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42 Cards in this Set

  • Front
  • Back
where goods and services are sold for cash or a future promise to pay cash
revenue cycle
where companies purchase inventory for resale or raw material to use in producing products in exchange for cash or a future promise to pay cash
expenditure cycle
where raw materials are transformed into finished goods
production cycle
where employees are hired, trained, compensated, evaluated, promoted and terminated
HR payroll cycle
where companies sell parts of the company to investors and borrow money and where investors are paid dividends and interest is paid on loans
financing cycle
five major transaction cycles
revenue, expenditure, production, HR, financing
the operations formed on data to generate meaningful and relevant information are referred to collectively as the
data processing cycle
four steps of the data processing cycle
data input, data storage, data processing, and information output
data must be collected about three facets of each business activity
Each activity of interest, the resources affected, the people who participate
records of company data sent to an external party then returned to the system as input
turnaround documents
capture transaction data in machine-readable form at the time and place of their origin
source data automation
files used to store cumulative information are called
contains summary-level data for every asset, liability, equity, revenue and expense account of the organization
general ledger
records all the detailed data for any general ledger account that has many individual sub accounts
subsidiary ledger
the general ledger account corresponding to a subsidiary ledger is called a
control account
the systematic assignment of numbers or letters to classify and organized the data stored in ledgers
when items are numbered consecutively to ensure that there will be no gaps in the sequence so that users can account for all the items, used for checks, invoices, and Pos
sequence codes
blocks of numbers within a numerical sequence are resolved for categories having meaning to the user
block codes
often used in conjunction with block codes where two or more subgroups of digits are used to code an item, like a vin #
group codes
a list of all general ledger accounts an organization uses
chart of accounts
a __ is made for each transaction showing the accounts and amounts to be debited and credited
journal entry
used to record infrequent or non routine transaction
general journal
used to simplify the process of recording large numbers of repetitive transactions
specialized journal
a means to check the accuracy and validity of ledger postings
audit trail
something about which information is stored
characteristics of interest
data values are stored in a physical space called a
the set of fields that contain data about various attributes of the same entity forms a
the contents of a field within a record are called a
data value
related records are grouped in a
two basic types of files exist
a master file and a transaction file
four different types of file processing
updating, changing, adding and deleting
periodic updating is known as
batch processing
updating each transaction is known as
real time, or online processing
batch processing is a ___ method
records of transaction or other company data
documents generated at the end of transaction processing activities are called
operational documents
used by employees to control operational activities and by managers to make decision strategies for the business
a user enters a request for a specific piece of information
formal expressions of goals in financial terms
reports that compare standard or expected performance with actual performance
performance report
systems designed to overcome the problems of integration, redundancies and discrepancies
Enterprise resource planning