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Summary: Lecture 1 (Ais)
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Read the summary and the most important questions on Lecture 1 (AIS)
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1 Lecture 1 (AIS)
This is a preview. There are 14 more flashcards available for chapter 1
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What is vertical information?
Summary information, not in detail. -
What is horizontal information?
info from one to another person about day to day operations. -
What is ERP software used for?
Software packages that can be used for the core systems necessary to support enterprise systems.
(Enterprise Resource Planning) -
What are advantages and disadvantages of ERP?
Advantages:
- Very small dtails will be monitored and followed
Disadvantages:
- Expensive
- Takes a lot of time to implement into the system and changes that occur must also be put into the system, also takes a lot of time. -
What is an enterprise system?
It integrates business processes and information from the entire enterprise and it helps to coordinate the operation of business functions. -
What is the purpose of an accounting information system?
To collect, process and report information related to the financial accounting aspects of business events. AIS needs important components, so the firm can work with a reliable system. -
What are 5 uses of an accounting information system?
Producing external reports
Supporting routine activities
Decision support
Planning and control
Implementing internal control -
What are the 5 business event processes?
1. Sales Process (revenue)
2. Purchasing Process (expenditure)
3. Production Process
4. HR and payroll process
5. Financing Process -
Why adds an accounting information system value to an organisation?
It improves efficiency and effectivesness of its supply chain
It improves internal control structure
It improves decision making
It shares knowledge
It improves quality and reduces costs of products and services -
Because accounting is and information-providing activity, accountants need to understand:
- How the system that provides that information is designed, implemented and used.
- How financial information is reported
- How information is used to make decisions
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