An organization needs to keep flow of information with various internal and external parties. Explain in brief the role of accounting as an information system in an organization to interact with those parties.

An organization needs to keep flow of information with various internal and external parties. Explain in brief the role of accounting as an information system in an organization to interact with those parties.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 22CYBK

See similar textbooks

Related questions

Q: How can an accounting information system provide management with information for better…

A: Accounting Information System: Accountants, consultants, business analysts, managers, chief…

Q: What are the roles played by accountants with respect to the information system?

A: Information system is the collection of people, Network, process and system that help the…

Q: describe accounting as an information system

A: Accounting as an Information System An Accounting as an information system is the system of storing,…

Q: What can you say about this statement, "Information should be treated as a business resource."

A: Business resources The primary factors of production and inputs into each organization's production…

Q: Describe accounting's internal function in organisations.

A: Introduction: Accounting is transmitting financial data to users such as investors, individuals, and…

Q: Describe how accounting is used to track and monitor an organization's primary business operations.

A: Accounting can be categorized into different types like financial, managerial and cost accounting.…

Q: Describe a company's accounting system. Why is this function significant and what does it do? What…

A: Every company involved in carrying out business transactions is required to keep a proper record of…

Q: The area of accounting concerned with providing internal users with information is called O a.…

A: There are mainly two types of users of accounting information - the external and . The external…

Q: Definition The recording of transactions and events only, either manually or electronically. An…

A: 1) The term Bookkeeping refers to the process which tells us how to keep record of financial…

Q: is the process which provides information needed as a basis of making business decisions.

A: History of accounting the city of commerce is California.

Q: Identify three ways that accounting systems help align thegoals of employees and the goals of the…

A: Accounting information: Accounting information is used in business measurement, performance…

Q: What are the major areas of accounting that are impacted by information technology? Explain.

A: 1. Cyber Security: As so much as attainable, provide Associate in Nursing example for every of your…

Q: How do you define an accounting information system and what are its components? Give an example.

A: Introduction: The journal book will have a chronological record of all transactions in the…

Q: How do an organization's business activities and lines of business impact the process of designing…

A: Answer: Solution Concept Accounting information system The term accounting information…

Q: How does accounting provide important data to a. Internal users b. External users

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: discuss the importance of accounting interdependence in accounting information systems.

A: An Accounting Information System is a system that is used to collect, process, manage data with…

Q: How an accounting information system can improve the efficiency and effectiveness of the supply…

A: solution:- Introduction:- An information system play vital role in every organization. It is the…

Q: Identify and discuss several professional organizations that play important roles in preparing…

A: The organizations listed below formulate and execute policies for the interest of investors in the…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: External users of accounting information are those persons which are external to the organisation…

Q: Accounting independence in accounting information system is important. Discuss using examples.

A: Accounting Information System: A system which collects, stores and gathers information about…

Q: From the internal parties that the system deals with Accounting information *

A: Basically internal information can be accessed only by the internal users of an organisation. People…

Q: What does an effective accounting information system provide?

A: Accounting Information Systems:

Q: You've studied about how transactions are documented and reported in your accounting classes. Why…

A: System of Accounting Information: Accounting information may be utilized for more than just reading…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: External users of accounting information are those persons which are external to the organisation…

Q: Which is one of the most important roles of the accounting function within an organization?

A: Accounting Function: Accounting function are the functions related to maintenance of records of the…

Q: Accounting is an information and measurement system that identifies, records and communicates an…

A: Accounting are often outlined because the method of recording, classifying, summarising the money…

Q: ess goals and activities and describe the role of accounting in making informed decisions

A: Accounting is a medium of communication, like any languages that we use. For example, two people can…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Internal users: Internal users of the financial statement are the inside individuals or the members…

Q: What is the basic principles of Accounting Information Systems (AIS)?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Explain how an IT environment affects the firm’s obligation to maintain adequate accounting records.

A: Solution- The IT Software helps to record even the complex transactions with accurate calculations…

Q: Give examples where accounting is used as aid in performing the management functions

A: The accounting records are maintained for providing information to the external and internal users…

Q: Accounting is the information system that Measures business activities. Communicates the results to…

A: " All of the above is the correct option" as accounting is the information system that examines the…

Q: Describe accounting's internal role inside a business's internal operations and processes. What is…

A: A method of communicating financial data to users such as investors, people, or the government.…

Q: Components of an accounting information system Measures working people hardware all of the above

A: The accounting information systems records and process both the financial and non financial…

Q: Explain how accounting is used to track and monitor the principal business activities of an…

A: Accounting: Accounting can be defined as the process of identifying, classifying and recording the…

Q: The users of accounting information can be classified into internal and external users. Clearly…

A: Accounting information is the information related to the concepts of accounting which are to be used…

Q: Some guidelines should be followed while creating an accounting information system. Each of the…

A: The following concepts should be followed in the creation of Accounting information systems: The…

Q: When it comes to the design of an Accounting Information System, how do an organization's business…

A: The Answer

Q: How do an organization's business activities and lines of business impact the design of an…

A: Accounting Information System(AIS) collects, records, stores, and processes accounting and other…

Q: How do an organization's business processes and lines of business affect the design of its…

A: AIS stands for Accounting information system is defined as the business structure that uses to…

Question

An organization needs to keep flow of information with various internal and external parties.
Explain in brief the role of accounting as an information system in an organization to interact
with those parties.

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

External users of accounting information would include ________________. employees managers investors supervisors
What is the purpose of management accounting?
Please give answers with own answer on accounting information system 1. Distinguish the roles of internal and external auditors in AIS 2. Distinguish between the centralized and distributed approaches to organizing the IT function.
discuss the importance of accounting interdependence in accounting information systems.
How is the practice of data analytics used within management accounting? Provide an example.
Which of the following statements is the best definition of an accounting information system? A. A framework that uses computers to produces financial statements B. A framework that coordinates resources (components) needed to convert information into data in order to achieve objectives C. The management information system that generates various reports for management decisions D. A framework that coordinates resources (components) needed to convert data into information for decision making
Why accounting is an information systems? Explain with your own point of view with example.
Briefly explain the importance of independence of the accounting function in Accounting Information System. Explainthe areas for which this concept is important.
Discuss how technology based information systems affect accounting
How is the practice of data analytics used within management accounting?