An Information System Consists of Ware, Software, Data, Procedures, and the People

question 54

True/False

An information system consists of ware, software, data, procedures, and the people who interact with and are impacted by the system.

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Definitions:

Perpetual Inventory System

A bookkeeping approach that documents inventory movements as they occur, ensuring the inventory balance is always current.

Net Price Method

The net price method accounts for purchases after subtracting discounts, essentially calculating the actual price paid for goods or services after all reductions.

Purchase Discounts Lost

The extra cost incurred by a company for not taking advantage of the discounts offered by suppliers for early payments.

Catalog Price

The price of an item as listed in a catalog, which may be subject to discounts based on various sales promotion strategies.