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Accounting is an information system which identifies records and communicates this information to the interest users in the form of financial statements. These financial statements are transferred to the users or decision makers for making informed accounting decision because an effective and well organized financial report encourage the decision makers to make greater decisions.
These financial reports are transferred to the users in two forms-
Internal Users -users of Accounting data
1. Owners.-The owners provide funds for the operations of a business and they want to know whether their funds are being properly used or not. They need accounting information to know the profitability and the financial position of the concern in which they have invested their funds. The financial statements prepared form time to time from accounting records depicts them the profitability and the financial position.
2. Management- Management is the art of getting work done through others, the management should ensure that the subordinates are doing work properly, Accounting information is an aid this respect because it helps a manager in appraising the performance of the subordinates.
3. Employees- Employees are interested in the financial position of a concern they serve particularly when payment of bonus depends upon the size of the profits earned. They seek accounting information to know that the bonus being paid to them is correct.
Wiki User
∙ 11y ago
Wiki User
∙ 10y agoFollowing are the users of accounting data:
1- Share holders
2 - Governament
3 - Creditors
4 - Financial institutions
5 - Employess
6 - Investors etc
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What is accounting software on cloud?
This software is similar to traditional or self-install accounting software, only the accounting software is hosted on remote servers. Data is sent into “the cloud,” where it is processed and returned to the user.
What is Financial accounting data?
what is financial accounting?
Who are the parties interested by accounting data of business?
The parties that are interested by accounting data of business are Accountants and auditors.
How does cost accounting connect with financial accounting and management accounting?
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
What does data user mean?
data user is person that uses data or the owner of the data
What is quickbooks software about?
Quickbooks software is all about automating accounting functions of a business. It serves as an accounting information system that stores and processes financial and accounting data that can be used by a business. Simply put, it collects and organizes data in such a meaningful way that any user can generate reports or files for inventory tracking, audit trail, tax management, and other business tasks.
What is the flow of data in a computerized accounting information system?
what is the flow of data in a computerized accounting information system
The flow of data in a computerized accounting information system is?
what is the flow of data in a computerized accounting information system
Authentication of accounting records?
* Authentication is the process of identifying an individual, usually based on a username and password. Authentication is based on the idea that each individual user will have unique information that sets him or her apart from other users. * Authorization is the process of granting or denying a user access to network resources once the user has been authenticated through the username and password. The amount of information and the amount of services the user has access to depend on the user's authorization level. * Accounting is the process of keeping track of a user's activity while accessing the network resources, including the amount of time spent in the network, the services accessed while there and the amount of data transferred during the session. Accounting data is used for trend analysis, capacity planning, billing, auditing and cost allocation * Authentication is the process of identifying an individual, usually based on a username and password. Authentication is based on the idea that each individual user will have unique information that sets him or her apart from other users. * Authorization is the process of granting or denying a user access to network resources once the user has been authenticated through the username and password. The amount of information and the amount of services the user has access to depend on the user's authorization level. * Accounting is the process of keeping track of a user's activity while accessing the network resources, including the amount of time spent in the network, the services accessed while there and the amount of data transferred during the session. Accounting data is used for trend analysis, capacity planning, billing, auditing and cost allocation
Who are the user of accounting information system?
Following are the users of accounting information systemmanagementemployees etc.
Distinguish between cost accounting and financial accounting?
Financial accounting is the process of preparing financial statements using data and figures. Cost accounting is similar but you look for alternative ways to figure these figures and data.
What is accountability data?
what is financial accounting?
