Accounting information system

Accounting information system

Cash disbursements journal

Cash receipts journal

Cheque Register

Computer hardware

Computer software

Control Standard

Cost Benefit Standard

Enterprise-application software

Flexibility Standard

HST (Harmonized Sales Tax)

Relevance Standard

Special journal

The people, records, methods, and equipment that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers.

A subsidiary ledger listing individual credit supplier accounts.

A subsidiary ledger listing individual credit customer accounts.

The special journal that is used to record all payments of cash; also called cash payments journal.

The special journal that is used to record all receipts of cash.

Another name for a cash disbursements journal when the journal has a column for cheque numbers.

A journal with more than one column.

An information system standard requiring that an accounting information system conform with a company's activities, personnel, and structure.

The physical equipment in a computerized accounting information system.

The programs that direct the operations of computer hardware.

An information system standard requiring that an accounting information system aid managers in con-trolling and monitoring business activities.

A general ledger account the balance of which (after posting) equals the sum of the balances of the accounts in a related subsidiary ledger.

An information system standard requiring that the benefits from an activity in an accounting information system outweigh the costs of that activity.

Programs that manage a company's vital operations which range from order-taking programs to manufacturing to accounting.

An information system standard requiring that an information system adapt to changes in the company, business environment, and needs of decisions makers.

A federal tax on the consumer on almost all goods and services.

The sales tax in the Atlantic Provinces, which is a combination of the GST and PST.

Designed to collect and process data within an organization for the purpose of providing users with information.

A provincial tax collected by retailers on customer purchases.

A journal that is used to record all purchases on credit.

An information system standard requiring that an accounting information system report useful, understandable, timely and pertinent information for effective decision-making.

A journal used to record sales of merchandise on credit.

A list of the balances of all the accounts in the Accounts Payable Ledger that is summed to show the total amount of accounts payable outstanding.

A list of the balances of all the accounts in the Accounts Receivable Ledger that is summed to show the total amount of accounts receivable outstanding.

Any journal that is used for recording and posting transactions of a similar type.

A listing of individual accounts with a common characteristic.

1) People
2) Produces and Instructions
3) data
4) Software
5) info tech infrastructure
6) internal controls + security measurers

Financing to HR to Expenditure to Production to Revenue to Finance back to HR...All of these funnel into GL and Reporting

Receive order, ship order to customer, send invoice to customer, receive payment from customer

breaking down:

-important for managing the business

- not so detailed it becomes trivial

Relevant

- Feedback value
-Predictive Value
-Timeliness

Reliable

- representational faithfulness
-verifiability
-neutrality

Position

- Executive
-Middle Management
-Line Management

Type of Decision

-Unstructured
-Semi-structured
-Structured

Scope of Decision

Strategic
Managerial
Operational

Structured Decision: repetitive routine and understand well enough that they can be delegated to lower level employees

Semi-Structured Decision: structured by incomplete decision making rules & the need for subjective assessment to help analysis

Unstructured decision: nonrecurring & nonroutine

Operational Control- relates to effective & efficient performance of specific tasks

Management Control- relates to effective & efficient use of resources for accomplishing organizational objectives

Strategic Planning- est. organizational objectives and policies for accomplishing those objectives

Operational Control- relates to effective & efficient performance of specific tasks

Management Control- relates to effective & efficient use of resources for accomplishing organizational objectives

Strategic Planning- est. organizational objectives and policies for accomplishing those objectives

Financing Cycle: sell shares in company to investors to borrow & division is paid & so is interest on loans

Revenue Cycle: goods & services are sold for cash or future promise of cash

Expenditure cycle: purchase inventory for resale or raw materials to use in producing products in exchange for cash or promise of $

Production Cycle: raw materials turn into finished goods

Human resources/payroll cycle: employees hired, trained, compensated evaluations, promoted and terminated

Relevant- reduces uncertainty, impares decision maker's ability to make predictions, or confirm/corrects prior expectations

Reliable: free from errors or bias, accurate represents events or activities of org

Complete: does not omit import aspects of underlying events or activities it measures

Transaction- agreement between 2 entities to exchange goods and services or any other event that can be measured in economic terms

Transaction processing- process that begins w/capturing transaction data & ends w/info output

Give-Get Exchange- self explanatory

Timely- provided in time to make decision

Understandable- presented in useful & intelligible format

Verifiable- if 2 knowledgeable acting independently, produce same info

Accessible- available to users when needed & information they can use