This is an agreement b/w 2 entities to exchange goods or services or any other event that can be
measured in economic terms by an organization
What are the 5 business or transaction cyle?
Revenue, expenditure, production, HR/Payroll, and f
Set of interrelated components that collect, manipulate, store, and disseminate data and information,
and provide a feedback mechanism to meet an objective.
Raw facts, such as employee numbers or inventory numbers
when using 5 step decison process, what should be done last?
evaluation and feedback
when making decisions, what factors are important?
appropriate weight given to both qualitative and quantative factors
when deciding to accept a 1 time only special
Logic Bomb (program)
Computer programs that remain dormant until some specified circumstance or date triggers them.
a computer crime whereby computer programmers steal small amounts of money from many
accounts over a period of time.
WSJ Accounting 301 Exam 3
Alls Fair: The Crisis and Fair Value Accounting
This article discussing the controversy that is arising from the credit crunch, over fair
value accounting, in the banking and securities sector. Lobbying groups are arguing that fa
Any potential adverse occurrence or unwanted event that could be injurious to either the AIS or the
The potential dollar loss should a particular threat become a reality, also called impact.
The potential dollar
T/F: Internal auditors are responsible for helping management improve organizational effectiveness
and efficiency and assisting in the design and implementation of an AIS that contributes to the
False. Internal auditors should not
A firm that purchases goods in order to resell them at a profit
Goods purchased by a trading firm for the purpose of resale at a profit
A subsidiary accounting record that records each inidivudal transaction involving t