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The Information System: An Accountant's Perspective - The information Environment

11 important questions on The Information System: An Accountant's Perspective - The information Environment

In which two classes do transactions fall?

Financial transactions and non-financial transactions.

What is the GL/FRS?

It produces the traditional financial statements, such as the income statement, balance sheet, statement of cash flows, tax returns, and other reports required by law.

Why is it important to distinguish between AIS and MIS?

SOX legislation requires that management design and implement internal controls over the entire financial reporting process. SOX further requires that management certify these controls and that the external auditors express an opinion on control effectiveness. Because of the highly integrative nature of modern information systems, management and auditors need a conceptual view of the information system that distinguishes key processes and ares of risk and legal responsibility from the other (non-legally binding) aspects of the system. Without such a model, critical management and audit responsibilities under SOX may not be met.
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What is the general ledger/financial reporting systems?

The GLS processes summaries of transaction cycle activity to update the general ledger control accounts. The bulk of the input to the GL portion comes from the transaction cycles. Other less frequent events also enter the GLS trough alternate sources.
The FRS measures and reports the status of financial resources and the changes in those resources. The FRS communicates this information primarily to external users, which is called non-discretionary.

What is the management reporting system?

The MRS provides the internal financial information needed to manage a business, which are discretionary reports because the organization can choose what information to report and how to present it.

What are data sources?

Data sources are financial transactions that enter the information system from both internal and external sources. External financial transactions are economic exchanges with other business entities and individuals outside the firm. Internal financial transactions involve the exchange or movement of resources within the organization.

Which two rules govern the design of data collection procedures?

Relevance and efficiency. The information system should only capture relevant data. Efficient data collection procedures are designed to collect data only once.

What is a record?

A record is a complete set of attributes for a single occurrence within an entity class. Every record in the database must be unique in at least one attribute, this attribute is the primary key.

What is the system development cycle?

The process in which larger organizations with unique and frequently changing needs engage in in-house development.

What are turnkey systems?

Turnkey systems are completely finished and tested systems that are ready for implementation. They are general-purpose systems or systems customized to a specific industry. The end user must have standard business practices that permit the use of canned or off-the-shelf systems.

What are backbone systems?

Backbone systems consist of a basic system structure on which to build. The primary processing logic is preprogrammed, and the vendor designs the user interfaces to suit the client's unique needs. A backbone system is a compromise between a custom system and a turnkey system.

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