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What type of accounting system is part of an organisation's management information system for internal use only?
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What is integration cost accounting system and nonintegrated cost accounting system?
An integrated accounting system requires a cash book and general journal, where a set of books contains inventory and cost accounting information. In non-integrated cost accounting, only a purchase account is required to record purchases.
Why accounting is a means rather than end?
Accounting is a system. Like with all systems it is only as good as the information entered into it, although it does provide some checks and balances. If not all the information is entered, or if the information is entered incorrectly then the system is useless.
Differences between computerised accounting information system and mannual accounting information system?
I'm trying to find the link which will answer the above question. For U.S. users, the language here needs editing. 'ComputeriZed' is the preferred word, and mannual only has 1 'n.' May I offer my services as an editor?
Why would the internal parties of a business be interested in the accounting information of the business?
Internal parties of a business means the management of business, management prepare the budgets for the business, in other words we can say that management recognizes the future transaction and estimates the monitory effect of these transaction,But the management prepares the budgets, only for internal use for this purpose the management adopts a system which is called management accounting information system and that is why they are interested in Accounting Information system. Sheraz Mansoor Nawanshehr Abbottabad (sherazmansoor@gmail.com)
Where online can one find information about accounting management?
It is possible to find information about accounting management online on the Sage website. Sage not only provide the leading accounting managment software, but also have links to places where you can attend courses and find out more information.
Owners of business firms are the only people who need accounting information?
False
Is financial accounting cost accounting?
Cost accounting is usually involved with management accounting. Financial accounting tends to deal with the past and presents information like statements for public and private use. Management accountants are involved with the budgeting and costing sides of things and present information only for the sole users of the business, so only internal uses like management, shareholders etc.
How can you set up the system so that cardholders can reallocate only on specific accounting code segment?
Select only that segment on the accounting code view assigned to cardholders
How can you set up the system so that cardholders can reallocate only one specific accounting code segment?
Select only that segment on the accounting code view assigned to cardholders
What are the steps involved in developing accounting information systems?
The system of collecting and processing transaction data and disseminating financial information to interested parties is known as the accounting information system. It includes each of the steps in the accounting cycle that you have studied in earlier chapters, the documents that provide evidence of the transactions and events, and the records, trial balances, work sheets, and financial statements that result. An accounting information system may be either manual or electronic. To have an efficient and effective accounting information system (hereafter referred to simply as the accounting system), certain basic principles must be followed. These principles are: 1. Cost awareness. The system must be cost effective: the benefits obtained from the information disseminated must outweigh the cost of providing it. For example, the value of each accounting report should be at least equal to the cost of producing it. 2. Useful output. To be useful, information must be understandable, relevant, reliable, timely, and accurate. Designers of accounting systems must consider the needs and knowledge of various users so that the system's output (reports and statements) will be useful to them. For example, sales managers may need weekly reports of sales, and factory supervisors may need daily reports of production. Others with differing responsibilities (such as vice-presidents) may need such reports only monthly or quarterly. 3. Flexibility. The accounting system should be able to accommodate a variety of users and changing information needs. The business environment changes as a result of technological advances, organizational growth, increased competition, government regulation, or changes in accounting principles, when it does, the accounting system should be sufficiently flexible to meet the resulting changes in the demands made upon it. If the accounting system is cost effective, provides useful output, and has the flexibility to meet future needs, it can provide a valuable service and make a major contribution to both individual and organizational goals.
Why do users of accounting information need accounting information?
External users of accounting information (especially investors) use accounting information like annual and quarterly reports to base their investing decisions on, and to compare different companies with one another.Internal users of accounting (mostly managers) use internal accounting information in order to plan for the future.Therefore accounting information is not only vital to the one's individual business or investments but is also of great benefit to the wider society and the world at large. In addition to which this will allow each country to organize their funds in a more systematic approach as such making room for development of one's country and the upward social mobility of the people of that specifis country. In all simplicity, accounting information prepares us for the future.
