AFM341 Study Guide - Subledger, General Ledger, External Auditor

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Business process: a set of related activities associated with providing goods and services to customers. Transaction cycles: groups of related events that typically occur in a particular sequence. Events: activities that happen at a particular point in time. Customer places an order, goods are shipped, and a sales report is printed. Acquisition (purchasing) cycle; the process of purchasing and paying. Conversion cycle; the process of transforming resources acquired into for goods or services goods. Revenue cycle; the process of providing goods or services to customers and collecting cash. Management information system (mis): a system that captures data about an organization, stores and maintains the data, and provides meaningful information for management. Accounting information system (ais): a subsystem of a management information system (mis) that provides accounting and financial information as well as other information obtained in the routine processing of accounting transactions.

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