Midterm Study Guide Fall-09

Midterm Study Guide Fall-09 - ACCT 361 Midterm Review and...

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ACCT 361 – Midterm Review and Study Guide 1
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Use this guide/review to evaluate what you have learned so far from this course and to prepare for the midterm exam. 1) Traditional Accounting Architecture: Do you understand the difference between the traditional accounting model and the events approach to accounting ? You should be aware of the critiques of the traditional accounting model, while at the same time appreciating it for a model that has stood for 500 years. You should be familiar with at least some of the ways in which accounting is affected by advances in information technology. 2) Are you able to distinguish between business processes and information processes ? Business processes are a series of related activities or business events in an organization that are associated with providing goods and services to external parties. Information processes are the recording, maintaining, and reporting activities associated with business processes. Each business event is recorded by an organization's information system. The resources, agents, and locations associated with business events are maintained by the information system (e.g., changing a customer address or adding a new vendor). The reporting function provides the output of the information system. Outputs, to a large extent, drive input. As an example, imagine that a company is interested in information
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Midterm Study Guide Fall-09 - ACCT 361 Midterm Review and...

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