ais homework 1

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CHAPTER ONE: Accounting Information Systems and the Accountant DISCUSSION QUESTIONS: 3. Advances in IT are likely to have a continuing impact on financial accounting. What are some changes you think will occur in the way financial information is gathered, processed, and communicated as a result of increasingly sophisticated IT? Advances in IT that allow transactions to be captured immediately, accountants and even the AIS itself can produce financial statements almost in real-time. Interactive data allows for information to be reused and carried seamlessly among a variety of applications or reports. 4. XBRL is emerging as the language that will be used to create interactive data that financial managers can use in communication. How do…show more content…
SEC – Securities Exchange Commission u. SOX – Sarbanes- Oxley Act v. VARs – Value-Added Resellers w. XBRL – Extensible Business Reporting Language 16. a. Dues paid, expenses, donations, operating costs, and capital investments and costs. b. Yes, because AISs do not have to be computerized. c. No, fraud tends to occur when there isn’t a separation of duties. d. Benefits would include ease of information collected/entered, real-time reporting, ease of access to information, e-commerce style record keeping. It would only be cost effective if system is easy to use/user-friendly. CHAPTER TWO: Information Technology and AISs DISCUSSION QUESTIONS 1. Why is important to view and AIS as a combination of hardware, software, data, people, and procedure? It takes ALL components to work successfully. 2. Why is information technology important to accountants? 1. On CPA exam 2. Used a lot therefore need to understand it 3. To be able to audit systems 4. Task Identification 5. Help clients make hardware and software purchases 6. To evaluate efficiency and effectiveness 7. IT profoundly affects work today and in the future 3.Why do most AISs try to avoid data transcription? To avoid errors, time-consuming, costly, inefficient, nonproductive, can bottleneck data at transcription site, embeds errors, and provides opportunities for fraud, embezzlement, or sabotage. 11. What are local area networks? What advantages do LANs offer accounting
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