Answered: “Accounting systems should produce only…

“Accounting systems should produce only relevant data and forget about the irrelevant data. Then I’d know what was relevant and what wasn’t!” Commenton this remark by a company president.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 6MC: Which of the following is false about accounting information systems? A. They provide reports that...

See similar textbooks

Related questions

Q: Which of the following statements is/are true? Statement I. Norvs and May are committed for a level…

A: The following Statement are True: Statement I and II

Q: Some argue that having various organizations establish accounting principles is wasteful and…

Q: identify all factors which might cause an accounting firm to decide not to retain a client or to…

A: An accounting firm serves businesses, individual, and corporation in preparing their financial…

Q: Garry Santos, company chief accountant: “Mark, you are asking to8 Accounting principles are designed…

A: Ethical issues in Accounting There are many types of ethical issues which are incurred to the…

Q: 1. Which of the following statements is false? a.Subsidiary ledgers and special journals are only…

A: Answer: a) Subsidiary ledgers and special journals are only useful when a business doesn't have a…

Q: Choose the best answer to fill in the blank: "A key difference between management accounting and…

A: Solution Concept Financial reports means the financial statements which shows the profitability ,…

Q: ello! I'm having troubles with my subject and I hope you can make things clearer on my end. Here are…

A: AS 1 Presentation of Financial Statements sets out the overall requirements for financial…

Q: Why is it necessary to have accounting standards? O A. so managers in the company can control the…

A: Accounting standards are necessary because of the following reasons:- The guidelines for treatment…

Q: Indicate whether the following statements about the conceptual framework are true or false. If…

A: a. False Explanation: It is relevance and faithful representation. b. False Explanation: Relevant…

Q: Management, not the accountants, prepares a company's financial statements. Think what what this…

A: The answer :

Q: 1. What is the purpose of an EDP audit?

A: Dear student, I am answering only the first question, because we can answer an only a single…

Q: Which of the following users is not considered an internal user of accounting O a. An employee O b.…

A: Internal user of accounting means the stakeholder within the organization who uses the accounting…

Q: Indicate whether each of the following statements is true or false. 1. When designing an…

A: Answer 1 The statement is TRUE In order to design the accounting system, the designer needs to be…

Q: Which of the following statements is false? a. Most computerized accounting systems use principles…

A: Answer: a) Subsidiary ledgers and special journals are only useful when a business doesn't have a…

Q: Which of the following woulg not be considered an internal user of accounting data for Apple?…

A: Internal user means the person within the organization and uses the accounting data for decision…

Q: Some argue that having various organizations establish accounting principles is wasteful and…

A: Given statement is: Some argue that having various organizations establish accounting principles is…

Q: My own business experience supports this statement. By the time individuals have a few years of…

A: The question is related to the Marginal Costing. The detailed Income Statement is given for the…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial accounting is a branch of accounting which means preparation and circulation of financial…

Q: Which of the following would not be considered internal users of accounting data for a company? a.…

A: The company produces accounting data in the form of financial reports and related disclosures. There…

Q: In her 1988 article called ‘Financial Accounting: In Communicating Reality, We Construct Reality’,…

A: Introduction:- The field of accounting that deals with the summary, analysis, and reporting of a…

Q: 1. Decision makers vary widely in the types of decisions they make, the methods of decision making…

A: c. "understandability" is the linkage between the users and the decisions they make.

Q: It has been suggested that not all accounting choices are made by management in the best interest of…

Q: Which one of the following statements is not correct regarding financial ?accounting and management…

A: Financial accounting is a branch of accounting in which all accounting and financial information is…

Q: Indicate whether the following statements are true or false. 1. A computerized accounting…

Q: t includes all the rules and processes needed to safeguard assets, maintain accuracy in accounting,…

A: Answer: Concept: Safeguarding assets and maintaining accuracy in accounting is all about internal…

Q: Why do we need internal, external and government auditor in a company?

A: An audit is a way to evaluate the effectiveness of internal business controls and is a control…

Q: Technology is increasingly used to process accounting data. Why then must we study and understand…

A: There are various types of tools that has been developed to collect, analyze, and compile financial…

Q: 1. Decision makers vary widely in the types of decisions they make, the methods of decision making…

A: Part 1: The link is Understandability. Understandability refers to the ability of facts to be…

Q: 48) Which of the following statement is not true about analyzing and recording process under…

A: SOURCE DOCUMENTS IS THE ORIGINAL DOCUMENT THAT CONTAINS THE DETAILS OF BUSINESS TRANSACTIONS AND IT…

Q: How accounting data analytics benefits accountants? 2. Discuss the risks of analytics in relation…

A: In accounting the analysis of data is any important part as it help to understand the important…

Q: Why does financial accounting have a positive impact on our society? a. It entails a detailed…

A: Given: The positive impact on financial accounting in our society.

Q: Which of the following is the most accurate statement regarding ethics as applied to decision making…

A: Decision-making process: Decision making can be defined as the process of making choices through the…

Q: Which of the following is correct criticism on the positive accounting theory? O a. It gives…

A: Positive Accounting Theory - It is branch of an academic accounting research that explain and…

Q: The REA model is based on the premise that ‘‘business data must not be preformatted or artifi-…

A: REA Model stands for Resource, Events, Agents model is the model in which accounting system for the…

Q: you think switching to an IFRS formatted balance sheet with the accounts rearranged will affect…

A: Meaning if IFRS: It is a set of accounting standards developed by the International Accounting…

Q: Which of the following statements is false? Oa. Even small companies use computerized accounting…

A: Accounting cycle includes: Identifying transactions Journalizing Posting Unadjusted trial balance…

Q: Shining Glass is switching to a new accounting information system. To expedite the implementation,…

A: Accounting information system (AIS) may be referred to as a process of collecting and storing…

Q: Cite one reason why there is a continued evolution of information system and how does this affect…

A: An information system is a set of techniques, hardware, trained people, software, applications,…

Concept explainers

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.

Question

“Accounting systems should produce only relevant data and forget about the irrelevant data. Then I’d know what was relevant and what wasn’t!” Comment
on this remark by a company president.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired.
Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired. Instructions Comment on the appropriateness of this viewpoint.
Which of the following is the most accurate statement regarding ethics as applied to decision making in accounting?a. Ethics involves making difficult choices under pressure and should be kept in mind inmaking every decision, including those involving accounting.b. Ethics has no place in accounting because accounting deals purely with numbers.c. It is impossible to learn ethical decision making because it is just something you decideto do or not to do.d. Ethics is becoming less and less important as a field of study in business.
Cite one reason why there is a continued evolution of information system and how does this affect the roles of accountants or auditors of accounting information system?
It includes all the rules and processes needed to safeguard assets, maintain accuracy in accounting, and improve efficiency in business operations. Accept or reject this statement based on your own opinion. Is there a reason why
1.What are the impact of issues in management accounting practices on the company and stakeholder? 2. Elaborate some suggestions to avoid the recurrence of the issues in management accounting practices.
What is the relationship between Accounting and an Accountinginformation system? ) • What has happened to the relationship over the years? • What is accounting information? • Name 4 uses of Accounting Information? • Use an example to illustrate the difference between data,information, and intelligence? • Discuss security concerns related to shadow data and businessintelligence technologies. • Discuss the role of accounting professionals in thedevelopment of shadow data. • What is system documentation? • Why is it important to know system documentation? • Explain the 4 elements that makes up the Data Flow Diagrams? • Give an example of who or when one of these documents may berequired • What are Flowcharts? • List an example of an Input/output, processing and storage Symbols • Differentiate between different types of Flowchart? • If you were a new factory employee on your first day at a vastfactory, indicate which level Flowcharts would be required and • If you were a new…
1. A company's accounting information system (AIS) plays an important role in the conversion cycle. Do you agree that the design of a company's conversion cycle AIS should go beyond merely meeting external financial reporting requirements? Do you agree that accountants should only focus on preparing for financial statements and leave the design of the AIS to information systems specialists? Please explain in no more than 300 words.
1. What are interesting facts/ fun facts about management accounting practices? 2. Explain one example management accounting dishonest practices that talked a around the whole?
Which of the following is not considered an analyticalaspect of the accounting profession?a. Evaluating an organization’s operational effi ciency.b. Forecasting the probable results of future operations.c. Designing systems that provide information to decisionmakers.d. Journalizing and posting business transactions.
Companies are automating many accounting tasks. Is automation good or bad? Consider this question from the view of accounting students, accounting practitioners, other business professionals, and society as a whole. What should be done to achieve the good aspects of automating accounting tasks while minimizing the poor aspects?
V5. Match the following ____ Complexity in business operations a. Management compensation ____ Timely information b . Accounting procedure that a company ____ Information for control and uses monitoring c. Current and predictive information ____ Differential information d. Need for more specific reports ____ Accounting Policies e. Substantive information that is not in the financial reports f. Financial information must be quantitative g. Financial information not useful in reports