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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Ansari Basketball Inc. had a player contract with Rodriguez that is recorded in its books at $3,500,000 on July 15, 2022. Delta Basketball Inc. had a player contract with Williams that is recorded in its books at $4,200,000 on July 15, 2022. On this date, Ansari traded Rodriguez to Delta for Williams and paid a cash difference of $800,000. The fair value of the Williams contract was $5,300,000 on the exchange date. The exchange had no commercial substance. After the exchange, the Williams contract should be recorded in Ansari's books at $ __? Answer

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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Answer 5

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Answer 6

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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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