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by: Hanna Pham

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# ACCTG 432 EXAM 1 - STUDY GUIDE ACCTG 432

Marketplace > Penn State Harrisburg > Accounting > ACCTG 432 > ACCTG 432 EXAM 1 STUDY GUIDE
Hanna Pham
Penn State Harrisburg

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Chapter 1, 2 and 3 will be on Exam 1
COURSE
ACCOUNTING
PROF.
Herrick, Keith
TYPE
Study Guide
PAGES
2
WORDS
CONCEPTS
Accounting
KARMA
50 ?

## 3

1 review
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## Popular in Accounting

This 2 page Study Guide was uploaded by Hanna Pham on Tuesday January 26, 2016. The Study Guide belongs to ACCTG 432 at Penn State Harrisburg taught by Herrick, Keith in Spring 2016. Since its upload, it has received 173 views. For similar materials see ACCOUNTING in Accounting at Penn State Harrisburg.

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## Reviews for ACCTG 432 EXAM 1 - STUDY GUIDE

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Date Created: 01/26/16
ACCTG 432 Exam 1 ­ Study Guide Goal conflict: occur when an activity or an action of one subsystem is not match with another  subsystem or with a larger system Goal congruence: the goals of subsystem should be in alignment with the goals of the  organization.  Data: a collection of facts or raw materials including words, numbers, and symbols.  Example: This is student's test score: 70, 80, 85, 90 Information: what you get after processing data to make it useful. It gives the meaning and  context.  Example: According to the test score above, these test scores tell us that it achieve by the  students. Then, we have to calculate to get the average and the average is 81.25. This tell us  that the first student did badly on the test because their test score were below the average.  Value Chain: a set of activities that a business need to go through to bring out services and  products to their customers.   Primary activitie  directly concerned with the produce or delivery of the products or services 1. Inbound logistics 2. Outbound logistics 3. Operations 4. Marketing and Sales 5. Service Support activities: those that are help to create value. These activities do not directly involve in  production but possible increase effectiveness or efficiency 1. Firm infrastructure 2. Human resource 3. Technology 4. Purchasing Relevant makes information useful because it reduces the confusion by helping you to predict  what will happen in the future or what already has happened  Reliable is also one of the characteristic that make information useful. It requires the information need to be accurate and faithful. In other words, information need to remain neutral which  means it must free from bias or error  Transaction cycles: is a set of financial transaction that usually occurs in a related sequence 1. Expenditure cycle 2. Revenue cycle 3. Payroll cycle 4. Financing cycle 5. Production cycle Turnaround documents: simply a document that sent out and then return. Usually most invoices  and bills include a stub to be return by the customer with their payment.  Documentation: any information or data use to run your company such as invoices, checks and  bills Context diagram: known as “Level 0”. It usually is a top level of data flow diagram. Data flow  diagram which shows a complete system. On the other hand, context diagram only shows a  single process. In other word, context diagram shows a level of data that move and out of the  organisation.  Field: simply a single unit of data that is unique within each entries.  Example: Tax form contains a number of fields such as one for your date of birth, one of your  social security, and so on.   Record: simply all the collection of fields A file has a name and it is a related collection of record.  Database: collection of information or data Master file: contain descriptive data such as name, addresses, phone numbers, etc.  Sequence codes: those documents that are numbered in automatically order. If any gaps in the  sequence codes, that will called as a missing document that need to investigate  Block codes: simply block of numbers represent for a specific categories (More examples in the  textbook page 28) Group codes: usually two or more subgroup digits used to code for any items I just come up with my own definition. If you want to come up with your own definition, then go ahead. The Data flow diagram, flowcharts and documents flow chart are already in the  professor’s study guide so I don’t need to cover it here.

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