Exam 1 for ACIS 2116 - Exam 1 for ACIS 2116 CHAPTER 1...

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Exam 1 for ACIS 2116 CHAPTER 1 Accounting information needed for decision making : Provided by a companies Accounting Information System; captures financial data resulting from accounting transactions 1 .Need both financial and non-financial information. – must be linked together in in order to make effective business decision, it is turned into useful information and knowledge (example of nonfinancial : number of units of material, time it takes to manufacture a product etc.) (example of financial : net income, cost of product etc.) 2. Data, Information, Knowledge: Data is financial statements, costumer lists, inventory records, and the number and type of products, and services sold. Information is data which is organized, processed, and summarized. Knowledge is when information is shared and exploited so that it adds value to an organization Knowledge Management Tools : Including data, knowledge warehouses, ERP systems, and electronic data interchange (EDI)facilitate effective knowledge management 1. Data and Knowledge Warehouses: Data Warehouses are central depositories for electronic data; usually contain many years of transactions which can be accessed and browsed electronically 2. Knowledge Warehouses: organized to provide access to a wide variety of qualitative data. (example: memos, news articles, client and customer notes etc.) 3. Enterprise Resource Planning Systems: Collect, organize, and report, and distribute data throughout an organization and to transform that data into the usable knowledge necessary for managers to make informed business decisions ; it digitally records every business transaction a company makes, and it helps businesses evolve from data generators to information gatherers 4. Electronic Data Interchange: Allows suppliers and customers to be brought into the ERP network so that online orders from customers initiate a series of highly integrated transactions that ultimately fulfill the request Users of Accounting Information: Financial accounting: is the area concerned with the preparation of general use financial statements for creditors, investors, and other users outside the company, Managerial Accounting: is primarily concerned with generating financial and nonfinancial for thuse by managers in
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