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Key Topics
Requirement
Question 1
What role do accountant’s play in today’s information intensive organizations?
Answer:
Accountant role is to perform the financial functions, which is related to collection of financial data, analysing, recording in the AIS. Due to complexity of businesses, quantum of data has been increased which can be handled by only that person who has the knowledge of accounts thus Accountants role comes.
Question 2
How can an accounting information system provide management with information for better decision-making?
Answer:
Accounting information is a tool, which gathers the data relating to all financial items and helps in making different reports like MIS and other presentation in which different numbers are put in one place, which helps management to take proper decisions regarding the business and to make growth.
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Question 3
Explain the three fundamental benefits of information technology to accounting information systems.
Answer:
In earlier times, in business everything was manual. Every journal entry, ledger entry was passed manually but due to information technology, all these can be done on computers which saves time and also the AIS becomes more efficient and accurate as the chances of error are very less.
Question 4
Identify the components of an accounting information system.
Answer:
Accounting information System is a structure that is used to collect, analyse, interpret and record the financial data so that it can be used by management. It has 6 components:
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1. People
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2. Procedure and Instructions
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3. Data
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4. Software
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5. Information Technology Infrastructure
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6. Internal Controls
Question 5
How can an AIS add value to the organization?
Answer:
Accounting Information System is very important to all organisation whether profit or non-profit organisation. AIS is mixture of collecting information, raw data and converts them into financial data. Thus without AIS, no organisation would be able to track what is happening in their organisation in terms of finance whether earning profit or not.
Question 6
How can a well-designed AIS improve the efficiency and effectiveness of a company's value chain?
Answer:
AIS is the system, which helps to accumulate data at one place and helps the management to take decisions correctly. If there is no AIS then all data will be kept at haphazard manner and nothing can be done effectively and efficiently. Thus, it helps in improving the efficiency.
Question 7
Discuss the seven characteristics of useful information.
Answer:
Information has following charactristics:
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1. Understandable: It should be presented in suitable form
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2. Reliable: Verfiable
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3. Relevant: Essential
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4. Complete: Contains all data
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5. Concise: only material data
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6. Timely: Available when required
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7. Cost effective: Creation does not involve any extra cost
Question 8
Explain what an AIS is, describe the basic tasks it performs in an organization, and give some examples of the types of accounting transactions it processes.
Answer:
AIS is the system, which helps to accumulate data at one place and helps the management to take decisions correctly. It processes sales, purchases, receipts and payments. All transactions that have an impact on atleast 2 accounts is recorded in Accounting Information System.
Question 9
How can the value of the information produced by an accounting information system be determined? What would a measurement and verification expert think about
quantification and verification of such information?
Answer:
Information produced by AIS should have all the characteristics that is mentioned above. Any information should be verifiable, complete and accurate otherwise it can lead to wrong decisions, which can harm the organization’s growth. The expert should audit the information produced so that its reliability can be checked.
Question 10
You are an intern at a small mom-and-pop type corner grocery store. The owner's accountant is trying to talk the owners into purchasing an integrated enterprise system for small businesses. The owner thinks the accountant is just trying find a way to charge more money. How would you convince the owner each piece of the integrated enterprise system would help the business?
Answer:
Integrated Enterprise system helps in generating the reliable information as the chances of making error will be less because the transaction is processed by computers not humans and computers are more efficient that humans. It will make different types of reports, which helps in better decision making, and will the organisation to grow and earn more money.
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What are the three vital functions accounting system servers? Please define each.
Answer:
Vital Function of Accounting system servers:
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1. Collect Data: It collects the financial data from different sources
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2. Store: Stores the collected data
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3. Process: It processes the stored data to convert in MIS reports
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