Objectives of Accounting Information System, Internal and External Transactions, Peachtree Exercise

Masters
Essay
Miscellaneous
Pages 10 (2510 words)
Download 0
Accounting is the "Language of Business". The manager cashier ands salesmen use the term accounting to explain the events of the existence of business. It is found that many of the terms used in accounting have absolutely different meanings in non-accounting usage…

Introduction

In the same manner, changes and improvement in accounting too, are continually being made, in the process of business information.
"A systematic record of the daily (and hourly) events of a business leading to the presentation of a complete financial picture is known as accounting, in its elementary stage, as BOOK KEEPING." ----- M.C. Shukla.
"Book-Keeping is the science of recording transactions in money or money's worth in such a manner that at any subsequent date, the nature and effect of each transaction, and the combined effect of all the transactions may be clearly understood, so that the accounts prepared at any time from the records thus kept, may show the owner of the books his true financial position"----- L.C. Cropper.
Those who invest their capital and devote their efforts in business expect that they will receive a return in the form of profit. Moreover, they employ managers in the business it is the duty of the managers to maximize profit and to minimize losses.
In order to maximize profits and to minimize losses there must be proper record of all events and transactions of the business so that at the end of a period, the owner of the business can have knowledge about:-
Each and every transaction affects the basic of accounting equation. ...
Download paper
Not exactly what you need?

Related papers

Risk analysis in accounting information system
Accounting information systems are a vital part of an organization's day-to-day operations.Every transaction has to be recorded in order to produce financial statements or any type of informal report that management may want to use for analysis. For this reason, accountants were some of the first people to need information systems.The advent of computer technology and the prevalence of e-business…
Objectives of Accounting Information System, Internal and External Transactions, Peachtree Exercise
In the same manner, changes and improvement in accounting too, are continually being made, in the process of business information.…
External and Internal Analysis.
Gillette can also use its goodwill in the market to increase brand saliency. It can also show the bigness of the brand by telling people that it is a part of Gillette Family. It should inform people that the raw-materials used by Duracell are better than those used by competitors.…
External Audit, Internal Controls & Management Information Systems
Most public companies have an internal audit function. The internal auditor generally consists of employees from within the organization, although at times this some or all of this function may be outsourced (ABA, 2007).…
: Internal Control - Accounting Information Systems
Fraud is intentionally made while error is not intentionally made. Examples of fraud is theft of company assets such as cash and inventories and presentation of a financial statement that shows net income that is higher than what the real net income should be. An error occurs when the accounting clerk records payments for a $20,000 building repair as remainders and maintenance expense instead of…
Human Resources Internal & External Recruiting advantages
The internal recruitment method and the external recruitment method. These two methods can be defined as follows. Internal Recruitment is the process of finding potential internal candidates and encouraging them to apply for and be willing to accept organizational job openings. This can be done by Job posting which means information about a job vacancy is placed in conspicuous places in an…
Strategic Management: internal and external environment
Hence, a SWOT analysis to understand the competitive position of the agency is essential.…