1. Discuss the origins of the technology make the current accounting system available. 2. Define an accounting system. An accounting system is a system that identifies‚ records‚ communicates information that is relevant‚ reliable‚ and comparable about an organizations business activities. 3. List and describe the components of accounting information system. Technology People Data Input and Output Internal Control 4. Discuss the FASB conceptual framework. Assets: A resource
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IMPACT OF INFORMATION SYSTEM ON ACCOUNTING PRACTICE CHAPTER ONE INTRODUCTION Various information Information has been an important factor in decision making process. In recent times‚ people and organizations try their best to acquire information in a timely manner to aid them as they battle to manage their businesses. The increasing complexity of the society especially‚ as is manifested in social‚ political and economic institutions‚ has necessitated the more‚ man’s quest for more relevant information
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What is Cost & Management Accounting Reporting Systems? Cost Accounting Reporting System deals with the process of tracking‚ measuring‚ recording and classifying the appropriate allocation of expenditure (financial and non-financial) for the determination of the cost of product or service in an organization and for the presentation of suitably arranged data for the purpose of control and guidance of management (Horngren et al‚ 2010). Costs are measured in terms of Direct Costs‚ Indirect Costs and Overhead/Absorbed
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INFORMATION SYSTEMS Information systems (IS) are the study of complementary networks of hardware and software that people and organizations use to collect‚ filter‚ process‚ create‚ and distribute data. The study bridges business and computer science using the theoretical foundations of information and computation to study various business models and related algorithmic processes within a computer science discipline. Computer Information System(s) (CIS) is a field studying computers and algorithmic
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company can allocate the costs incurred in the production of products or services in either a direct or an indirect manner. The direct costs can be defined as being the amount materials actually cost plus any other directly linked costs‚ such as labor‚ materials‚ electricity‚ labor for employee and management‚ machine depreciation) Production materials‚ machine or assembly wages. Labor and wages – the cost of obtaining‚ training and retaining labor is a significantly high cost which must be allocated
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Accounting Theory – Seminar 2 Presentation Briefly describe the accounting profession/What is the role of accountants? Accountants analyse costs of operations‚ products‚ and special projects. Compute taxes owed‚ prepare tax returns. Organize and maintain financial records. Suggest ways to reduce costs‚ enhance revenues and improve profits‚ Improve businesses efficiency. Critically discuss the role of the CFO Andy Fastow in the ENRON scandal Fastow created hundreds/ of "special-purpose entities"–off
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Which control(s) would best mitigate the following threats? A. The time worked field in a payroll transaction record contained the value 400 instead of 40. As a result‚ the employee received a paycheck for $6‚257.24 instead of $654.32. -Conduct a check between fields‚ separating the salaried and hours and minutes fields. -Conduct a limit check to ensure that the minutes do not exceed the predetermined value of 60 and hours don’t exceed a predetermined value. Regular hours-worked field in weekly
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The Cost of liberty is less than the price of repression. W.E. Dubois‚ American Social Reformer and Political Activist (1868-1963) The day the war officially started on Iraq‚ thousands of people gathered at the Texas Capitol to protest the U.S. involvement in the war. That morning‚ as a government employee working at the Courthouse‚ I was notified via email of the impending protest. The email urged supervisors to let "non-essential personnel" leave early so that they could avoid the turmoil that
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An information system is a collection of interacting parts whose purpose is to allow a user or group of users to locate and interpret information. It performs a set of information processes requiring participants‚ data/information and information technology. The 7 information proceses it performs are; collecting‚ organising‚ analysing‚ storing & retrieving‚ processing‚ transmitting & receiving and displaying. Information systems can be represented in the format of an Information System Diagram
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on “Buy Back of Shares” Contents |Sr.No. |Topic |Page No. | |1. |Introduction |1 | |2. |Share buyback- An Overview |2 | |3. |Share buyback: Positive Aspects
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