Answered: Identify and discuss several…

Identify and discuss several professional organizations that play important roles in preparing andcommunicating accounting information.

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter1: The Information System: An Accountant’s Perspective

Section: Chapter Questions

Problem 9P: CHARACTERISTICS OF USEFUL INFORMATION All records in a file must be uniquely identifiable in at...

See similar textbooks

Related questions

Q: How accounting information help stakeholders in decision making

A: Accounting is the process of recording, classifying and summarising accounting information in such a…

Q: Describe the basic accounting information system.

A: Definition: Accounting information system: An accounting information system is a system that is…

Q: Identify three types of services typically offered by accounting professionals.

A: Introduction: Accounting is considered as a language which is used for communicating to persons…

Q: Accounting information should have some qualitative characteristics in order to facilitate efficient…

A: Accounting information: Accounting is the process to record, analyze, summarize, and interpret…

Q: information would include ........ .

A: External users are people outsidebusiness entity who use accounting information.external users are…

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: Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e.…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: users of accounting information

A: The financial information is presented in the financial statement of the company that reflect the…

Q: What role does an Accounting Information System play in today's accounting?

A: The accounting information system is a way to keep the track of all the business transactions and…

Q: Explain what it means to manage, define accounting, and discuss the nature and purpose of…

A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…

Q: What type of internal and external accounting reports will you use in the process of making…

A: Internal accounting reports are managerial reports which are generated for use by managers at…

Q: ‘An accounting report is essential a report which must be able to fulfilcertain basic criteria ‘…

A: Report can be define as when a data is processed properly than it become information and when such…

Q: of accounting information

A: Accounting Cycle-:The Accounting Cycle is a time duration that is made to make financial accounting…

Q: What role does accounting information systems play in contemporary accounting practice?

A: An accounting information system (AIS) constitutes of gathering, storage, and processing of…

Q: Some principles should be followed in the development of an accounting information system. Identify…

A: The principles that should be followed in the development of Accounting information systems are…

Q: List out any five users of accounting information and discuss how accounting information help them…

A: User of Accounting Information are of two types: Internal Users: user who operate the organisation…

Q: how you will use accounting information both as an internal and an external user?

A: The accounting is a process to classify and record the business transactions and prepare the…

Q: Evaluate the importance of accounting for accounting information users.

A: 1. Management 2. Shareholders 3. Creditors 4. Lender 5. Government & Regulators 6. Employees

Q: write an essay about accounting information system

A: Introduction:- Accounting information system used to collect and store all information related to…

Q: Identify TWO external consumers of accounting information and explain how that accounting…

A: Introduction: The term "financial statement" refers to any statement, such as an income statement, a…

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: 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: Identify the qualitative characteristics of accounting information.

A: Definition: Users of financial information: People who rely on accounting information to make the…

Q: Briefly describe the two fundamental qualities of useful accounting information.

A: Accounting information is data about a business entity’s transactions. From buying inventory and…

Q: Briefly explain the importance of independence of the accounting function in Accounting Information…

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Illustrate the importance of the flow of information in accounting?

A: The importance of flow of information in accounting is of very high significance. The information…

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

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: 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: When it comes to modern accounting, how important is the Accounting Information System to the…

A: It is a process of collecting data, processing that and making available to the users of accounting…

Q: Discuss the meaning and needs of accounting standards.

A: Accounting standards:Accounting standards are common set of principles, procedures and standards for…

Q: explain the fundamental qualities of accounting information

A: Accounting data would be supplied into an accounting information system, which processes data using…

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,…

Q: An organization needs to keep flow of information with various internal and external parties.…

A: Accounting is defined as the procedure for recording, interpreting as well as summarizing the…

Question

Identify and discuss several professional organizations that play important roles in preparing and
communicating accounting information.

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

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

CHARACTERISTICS OF USEFUL INFORMATION All records in a file must be uniquely identifiable in at least one attribute, which is its primary key.Drawing on your general knowledge of accounting,identify the primary key for the following types ofaccounting records. To illustrate, the first record isdone for you.
discuss the importance of accounting interdependence in accounting information systems.
Some principles should be followed in the development of an accounting information system. Identify and explain each of the principles.
Some guidelines should be followed while creating an accounting information system. Each of the concepts should be identified and explained.
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 interactwith those parties.
Describe one cause for the ongoing development of information systems and how it affects the duties of accountants and auditors of accounting information systems.
Explain the importance of accounting information for internal parties—primarily management—in terms of the objectives and the characteristics of that information.
Identify the following users of accounting information as either an (a) external or (b) internal user. External auditor
Briefly explain the importance of independence of the accounting function in Accounting Information System. Explainthe areas for which this concept is important.
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
Discuss about the accounting policies, selection, relevance, reliability, faithful representation aspects in detail.
The GAAP hierarchy lists which source of authoritative accounting guidance as highest in priority? a. AICPA Practice Bulletins b. GASB Implementation Guides c. GASB Technical Bulletins d. GASB Statements