Accounting Information System : Accounting is an information system that obtains the business transaction, records the transactions obtained, processes the records into meaningful information and statements and then presents this information to the decision-makers. To identify: The functions of the accounting information system.

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Answer 1

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Chapter 1, Problem 1QC

To determine

Accounting Information System:

Accounting is an information system that obtains the business transaction, records the transactions obtained, processes the records into meaningful information and statements and then presents this information to the decision-makers.

To identify:

The functions of the accounting information system.

Expert Solution & Answer

Explanation of Solution

Solution:

The answer to the question is: d. All of the above.

Explanations:

Given: Choices for the functions of the accounting information system:

Measures business activities.
Communicates the results to decision-makers.
Processes the information into reports.
All of the above.

Given options can be analyzed as follows:

Accounting is an information system that obtains the business transaction and records it in the books of account. Hence, it is true that it measures business activities.
Accounting is an information system that presents the processed information to the decision-makers. Hence, it is true that it communicates the results to decision-makers.
Accounting is an information system that processes the records into meaningful information or reports. Hence, it is true that accounting is an information system processes the information into reports.
Hence, we can say all the above statements are true about the accounting information system.

Conclusion

We can conclude that accounting is an information system that measures the business activities by collecting financial information, and it prepares reports from the information collected and communicates the reports to the users and decision-makers.

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Alanood Company wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physical count of inventory. During the last five years the company's gross profit rate averaged 36%. The following information for the years first quarter is available from its records: January 1 beginning inventory $150,130 Purchases $472,600 Purchase returns $6,525 Transportation in $3,450 Sales $595,575 Sales returns $4,725 Use the gross profit method to prepare an estimate of the company's March 31 inventory.

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Answer 2

Question

100%

Chapter 1, Problem 1QC

To determine

Accounting Information System:

Accounting is an information system that obtains the business transaction, records the transactions obtained, processes the records into meaningful information and statements and then presents this information to the decision-makers.

To identify:

The functions of the accounting information system.

Expert Solution & Answer

Explanation of Solution

Solution:

The answer to the question is: d. All of the above.

Explanations:

Given: Choices for the functions of the accounting information system:

Measures business activities.
Communicates the results to decision-makers.
Processes the information into reports.
All of the above.

Given options can be analyzed as follows:

Accounting is an information system that obtains the business transaction and records it in the books of account. Hence, it is true that it measures business activities.
Accounting is an information system that presents the processed information to the decision-makers. Hence, it is true that it communicates the results to decision-makers.
Accounting is an information system that processes the records into meaningful information or reports. Hence, it is true that accounting is an information system processes the information into reports.
Hence, we can say all the above statements are true about the accounting information system.

Conclusion

We can conclude that accounting is an information system that measures the business activities by collecting financial information, and it prepares reports from the information collected and communicates the reports to the users and decision-makers.

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Answer 3

Question

100%

Chapter 1, Problem 1QC

To determine

Accounting Information System:

Accounting is an information system that obtains the business transaction, records the transactions obtained, processes the records into meaningful information and statements and then presents this information to the decision-makers.

To identify:

The functions of the accounting information system.

Expert Solution & Answer

Explanation of Solution

Solution:

The answer to the question is: d. All of the above.

Explanations:

Given: Choices for the functions of the accounting information system:

Measures business activities.
Communicates the results to decision-makers.
Processes the information into reports.
All of the above.

Given options can be analyzed as follows:

Accounting is an information system that obtains the business transaction and records it in the books of account. Hence, it is true that it measures business activities.
Accounting is an information system that presents the processed information to the decision-makers. Hence, it is true that it communicates the results to decision-makers.
Accounting is an information system that processes the records into meaningful information or reports. Hence, it is true that accounting is an information system processes the information into reports.
Hence, we can say all the above statements are true about the accounting information system.

Conclusion

We can conclude that accounting is an information system that measures the business activities by collecting financial information, and it prepares reports from the information collected and communicates the reports to the users and decision-makers.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

100%

Chapter 1, Problem 1QC

To determine

Accounting Information System:

Accounting is an information system that obtains the business transaction, records the transactions obtained, processes the records into meaningful information and statements and then presents this information to the decision-makers.

To identify:

The functions of the accounting information system.

Expert Solution & Answer

Explanation of Solution

Solution:

The answer to the question is: d. All of the above.

Explanations:

Given: Choices for the functions of the accounting information system:

Measures business activities.
Communicates the results to decision-makers.
Processes the information into reports.
All of the above.

Given options can be analyzed as follows:

Accounting is an information system that obtains the business transaction and records it in the books of account. Hence, it is true that it measures business activities.
Accounting is an information system that presents the processed information to the decision-makers. Hence, it is true that it communicates the results to decision-makers.
Accounting is an information system that processes the records into meaningful information or reports. Hence, it is true that accounting is an information system processes the information into reports.
Hence, we can say all the above statements are true about the accounting information system.

Conclusion

We can conclude that accounting is an information system that measures the business activities by collecting financial information, and it prepares reports from the information collected and communicates the reports to the users and decision-makers.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

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Answer 6

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100%

Answer 7

Chapter 1, Problem 1QC

To determine

Accounting Information System:

Accounting is an information system that obtains the business transaction, records the transactions obtained, processes the records into meaningful information and statements and then presents this information to the decision-makers.

To identify:

The functions of the accounting information system.

Expert Solution & Answer

Explanation of Solution

Solution:

The answer to the question is: d. All of the above.

Explanations:

Given: Choices for the functions of the accounting information system:

Measures business activities.
Communicates the results to decision-makers.
Processes the information into reports.
All of the above.

Given options can be analyzed as follows:

Accounting is an information system that obtains the business transaction and records it in the books of account. Hence, it is true that it measures business activities.
Accounting is an information system that presents the processed information to the decision-makers. Hence, it is true that it communicates the results to decision-makers.
Accounting is an information system that processes the records into meaningful information or reports. Hence, it is true that accounting is an information system processes the information into reports.
Hence, we can say all the above statements are true about the accounting information system.

Conclusion

We can conclude that accounting is an information system that measures the business activities by collecting financial information, and it prepares reports from the information collected and communicates the reports to the users and decision-makers.

Answer 8

Chapter 1, Problem 1QC

To determine

Accounting Information System:

Accounting is an information system that obtains the business transaction, records the transactions obtained, processes the records into meaningful information and statements and then presents this information to the decision-makers.

To identify:

The functions of the accounting information system.

Expert Solution & Answer

Explanation of Solution

Solution:

The answer to the question is: d. All of the above.

Explanations:

Given: Choices for the functions of the accounting information system:

Measures business activities.
Communicates the results to decision-makers.
Processes the information into reports.
All of the above.

Given options can be analyzed as follows:

Accounting is an information system that obtains the business transaction and records it in the books of account. Hence, it is true that it measures business activities.
Accounting is an information system that presents the processed information to the decision-makers. Hence, it is true that it communicates the results to decision-makers.
Accounting is an information system that processes the records into meaningful information or reports. Hence, it is true that accounting is an information system processes the information into reports.
Hence, we can say all the above statements are true about the accounting information system.

Conclusion

We can conclude that accounting is an information system that measures the business activities by collecting financial information, and it prepares reports from the information collected and communicates the reports to the users and decision-makers.

Answer 9

Chapter 1, Problem 1QC

To determine

Accounting Information System:

Accounting is an information system that obtains the business transaction, records the transactions obtained, processes the records into meaningful information and statements and then presents this information to the decision-makers.

To identify:

The functions of the accounting information system.

Answer 10

Expert Solution & Answer

Explanation of Solution

Solution:

The answer to the question is: d. All of the above.

Explanations:

Given: Choices for the functions of the accounting information system:

Measures business activities.
Communicates the results to decision-makers.
Processes the information into reports.
All of the above.

Given options can be analyzed as follows:

Accounting is an information system that obtains the business transaction and records it in the books of account. Hence, it is true that it measures business activities.
Accounting is an information system that presents the processed information to the decision-makers. Hence, it is true that it communicates the results to decision-makers.
Accounting is an information system that processes the records into meaningful information or reports. Hence, it is true that accounting is an information system processes the information into reports.
Hence, we can say all the above statements are true about the accounting information system.

Answer 11

Expert Solution & Answer

Answer 12

Expert Solution & Answer

Answer 13

Conclusion

We can conclude that accounting is an information system that measures the business activities by collecting financial information, and it prepares reports from the information collected and communicates the reports to the users and decision-makers.

Answer 14

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