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Accounting Systems Exam Review

3476 words - 14 pages

AIS Overview
What can an AIS do?
* Companies are able to track a variety of things.
* The number of hours worked by employees all over the world.
* The amount of sales taxes to be paid by one store.
Types of AIS:
Three categories of AIS: know the difference
Manual systems
* Generally used by small organizations. Entirely manual system would require:
* Source document
* Turnaround document- Company output sent to an external party, who often adds data to the document and then are returned to the company as an input document. Machine readable format. Improves accuracy by eliminating the potential for input errors when entering data. Paper based, sent from ...view middle of the document...

This is normally done to capture data from a legacy application in order to display it using a more modern user interface.
* Enterprise application integration - is a business computing term for the plans, methods, and tools aimed at modernizing, consolidating, and coordinating the computer applications in an enterprise.
* Complete replacement of legacy systems – completely new systems
Modern, integrated IT systems
* New programs sold by software development companies are more user friendly than legacy accounting systems.
Advantages to purchasing accounting software:
1. Lower cost
2. Shorter implementation time
3. Fewer bugs

Data vs. Information:
* Data are simply raw facts that describe an event and have little meaning on their own.
* Data is an input.
* For example we can know how many of a certain item is purchased and at what price.

* Information is data organized in a meaningful way. Information is interpreted data.
* Information is an output.
* If we want to know how many of a certain item we need in stock we can use data to get this information.

Information Overload:
* Computers can process and organize a large amount of data.
* Too much information causes information overload. If there is too much information it is difficult to make a decision.

Attributes of Useful Information:
* To be useful information must have these attributes:
* Relevant
* Predictive Value
* Feedback Value
* Timely
* Reliable
* Verifiable
* Representational Faithfulness
* Neutrality
* Understandable
* Complete
* Accessible

Processing Methods:
Batch Processing - Transactions are grouped.
* Advantages
1. Efficient for large volumes of like transactions.
2. Audit trail is maintained.
3. Generally use less costly hardware and software.
4. Hardware and software systems are not as complicated as on-line systems.
5. Generally easier to control than other types of computerized systems.
6. Personnel become specialized and efficient in processing routine transactions.
Batch Processing - Transactions are grouped.
* Disadvantages
7. Processing can take longer.
8. Adding or deleting records takes much computer maintenance time.
9. Some data duplication is likely.
10. Integration across business processes is difficult in legacy systems that are batch oriented.
11. Lag while all transactions in a batch are collected.
12. May require that transaction and master files be sorted in the same sequential order.

Value Chain:
A value chain is a series of business processes that products pass through gaining some value at each activity.
Primary Activities directly provide value to customers:
* Inbound Logistics
* Operations
* Outbound Logistics
* Marketing and Sales Activities
...

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