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An accounting information system (AIS) is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators.
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- Accounting Information Systems | McGraw-Hill Higher Education
- Top 30 Best Bachelor's Degree in Accounting Information Systems
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- Accounting Information System (AIS)
The business transactions that fall under these business processes are large volumes of daily sales, returns, and cash inflow transactions.
Accounting Information Systems | McGraw-Hill Higher Education
The business transactions that fall under these business processes are large volumes of expenditure, returns, and cash outflow transactions. Payroll and fixed asset purchase transactions are also in this category. The business transactions under this category are raw materials and work-in-progress transactions.
The business transactions that are administrative are investments, borrowing, and capital transactions.
Top 30 Best Bachelor's Degree in Accounting Information Systems
All of these business transactions result in T-accounts set up in the General Ledger processes, systems, and controls. From the general ledger, both internal and external financial statements are developed. Internal financial reports might be an aging schedule for accounts receivable or a sales inventory status report.
External financial reports would be the income statement, balance sheet, and statement of cash flows. There are multiple types or categories of accounting information systems.
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What a business firm uses depends on the type of business, the size of the business, the needs of the business, and the sophistication of the business. Manual accounting information systems are used mostly by very small businesses and home-based businesses. If a system is entirely manual, it would require the following: source documents, general ledger, general journal, and special journals or subsidiary journals you might need.
Legacy systems are often in existing business firms and were used before information technology got as sophisticated as it is today. Even though legacy systems may appear to be old-fashioned, they have some definite advantages to the firm. In addition, even those larger organizations that have computerized aspects of the accounting information system may still have parts of their processes that involve manual records.
For example, even if the calculation and printing of a paycheck in an organization are computerized, the employee time card may be completed by hand.
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Because small organizations often use manual record-keeping systems—and even computerized systems may rely on some manual record keeping—it is important to examine manual processes in accounting information systems. An entirely manual system would require source documents and paper-based ledgers and journals. A source document is a record that captures the key data of a transaction. An AIS can also share information about a new order so that the manufacturing, shipping, and customer service departments are aware of the sale.
An integral part of accounting information systems relates to internal controls. Policies and procedures can be placed within the system to ensure that sensitive customer, vendor, and business information is maintained within a company. Through the use of physical access approvals, login requirements, access logs, authorizations, and segregation of duties, users can be limited to only the relevant information necessary to perform their business function.
Accounting Information System (AIS)
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