Albon, Lara Elise D.

IT5
Lopez, Bernette Chaine C. Mr. Edgar Torres

Archiving a record is an alternative to deleting

a record? What is the benefit that can be
derived from it?
Are large batch sizes preferable to small batch
sizes when it comes to data processing?
Explain
Discuss the importance of accounting
independence in accounting information
systems. Use an example aside from inventory
control.
Does banking system use real/ on-line
processing or both real time and batch
processing. Provide a scenario.
Give at least on criteria that influence
selection of data structure? What data
structure is suited for that?
How do backup procedures for files with a
direct access structure differ from sequential
files?
How do you consider Microsoft Office
Systems? Is it a turnkey, backbone or vendor
supported system? Explain your answer.
If a certain system in a business is centralized
does it mean that the whole business is
centralized. Explain your answer. (You are
encouraged to give practical business cases)
If accountants are viewed as providers of
information, then why are they consulted as
system users in the system development
process? Give a practical example to support
your answer.
In what scenario does real time processing
advantageous over batch processing (Is it
transactions that are dependent with one
another or transactions that are independent
with one another?) Justify your answer.
The REA model is based on the premise that
business data must not be preformatted or
artificially constrained and must reflect the all
relevant aspects of the underlying economic
events.” Explain it by giving a practical example
of REA model (which is of course not on the
book)
What are the 3 general problems associated
with data redundancy and give a practical
example for each.
What are the 4 levels of activity in the pyramid
representing the hierarchy of management?
Give at least one person involved in the four
levels of organization (e.g. Chief Executive
Officer belongs to top management). Give
examples of vertical flow and horizontal flow
of information.
What are the three fundamental task of data
management and give a practical example for
each task.
What is feedback? Give a practical example of
it and how is it beneficial to the system?
What is meant by cardinality in E-R diagram?
Provide an example based on a case record.
What processing requires considerable
computer networking? Is it real-time or batch
processing? Explain.
Why is cost accounting also applicable in
service - oriented business such as hospitals?
Explain
Why is management report considered
discretionary reporting?

Why is transaction file called a temporary file?

2. Financial Accounting Cycle

Financial accounting is a specialized branch of accounting that keeps track of a

company's financial transactions. Using standardized guidelines, the transactions are recorded,
summarized, and presented in a financial report or financial statement such as an income
statement or a balance sheet. The accounting cycle is a collective process of identifying,
analyzing, and recording the accounting events of a company. The series of steps begin when a
transaction occurs and end with its inclusion in the financial statements. Additional accounting
records used during the accounting cycle include the general ledger and trial balance.
There are eight steps to the accounting cycle. An organization begins its accounting cycle
with the recording of transactions using journal entries. The entries are based on the receipt of
an invoice, recognition of a sale, or completion of other economic events. After the company
posts journal entries to individual general ledger accounts, an unadjusted trial balance is
prepared. The trial balance ensures that total debits equal the total credits in the financial
records. At the end of the period, adjusting entries are made. These are the result of corrections
made and the results from the passage of time. For example, an adjusting entry may accrue
interest revenue that has been earned based on the passage of time.
Upon the posting of adjusting entries, a company prepares an adjusted trial balance
followed by the financial statements. An entity closes temporary accounts, revenues, and
expenses, at the end of the period using closing entries. These closing entries transfer net
income into retained earnings. Finally, a company prepares the post-closing trial balance to
ensure debits and credits match.

3.

a. Name of Business: Mighty Barbershoppe

Nature of Business: Hairsalon/Barbershop
b. Beginning Cash Balance:
c. Financial transactions: