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23 Cards in this Set
- Front
- Back
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Legacy Systems |
>older outmoded systems were based on flat-file architecture which restricts access to data to the primary user >records and files are stored electronically instead of in paper form |
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Table |
mathematical term for relation |
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operational problems inherent in the flat-file approach |
1. data storage: data redundancy results in multiple data collection actions and duplication 2. data updating: requires significant coordination across user groups 3. currency of information: outdated information if updates are not disseminated 4. task-data dependency: different technologies and data storage formats makes data difficult to share |
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Database approach |
>pools the data in one central location, the database, for use by all users who are connected with the system >all data is shared and is entered in the system only once (minimizes data redundancy) >updating can be performed with just a single procedure |
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REA Model |
>implemented using a relational database model and is event-oriented rather than account-oriented Resources Events Agents |
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User View |
>the set of data in a particular format that a given user needs to perform his/her responsibilities |
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Resources |
the things of economic value (assets) of the organization that are both scarce and under the control of the organization |
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Events |
activities that affect changes in resources, such as production, exchange, consumption, and distribution -focus on economic events that result in data to be accessed, recorded or stored in the database (not support events) |
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Agents |
the individuals, departments, or locations that take part in an economic event -there can be internal and external agents |
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Event: 1. Stocking Product 2. Send order to vendor What cycle? |
1. conversion or expenditure 2. expenditure (not revenue) |
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Entity |
>simply something that exists in the world that we want to keep track of in our database -a class of things |
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In the sales access database project, what was the primary key for the sale-product table? |
invoice number and product number |
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Steps in REA modeling |
1. Identify the Event Entities 2. Identify the Resource Entities 3. Identify the Agent Entities 4. Determine Association and Cardinalities between Entities |
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Rules for Foreign Keys |
>a relational database uses what are called "foreign keys" to implement associations between entities >foreign keys are data items that appear in more than one table to show an association between entities |
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Is this new architecture sufficient to prepare financial statements for both internal and external use? |
Yes, if: -we store at least the same amount and type of data as would be stored in a traditional AIS -we have the appropriate information processes in place |
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ERP |
a highly integrated enterprise-oriented system
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Core Applications |
>also called on-line transaction processing (OLTP) >mission critical processing >operationally support the day-to-day activities of the business |
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OLAP |
>on-line analytical processing >decision support tools that supply management with real-time information >management critical processing -ex. recording time worked by direct laborers and calculating labor variances across multiple products and divisions >access very large amounts of data >aggregated data and complex calculations |
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SAP R/3 and mySAP |
>comprised of multiple modules that are full integrated or can be taken and used individually >basic functions are organized according to categories: -financial and managerial accounting -corporate governance=supports internal control and auditing -financial supply change management/integration |
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Definition of Fraud |
five requirements: 1. there must be a false representation, statement or nondisclosure 2. there must be a material fact, a substantial factor in inducing someone to act 3. there must be intent to deceive 4. the misrepresentation must have resulted in justifiable reliance causing someone to act 5. the deception must have caused injury or loss to the victim of the fraud |
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Fraud Triangle |
1. Situational pressures (high) 2. Opportunity (high) 3. Ethics (low) |
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Sarbanes-Oxley |
>passed in July 2002 to help address financial statement fraud, the following are in this act: -created the Public Company Accounting Oversight Board (PCAOB)=empowered to set auditing quality control and ethics standards -auditor independence=engaged auditor cannot provide other services to their clients -corporate governance and responsibility through the board of directors' audit committee; must be independent of the company -SEC filings containing a statement by management asserting that they are responsible for creating and maintaining adequate and effective internal controls |
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