycle? 24. Write the three important functions perform by AIS a) __ b) __ c) __ 25. What is the difference between AIS and MIS? 26 __ encompasses the variety of activities an organization must undertake to support its day-to-day operations. 27. What are the principal components of a transaction processing system? 28. What is the difference between merchandise business and Manufacturing companies? Show in the form of DFD 29. What is the distinction between single entry accounting system and double entry accounting system? 30. Show the steps in an accounting cyde. 31. Why receivable needs a subsidiary ledger? You have been engaged by the management of Alden, Inc. to review its internal control over the purchase, receipt, storage, and issue of raw materials.You have prepared the following comments that describe Alden's procedures. Raw materials, which consist mainly of high-cost electronic components, are kept in a locked storeroom. Storeroom personnel include a supervisor and four clerks. All are well trained, competent,and adequately bonded. Raw materials are removed from the storeroom only upon written or oral authorization of one of the production foremen. No perpetual inventory records are kept; hence, the storeroom clerks do not keep records of goods received or issued.To compensate for the lack of perpetual records,a physical inventory count is taken monthly by the storeroom clerks.who are well supervised.Appropriate procedures are followed in taking the inventory count. After the physical count, the storeroom supervisor matches quantities contend against a predetermined re-order level If the count for a given part is below the re-order level,the supervisor enters the part number on a materials requisition list and sends this list to the accounts payable clerk.The accounts payable clerk prepares a purchase order for a predeterminec I re-order quantity for each part and mails the purchase order to the vendor from whom the part was last purchased. When ordered materials arrive at Alden, they are received by the storeroom clerks. The clerks count the merchandise and agree the counts to the shipper's bill of lading. All vendor's bills of lading are initialed, dated,and filed in the storeroom to serve as receiving reports.

23. What is the difference between revenue cycle and expenditure cycle? 24. Write the three important functions perform by AIS a) __ b) __ c) __ 25. What is the difference between AIS and MIS? 26 __ encompasses the variety of activities an organization must undertake to support its day-to-day operations. 27. What are the principal components of a transaction processing system? 28. What is the difference between merchandise business and Manufacturing companies? Show in the form of DFD 29. What is the distinction between single entry accounting system and double entry accounting system? 30. Show the steps in an accounting cyde. 31. Why receivable needs a subsidiary ledger? You have been engaged by the management of Alden, Inc. to review its internal control over the purchase, receipt, storage, and issue of raw materials.You have prepared the following comments that describe Alden's procedures. Raw materials, which consist mainly of high-cost electronic components, are kept in a locked storeroom. Storeroom personnel include a supervisor and four clerks. All are well trained, competent,and adequately bonded. Raw materials are removed from the storeroom only upon written or oral authorization of one of the production foremen. No perpetual inventory records are kept; hence, the storeroom clerks do not keep records of goods received or issued.To compensate for the lack of perpetual records,a physical inventory count is taken monthly by the storeroom clerks.who are well supervised.Appropriate procedures are followed in taking the inventory count. After the physical count, the storeroom supervisor matches quantities contend against a predetermined re-order level If the count for a given part is below the re-order level,the supervisor enters the part number on a materials requisition list and sends this list to the accounts payable clerk.The accounts payable clerk prepares a purchase order for a predeterminec I re-order quantity for each part and mails the purchase order to the vendor from whom the part was last purchased. When ordered materials arrive at Alden, they are received by the storeroom clerks. The clerks count the merchandise and agree the counts to the shipper's bill of lading. All vendor's bills of lading are initialed, dated,and filed in the storeroom to serve as receiving reports.

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23. The revenue cycle refers to the series of steps a company takes to generate revenue, such as selling products or services, while the expenditure cycle refers to the process of managing and paying for the company's expenses, such as purchasing supplies or paying bills.

24. a) Data collection and storage
b) Data processing and analysis
c) Reporting and decision-making

25. AIS (Accounting Information System) is a system that collects, stores, and processes financial data, while MIS (Management Information System) is a system that provides managers with the information they need to make decisions.

26. Business operations

27. The principal components of a transaction processing system are input devices, data storage, processing logic, output devices, and control mechanisms.

28. Merchandise businesses buy finished goods and resell them to customers, while manufacturing companies produce goods from raw materials. In a DFD, the merchandise business would have a single process of buying and selling goods, while the manufacturing company would have multiple processes of producing goods, including raw material procurement, production, and quality control.

29. In a single-entry accounting system, each transaction is recorded with one entry, either as income or expense. In a double-entry accounting system, each transaction is recorded with two entries, one as income and one as an expense, ensuring that the accounting equation (Assets = Liabilities + Equity) always balances.

30. The steps in an accounting cycle are:
1. Identify and analyze transactions
2. Record transactions in the journal
3. Post transactions to the ledger
4. Prepare a trial balance
5. Make adjusting entries
6. Prepare financial statements
7. Close temporary accounts

31. Receivables need a subsidiary ledger to track individual customer balances and transactions, which helps in managing credit and collections, and ensures accurate financial reporting.
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