Answered: Before making decisions to invest in a…

Before making decisions to invest in a computer-based accounting information system, cite at least 3 factors that should be considered first by the managers and owners of business enterprises.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 6MC: Managerial accounting produces information: to meet the needs of external users that is often...

See similar textbooks

Related questions

Q: Understanding components of a computerized accounting information system Ned Timmons, engineer, is…

A: 1.

Q: he primary objective of financial accounting is Group of answer choices A. to serve the…

A: Financial Accounting means the process of recording the transaction , posting , summarising ,…

Q: The major focus of accounting information is to facilitate decision making.a. As an investor in a…

A: a. Accounting information is used by the investor to identify whether there is any possibility of…

Q: how managers (internal user) and customers (external user) use accounting information? Give one…

A: Introduction:- Users of accounting information are classified into two types as follows under:-…

Q: step

A: Business analytics is an emerging trend that is changing the traditional ways enterprises do…

Q: Accounting information system (AIS) is an integral part of the total management information system…

A: AIS termed as Accounting information system which includes the processing, collection as well as…

Q: 4. Describe various career opportunities in accounting as well as in Computer Science. Moreover,…

A: Accounting is the process of recording the transactions done by a business entity in the course or…

Q: After completing your first degree in accounting you have been employed by XYZ Company as an account…

A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer…

Q: Accounting is often referred to as "the language of business." Using research and supporting…

Q: Which option is better for small business owners, computerized or manual accounting system? Why?…

A: Small business owners A small business owners is/are an individual or group of individuals working…

Q: What are two common entry-level accounting software systems used by small businesses?

A: Entry-level software Entry-level software is computerized accounting software that helps the…

Q: Explain the purpose of financial and management accounting within an organisation. Within your…

A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…

Q: Explain the elements and the process of designing a business model

A: Business Model-The profit-making strategy of a company is referred to as its business model. It…

Q: 1. What is the relationship between accountants and AIS? 2. What are some of the improvements…

A: Accounting information system is used for recording, processing, and reporting the accounting…

Q: Please kindly answer the three questions below; You are the CEO of your own IT Company. Based on…

A: CONTROL THE COST Cost control is the practice of identifying and reducing business expenses to…

Q: explain how equations and algebric methods might contribute to the solution of a specific business…

A: the question is based on the concept and application of principles of algebraic equations in…

Q: explain what Enterprise Modelling

A: ERP stands for Enterprises Resource Planning, it a software that integrate all the data related to…

Q: An information system that provides reports to stakeholders about the economic activities and…

A: Accounting: The practice of documenting financial transactions that are relevant to a company is…

Q: What would your process be to ensure that all related financial details are allocated for and…

A: The accounting information or financial information is required for making sound business…

Q: Accounting is an important service activity in business and is concerned with collecting, recording,…

A: Accounting is the practice of tracking a company's financial statements in a methodical and detailed…

Q: Accounting information system (AIS) is an integral part of the total management information system…

A: The component of the overall business information system known as the accounting information system…

Q: How does accounting software and financial analysis software make the financial executive more…

A: Accounting software and financial analysis software are used by professionals to record, summarize…

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: Why does the accountants need to learn about information systems?

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: Match each of the principles and phases in the development of an accounting system with the…

A: Answer 1: The information must be understandable, relevant, reliable, timely, and accurate. : Useful…

Q: Explain the importance of using financial management for business decisions, and provide examples to…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Decision making process in businesses is a complex, multistep activity that includes the following…

A: In old decision making process, managers spend more time to prepare reports on the financial…

Q: Evaluating features of an effective accounting information system In Vogue, a T-shirt business, is…

A: Accounting information system: It is a process which collects data, processes the same into…

Q: Identifying users of accounting information For each user of accounting information, identify if the…

A: Identify the users of the accounting:

Q: xamples how travel agency business analyse and manage the

A: When you start a travel agency, you must keep detailed accounting records for your company. These…

Q: Why is the accounting cycle critical to a business's success? (examples of why certain actions are…

A: Answer: Accounting cycle can be defined as the whole procedure that is run for any business to…

Q: provides individuals within an organization with the financial information needed to make good…

A: Accounting has various branches that are used for different purposes and parties. The cost…

Q: what is accounting information system (AIS)? List and discuss the three sub system of AIS and…

A: Accounting Information System (AIS) is a one part(subset) of the Management Information System.

Q: “It is a comprehensive document prepared to assist the entrepreneur in analysing the market and…

A: Every business operates with some strategies, which is very much important. This strategy is known…

Q: Determining the cost of producing specific products or providing services and analyzing for cost…

A: The answer is stated below: Note: Answering the first three subparts as there are…

Q: List and describe the major steps a business should follow in developing a new accounting…

A: Developing a new Accounting Information System to the Business Accounting Information System is a…

Q: Identifying users of accounting information For each of the users of accounting information,…

Q: Describe one cause for the ongoing development of information systems and how it affects the duties…

A: Introduction: An information system combines methodologies, hardware, trained individuals, software,…

Q: The title of this textbook is Accounting: The basis for Business Decisions. Explain how the…

A: Decision making is the process of making choices by gathering information. It helps in making…

Q: Why does accountants need to learn about the technical aspects of information systems?

A: With the constant advancement in information technology, the accountants too need to have knowledge…

Q: They are going to start a manufacturing company and need help deciding what entity type to choose to…

A: The different types of business entities prevent in an economy are(a) Sole Proprietorship(b)…

Q: Which of the following is not considered an analyticalaspect of the accounting profession?a.…

A: The analytical aspect of the accounting profession helps the management to make an efficient and…

Q: Cite one reason why there is a continued evolution of information system and how does this affect…

A: An information system is a set of techniques, hardware, trained people, software, applications,…

Question

Before making decisions to invest in a computer-based accounting information system, cite at least 3 factors that should be considered first by the managers and owners of business enterprises.

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

Introduction

VIEW

Answer & Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Control Objectives for Information and Related Technology, Why is it important to you in your career in accounting?
THE IMPACT OF ACCOUNTING SOFTWARE ON BUSINESS PERFORMANCE: develop a conceptual framework. Give possible explanation of the framework
Consider the use of Integrated Accounting, as a computerized accounting system. Write a discussion post in which you respond to the following prompts: Under what circumstances would it be in a business’s best interest to invest in and use a computerized accounting system? Are there circumstances in which it would make sense to use a manual system? Explain your answer.
Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of installing an accounting information system. Make sure you are specific in your recommendations.
THE IMPACT OF ACCOUNTING SOFTWARE ON BUSINESS PERFORMANCE: develop a conceptual framework(diagram). Give possible explanation of the framework
Discuss the key factors that should be considered when designing a management accounting system.
Identify why the business analyst needs to have the following skills when recruited by anorganisation:i. Ethical skills.ii. Personal organisation skills.iii. Trustworthiness. Note: Answers taken directly from the textbook would have to be referenced.
Discuss the role of management accountant in the current business environment. Your answer should include a discussion, with illustration, on how the management accountants support the management functions.
Accounting information systems by Gelinas: As an accountant, why do you need to know how to talk to systems designers and developers? What topics must you able to understand and discuss with them?
Determine whether the following items are objectives in the following areas: Financial, Internal Process, Customer, or Learning and GrowthNumber of counters that customers need to go to complete their transactions *a. Financialb. Customerc. Internal Processd. Learning and growth
The objective of Human resource accounting in the modern organizations is to____ a. Attract the employees b. All of the given options c. Attract the investors d. Asset valuation
Accounting educators are discussing ways to incorporate communication skills, both oral and written,into accounting information systems courses. Why do you think these skills are supposed to be crucial forproper execution of the System Development Life Cycle?