Accounting Information System (AIS): It is a computer-based system used by decision makers to collect, organize, and report large amounts of accounting information in order to fulfill the current requirements of present business scenario. To find: The benefits of effective accounting information system

Question

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Answer 1

Question

Chapter B, Problem 1QC

To determine

Accounting Information System (AIS): It is a computer-based system used by decision makers to collect, organize, and report large amounts of accounting information in order to fulfill the current requirements of present business scenario.

To find: The benefits of effective accounting information system

Expert Solution & Answer

Answer to Problem 1QC

Compatibility

Explanation of Solution

Explanation for incorrect answer:

Option a is incorrect as flexibility is about where organization manages with unexpected changes in the business activities along the passage of time.
Option b is incorrect as accounting information system provides relevant information towards effective decision making. This help to reduce the future uncertainties.
Option d is incorrect as compatibility develops harmony between the employees and organizational structure.

Explanation for correct answer:

Option a is correct as the control system helps the accounting process towards preventing accounting data from frauds and errors.

Conclusion

Hence, the correct answer is option c.

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The following financial statement information is from five separate companies. Beginning of year Assets Liabilities Compan Compan Compan Compan Compan УА y B ус y D y E $ 55,000 $34,000 $24,000 $60,000 $1,19,00 24,500 21,500 9,000 40,000 ? End of year Assets Liabilities Changes during 58,000 40,000 ? 85,000 1,13,000 ? 26,500 29,000 24,000 70,000 the year Owner 6,000 1,400 9,750 ? 6,500 investments Net income (loss) 8,500 ? 8,000 14,000 20,000 Owner 3,500 2,000 5,875 0 11,000 withdrawals Compute the amount of liabilities for Company E at the beginning of the year. End of the year Assets = Liabilities + Equity $ 1,13,000 = $ 70,000 + $ 43,000 Statement of Owner's equity Equity, beginning of year $ 43,000 Add: Investment by owner 6,500 Add: Net Income 20,000 69,500 Less: Withdrawal by owner 11,000 Equity, end of year ?

Answer 2

Question

Chapter B, Problem 1QC

To determine

Accounting Information System (AIS): It is a computer-based system used by decision makers to collect, organize, and report large amounts of accounting information in order to fulfill the current requirements of present business scenario.

To find: The benefits of effective accounting information system

Expert Solution & Answer

Answer to Problem 1QC

Compatibility

Explanation of Solution

Explanation for incorrect answer:

Option a is incorrect as flexibility is about where organization manages with unexpected changes in the business activities along the passage of time.
Option b is incorrect as accounting information system provides relevant information towards effective decision making. This help to reduce the future uncertainties.
Option d is incorrect as compatibility develops harmony between the employees and organizational structure.

Explanation for correct answer:

Option a is correct as the control system helps the accounting process towards preventing accounting data from frauds and errors.

Conclusion

Hence, the correct answer is option c.

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Answer 3

Question

Chapter B, Problem 1QC

To determine

Accounting Information System (AIS): It is a computer-based system used by decision makers to collect, organize, and report large amounts of accounting information in order to fulfill the current requirements of present business scenario.

To find: The benefits of effective accounting information system

Expert Solution & Answer

Answer to Problem 1QC

Compatibility

Explanation of Solution

Explanation for incorrect answer:

Option a is incorrect as flexibility is about where organization manages with unexpected changes in the business activities along the passage of time.
Option b is incorrect as accounting information system provides relevant information towards effective decision making. This help to reduce the future uncertainties.
Option d is incorrect as compatibility develops harmony between the employees and organizational structure.

Explanation for correct answer:

Option a is correct as the control system helps the accounting process towards preventing accounting data from frauds and errors.

Conclusion

Hence, the correct answer is option c.

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Answer 4

Question

Chapter B, Problem 1QC

To determine

Accounting Information System (AIS): It is a computer-based system used by decision makers to collect, organize, and report large amounts of accounting information in order to fulfill the current requirements of present business scenario.

To find: The benefits of effective accounting information system

Expert Solution & Answer

Answer to Problem 1QC

Compatibility

Explanation of Solution

Explanation for incorrect answer:

Option a is incorrect as flexibility is about where organization manages with unexpected changes in the business activities along the passage of time.
Option b is incorrect as accounting information system provides relevant information towards effective decision making. This help to reduce the future uncertainties.
Option d is incorrect as compatibility develops harmony between the employees and organizational structure.

Explanation for correct answer:

Option a is correct as the control system helps the accounting process towards preventing accounting data from frauds and errors.

Conclusion

Hence, the correct answer is option c.

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Answer 5

Chapter B, Problem 1QC

To determine

Accounting Information System (AIS): It is a computer-based system used by decision makers to collect, organize, and report large amounts of accounting information in order to fulfill the current requirements of present business scenario.

To find: The benefits of effective accounting information system

Expert Solution & Answer

Answer to Problem 1QC

Compatibility

Explanation of Solution

Explanation for incorrect answer:

Option a is incorrect as flexibility is about where organization manages with unexpected changes in the business activities along the passage of time.
Option b is incorrect as accounting information system provides relevant information towards effective decision making. This help to reduce the future uncertainties.
Option d is incorrect as compatibility develops harmony between the employees and organizational structure.

Explanation for correct answer:

Option a is correct as the control system helps the accounting process towards preventing accounting data from frauds and errors.

Conclusion

Hence, the correct answer is option c.

Answer 6

Chapter B, Problem 1QC

To determine

Accounting Information System (AIS): It is a computer-based system used by decision makers to collect, organize, and report large amounts of accounting information in order to fulfill the current requirements of present business scenario.

To find: The benefits of effective accounting information system

Expert Solution & Answer

Answer to Problem 1QC

Compatibility

Explanation of Solution

Explanation for incorrect answer:

Option a is incorrect as flexibility is about where organization manages with unexpected changes in the business activities along the passage of time.
Option b is incorrect as accounting information system provides relevant information towards effective decision making. This help to reduce the future uncertainties.
Option d is incorrect as compatibility develops harmony between the employees and organizational structure.

Explanation for correct answer:

Option a is correct as the control system helps the accounting process towards preventing accounting data from frauds and errors.

Conclusion

Hence, the correct answer is option c.

Answer 7

Chapter B, Problem 1QC

To determine

Accounting Information System (AIS): It is a computer-based system used by decision makers to collect, organize, and report large amounts of accounting information in order to fulfill the current requirements of present business scenario.

To find: The benefits of effective accounting information system

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

Compatibility

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Explanation for incorrect answer:

Option a is incorrect as flexibility is about where organization manages with unexpected changes in the business activities along the passage of time.
Option b is incorrect as accounting information system provides relevant information towards effective decision making. This help to reduce the future uncertainties.
Option d is incorrect as compatibility develops harmony between the employees and organizational structure.

Explanation for correct answer:

Option a is correct as the control system helps the accounting process towards preventing accounting data from frauds and errors.

Answer 12

Conclusion

Hence, the correct answer is option c.

Answer 13

Ch. B - Prob. 1QC Ch. B - Prob. 2QC Ch. B - Prob. 3QC Ch. B - Prob. 4QC Ch. B - Prob. 5QC Ch. B - Centex Sound Systems purchased merchandise...Ch. B - Every transaction recorded in the cash payments...Ch. B - Prob. 8QC Ch. B - Prob. 9QC Ch. B - What is an accounting information system (AIS)?

Answer to Problem 1QC

Explanation of Solution

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Chapter B Solutions