AIS Ch 2

Accounting information systems (AIS) play a crucial role in managing and processing financial transactions. While technology aids in streamlining these processes, human judgment remains indispensable, particularly in areas requiring estimation and interpretation.

Mer som dette

Ethics : Examination of morality through a variety of approaches. Mostly deals with what is right and what is wrong

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Concept Map 1

Ved Jason Vogt

FORMATOS PARA ELABORAR LOS DOCUMENTOS SOPORTES DE LA CONTABILIDAD DE CASINOS DE OFICIALES Y SUBOFICIALES.

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Concept Map

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AIS Ch 2

Transaction Processing

Humans v IT

Why is human judgement necc in AIS?

Estimation/interpretation

Accounting involves estimates in many areas, such as forecasting, risk and present value of cash flows. AI cannot make judgement calls on these inexact values, so humans must step in to provide the necessary info.

Recordable Trx?

Source docs

Coding

Methods and applications of coding?

Accounting

Accounting Cycle

Financial stmts

- Income Stmt

- Earnings Stmt

- Balance Sheet

- Stmt of Cash Flows

6 steps of Trx analysis

1. Identify affected accounts

2. Identify effect

3. FS element represented in Trx

4. Journal entries

5. Verify balance

6. Adjusting entries

The Accounting Equation

ASSETS = LIABILITIES + OWNERS' EQUITY

Bookkeeping v Accounting

While bookkeeping incorporates elements of accounting, it does not focus on the analysis or communication of the collected information for/to interested parties.

AIS Ch 2

Accounting information systems (AIS) play a crucial role in managing and processing financial transactions. While technology aids in streamlining these processes, human judgment remains indispensable, particularly in areas requiring estimation and interpretation.