Answered: List and describe the major steps a…

List and describe the major steps a business should follow in developing a new accounting information system (i.e., the phases of the system’s development life cycle). Be thorough in your answer

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 4EA: Discuss what information would be most useful for these users of accounting information: Management...

See similar textbooks

Related questions

Q: Using the data given in appendix 2, comment on the performance of the business. Include comments on…

A: The ability of a corporation to adopt optimal structure with the goal for producing goods or…

Q: Explain the purpose of financial and management accounting within your chosen organisation. Within…

A: In any organization, Purpose of Management accounting is to provide useful information for internal…

Q: Customer Relationship Management (CRM)

A: CRM is a process in which business can interaction with its customers.

Q: step

A: Business analytics is an emerging trend that is changing the traditional ways enterprises do…

Q: Before making decisions to invest in a computer-based accounting information system, cite at least 3…

A: Accounting information system can be define as a system which are used by the business enterprise to…

Q: Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e.…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: Jeff Brown is evaluating two companies for future investment potential. Jeff’s task is made easier…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: Which of the following statements is the best definition of an accounting information system? A. A…

A: It is a systems used for collecting, storing, managing, processing, retrieving and reporting of…

Q: What processes are used to be able to ensure that all related financial details are allocated for…

A: For being able to make sound business decisions it is very important to ensure that all the related…

Q: What is the relationship between Accounting and an Accountinginformation system? ) • What has…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Framework, qualitative characteristics of accounting information are essential to assist decision…

A: The accounting information are one of the most important informations as it help it's user that…

Q: Accounting is often referred to as "the language of business." Using research and supporting…

Q: Providing information about the performance and financial position of companies so that users can…

A: Financial reportingIt is the standard practice to provide the stakeholders an accurate depiction of…

Q: With reference to a sales daybook, write an advice to the company on how daybooks can be adopted in…

A: When size of the business increase and number of the transactions also increase, journal is divided…

Q: What are some of the expenses associated with the provision of accounting data? What are some of the…

A: Will be explained:

Q: You are employed by a business consulting firm as an information systems specialist. You havejust…

Q: The business research process involves a series of steps that systematically investigate a problem…

A: Business research process involves steps to investigate a problem or opportunity to a business. The…

Q: Explain the accounting function within a firm. What does this function do, and why is it important?…

A: Accounting function: It is possible to classify accounting functions into two groups of functions,…

Q: Prepare a blueprint for the board of Electronic Boards plc, outlining the main factors which they…

A: The process of creating and organizing the goals by identifying, analyzing, and communicating…

Q: What is the relationship between Accounting and an Accountinginformation system? • What has…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: of accounting information

A: Accounting Cycle-:The Accounting Cycle is a time duration that is made to make financial accounting…

Q: Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e.…

A: Technology in accounting reduces the time, effort, and cost of recordkeeping while improving…

Q: Some principles should be followed in the development of an accounting information system. Identify…

A: The principles that should be followed in the development of Accounting information systems are…

Q: Accounting is the information system that a. measures business activities. b. communicates the…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What are the fundamental concepts of Accounting Information Systems (AIS)? What are the main stages…

A: Introduction: Because you asked numerous questions, we will answer the first one for you. If you…

Q: Identify and discuss several professional organizations that play important roles in preparing…

A: The organizations listed below formulate and execute policies for the interest of investors in the…

Q: Explain the importance of a business report.

A: A business report is a report or a document which is essentially includes an array of data and…

Q: This approach is useful for compliance reviews where operators should do what the contract, law,…

A: Answer: The correct answer is option (b) Value stream map Value stream Map gives the clear overview…

Q: Explain the progress of business analytics during the time

A: The business Analytics is the important tool to make a sound commercial decision. It impacts…

Q: What are the methods available to the organization to migrate to a system? New accounting…

A: Step 1 Many small businesses start with a basic, inexpensive software package that meets their…

Q: Describe how information reduces risk when you make a personal or work-related decision.

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: If you are the Management Accountant of a company, you would be primarily concerned with: a.…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: ecommend ways in which your company may utilize anticipated financial statements and other metrics…

A: Financial statement analysis The process of studying a company's financial statements in order to…

Q: Benji Borke has prepared the following list of statements about accounting information systems.…

A: Accounting: Accounting is the art of recording , classifying , summarizing and interpreting business…

Q: Accounting professionals apply many technology tools to aid them in their everyday tasks and…

A: Return on Asset:- Return on asset is always shows as a percentage that indicates how much a…

Q: Decision making process in businesses is a complex, multistep activity that includes the following…

A: In old decision making process, managers spend more time to prepare reports on the financial…

Q: “It is a comprehensive document prepared to assist the entrepreneur in analysing the market and…

A: Every business operates with some strategies, which is very much important. This strategy is known…

Q: describe the following: Your answer: A. the primary purpose of the entity B. the types of…

A: Introduction: Decision making involves both financial and non-financial factors. Financial factors…

Q: Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of…

A: Accounting Information System The usages of accounting information system are increasing day by day…

Q: Accounting is the information system that Measures business activities. Communicates the results to…

A: " All of the above is the correct option" as accounting is the information system that examines the…

Q: List the major components of a business plan. What components are ofprimary concern to you, and why?

A: A business plan is a structured document that outlines how an organization – typically a start-up –…

Q: Which of the following disclosures regarding new accounting standards provides the most meaningful…

A: Options are referred from a source as it is missing.

Q: Some guidelines should be followed while creating an accounting information system. Each of the…

A: The following concepts should be followed in the creation of Accounting information systems: The…

Q: Recommend how projected financial statements and other measures of business performance could be…

Q: Explain the following for a manufacturing, retail, or service business: The primary purpose of the…

Q: Select the best answer for each statement. Revenue is recorded when products and services are…

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: Why is the accounting cycle critical to a business's success? (examples of why certain actions are…

A: The answer :

Question

List and describe the major steps a business should follow in developing a new accounting information system (i.e., the phases of the system’s development life cycle). Be thorough in your answer

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

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

ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting system
Companies need to report both monetary and nonmonetary data and information. A. Define these two terms and provide examples of each. B. Discuss what sources are available that provide companies with both types of data and information.
External users of accounting information would include ________________. employees managers investors supervisors
Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.
Briefly discuss why global accounting standards are needed in todays business environment.
Discuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authorities
List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
Recommend ways in which your company may utilize anticipated financial statements and other metrics of business success to analyze its operations and procedures.
Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of installing an accounting information system. Make sure you are specific in your recommendations.
To appreciate Accounting information system, we need to recognize that information is a business resource, like other resource like raw material, capital and labour, information is vital to the survival of the contemporary business organization. Critically examine the statement.
What would your process be to ensure that all related financial details are allocated for and tracked so as to assist in making sound business decisions?
With reference to a sales daybook, write an advice to the company on how daybooks can be adopted in developing an’’ enterprise wise’’ accounting system which can lead to complete, accurate and structured accounting information to be shown in the end year financial statements