You need to answer the following question:What is the business cycle in the accounting information system?The importance to understanding the business operation flow.The impact of the fraud in business.

Answered: What is the business cycle in the…

Business

Accounting

What is the business cycle in the accounting information system?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 28MC: Big data is mined ________. A. to find business trends B. to record transactions C. as an...

See similar textbooks

Related questions

Q: Below are several statements about occupational fraud.1. For most large companies, occupational…

A: Given below is the true or false against the statements:

Q: what is Segregation of Duties in accounting and how it can prevent fraud?

A: Segregation of duties: In a firm, segregation of duties (SOD) is a fundamental building element of…

Q: What is identity theft, and what responsibilities do businesses have to prevent it?

A: The question is based on the concept of identity theft , which is one of the leading problem in…

Q: Why should businesses shift to an electronic accounting system? How can controls deter fraudulent…

A: Electronic accounting system entails use of computer based or internet based accounting tools. In an…

Q: ask 1) Review and evaluate the accounting system This review can be of the complete system or of one…

A: Accounting functions are described as the collection of financial processes that aid in the…

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: write about the implementation of systrust (integrity,security,availability,privacy and…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: What steps need to be taken before interviewing a person that is not suspected of committing fraud…

A: “Since you have posted a many question, we will solve first question for you. To get the remaining…

Q: An ethical problem may arise for a company expert who is trying to address the needs of people who…

A: A professional in the public eye have a duty to verify his clients' legitimacy. A public…

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: What are some of the uses that management may make of accounting information about individual…

A: In a company, generally, various divisions have been made according to the type and flow of work.…

Q: What is a critical element of internal control in the handling of receivables by a business? Explain…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: ounting information systems aid in the prevention of fraud? Do legislative activities such as the…

A: The accounting information system (AIS) is a programme that gathers data, processes it, and…

Q: Which of the following is NOT an example of an opportunity to commit fraud in the accounting…

A: So an opportunity to commit any fraud in an organization is a chance provided by the environment to…

Q: causes of business and accounting fraud

A: Fraud is an illegal activity of committing an offence with a willful intention to deceive others for…

Q: What is the concept of apparent authority? Give an example of how it might crop up in the business…

A: Meaning of Apparent Authority :- Apparent authority arises when someone reasonably believes a person…

Q: ontrol problems in the system

A: Internal control system is a set of policies and procedures to be followed in case of operations of…

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: CPAs may audit around or through computers in the audit of the financial statements of clients who…

A: Auditing Around the Computer: It is an auditing approach that is used to test or check the…

Q: 1. Distinguish between ethical issues and legal issues. 2. When a company has a strong internal…

A: I am answering the first 3 questions as per bartleby guidelines. Please re-submit the remaining…

Q: CPAs may audit around or through computers in the audit of the financial statements of clients who…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: (a): Critically discuss the statement that, when a company has a strong internal control structure,…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Internal controls play an important role in reducing the risks of fraudulent activities in any…

A: Internal controls are the principles, policies, procedures formed by the management of the Company…

Q: What cause Fraud in Computerised Accounting

A: Computerized Accounting System: A computerized accounting system are software programs that are…

Q: The given system flowchart elaborates the business activities involved in different departments,…

A: TYPES OF FRAUD IN BUSINESS ENVIRONMENT 1. Identify theft = In identify theft fraudster could…

Q: Why and how the accounting fraud happen in an company?

A: Company financial statements include balance sheets, income statement, cash flow statement . The…

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: An internal control system is made up of all rules and processes that are used to safeguard assets,…

A: Here is the Answer

Q: Why should the responsibility for maintaining the accounting records be separated from the…

A: It has generally been seen that in large organizations, the responsibility for operating the…

Q: What is a primary control for determining the accuracy of a business’s record keeping?

A: In the era of computers, it is not that hard to determine the accuracy of record keeping, various…

Q: (a) Explain how the new internal audit department of Adom Hotels could assist the directors in…

Q: Explain the impact of the fraud in business according to accounting information system.

A: AIS (Accounting Information System) defines fraud as an action that can affect many people within…

Q: What are some of the applications that management may make of accounting data pertaining to the…

A: How are Responsibility Centers Defined: Generally, a business has been divided into numerous…

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: 1. What are the legal and social implications of technology in business? 2. Why should businesses…

A: As per the guidelines, the solution to the first question has been provided. For getting answers to…

Q: Internal control does not consist of policies and procedures that a. ensure employees and managers…

A: Internal control consists of policies and procedures which is implemented in the organisation so…

Q: There are two common causes of business and accounting fraud: • A failure of individual character •…

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

Q: e there could be potential accounting fraud in a company. Make sure you elaborate on your reasoning…

A: Accounting fraud: Accounting fraud refers to the deliberate manipulation and illegal alteration of…

Q: Which of the following benefits of an effective accounting information system provides safeguards…

A: Definition: Accounting information system (AIS): An accounting information system (AIS) is a…

Q: What is the significance accounting course to “Governance, Business Ethics, Risk Management, and…

A: Answer: Accounting has been worldwide followed practice to record day to day transactions. It has…

Q: Why are internal accounting controls important to a business? What are advantages vs. the…

A: Internal control refers to a systematic procedure to be followed by the personnels of a company to…

Q: An Internal Control System will not Assists compliance with laws and regulations Helps ensure the…

A: The controls implemented by the business entity to prevent certain frauds and to ensure the…

Question

You need to answer the following question:

What is the business cycle in the accounting information system?
The importance to understanding the business operation flow.
The impact of the fraud in business.

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.

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

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

Which of the following is false about accounting information systems? A. They provide reports that people analyze. B. They prevent errors and stop employees from stealing inventory. C. They are designed to gather data about the companys transactions. D. They consist of processes that involve input of data from source documents, processing, output, and storage.
Which of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.
Big data is mined ________. A. to find business trends B. to record transactions C. as an alternative to creating an accounting information system D. as an alternative to the darknet
Explain the impact of the fraud in business according to accounting information system.
Identify at least four different areas where there could be potential accounting fraud in a company. Make sure you elaborate on your reasoning for why accounting fraud could occur as well as the financial implications on the organization.
Distinguish between financial accounting and managerial accounting as to user groups and time horizons. Why should the chief accountant of an organization have a clear understanding of both financial and managerial accounting? How did the internal control procedure of separation of duties fail to detect the fraudulent behavior in problem 1-28b on page 51? Consider the elements of the fraud triangle and explain how each element is present in this problem.
Why should businesses shift to an electronic accounting system? How can controls deter fraudulent practices in a business?
An accounting manager, who has full access to a Company’s accounting system also has access to the bank account and is able to send cash payments without supervision. What is an internal control that should be implemented to reduce the risk of theft or fraud in this company?
The flowchart labeled Problem 14 depicts the responsibilities of an accounting clerk in a small company. Required Identify any control problems in the system. What sorts of fraud are possible in this system?
Why and how the accounting fraud happen in an company?
Which of the following benefits of an effective accounting information system provides safeguards for a business’s assets and reduces the likelihood of fraud and errors? Flexibility Relevance Control Compatibility
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…