Accounting information systems have five generic elements.Which of the following pairs includes examples of two different elements within the context of the acquisition/payment process?

Question

Quizplus · Accepted Answer

The five generic elements of accounting information systems are: 
1) Input
2) Processing
3) Output
4) Storage
5) Feedback

Within the context of the acquisition/payment process, examples of the different elements are: 
- Input: Purchase requisition
- Processing: Schedule of accounts payable (this involves organizing and summarizing data)
- Output: Journal entry that debits inventory and credits cash
- Storage: Blind copy of the receiving report
- Feedback: Separation of duties (this provides feedback to ensure that no one person has control of the process)

Therefore, choice A (purchase requisition and schedule of accounts payable) includes examples of two different elements within the context of the acquisition/payment process.

Accounting Information Systems Have Five Generic Elements