“Accounting information system 6 edition”
Read the chapter 1 and 2 of attached ebook “Accounting information system 6edition”, then answer the questions below. The attachment “week 3 homework” is the answer from the solution manual, please use your own word to answer the questions. Thank you for your help.
HERE IS THE BOOK;
Accounting Information Systems SIXTH EDITION JAMES A. HALL Peter E. Bennett Chair in Business and Economics Lehigh University
Questions:
CHAPTER 1- PAGE 39, DISCUSSION QUESTIONS 4,6,10
CHAPTER 2- PAGE103-104, REVIEW QUESTIONS10,25
Hall
CHAPTER 1
PAGE 39, DISCUSSION QUESTIONS 4,6,10
4. Three functions of information systems are 1. To support the stewardship function of management. 2. To support management decision making. 3. To support the firm’s day-to-day operations. Managers of all areas typically need data from both the ais and the mis. If the data needed by managers for decision-making processes are located in two or more datasets, the preparation of reports is both inefficient and expensive. Further, a lack of coordination between the two datasets can result in data that is not consistent and is unreliable.
6. The General Ledger System (GLS) summarizes all of the transaction cycle activity and general journal entries. The GLS provides most of the input in the Financial Reporting System (FRS). The FRS communicates information from the GLS to the external users. The FRS often collects additional pieces of information other than that which is found in the GLS. An example of this is when a pending lawsuit is likely to be settled in the next year. The GLS would not have this information.
10. Accounting independence is important because the separation between the record-keeping functions and the physical resources is crucial. This concept is extremely important for cash receipts operations. The person in charge of deposits of currency and check receipts should not be allowed to reconcile the sales records to the cash deposits and/or the bank account. If these duties are not separated, then the cash receipts clerk can steal money and cover it up during the reconciliation process.
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