CourseReader_Spr11 - CHAPTER 1 Introduction to AIS CHAPTER...

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CHAPTER 1 Introduction to AIS
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CHAPTER 1 The Changing Role of the Accountant How has technology changed the role of the accountant? The Accountant’s Job Today Public accounting o Tax accounting and advising (TAX) Prepare tax forms Tax planning and consulting (individuals, small companies, large companies), Strategically structure business transactions within tax laws o External auditing (AUDIT, INTERMEDIATE ACCOUNTING) Audit financial statements to ensure that the company is fairly representing its financial position to shareholders (owners, government, unions, lenders, etc.) Provide assurances that the information system is working appropriately (ACCOUNTING INFORMATION SYSTEMS) o Business consulting – offer (i.e., sell) advice to businesses to improve business processes or structure business transactions (MANAGEMENT, BUSINESS LAW, TAX, INTERNATIONAL ACCOUNTING) Structure mergers and acquisitions (ADVANCED ACCOUNTING, CORPORATE FINANCE) Systems consulting (ACCOUNTING INFORMATION SYSTEMS, MIS) o Bookkeeping services for small businesses
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Private accounting o Clerical accounting (ACCT 100, ACCT 101 ) Bookkeeping services o Corporate accounting / financial accounting (INTERMEDIATE ACCOUNTING) Prepare financial statements for external parties Prepare government schedules and forms Establish and enforce GAAP within the company (depreciation methods, inventory valuation, establish chart of accounts and map them to F/S, etc.) Treasury / cash accounting ( FINANCE) Plant and segment consolidations (ADVANCED ACCOUNTING) Existing plants and subsidiaries Mergers and acquisitions o Managerial accounting Cost accounting (COST ACCOUNTING) Product costing and cost allocation Ensure compliance with international treaties (e.g., NAFTA, dumping laws, etc.) Business analysis (MANAGERIAL ACCOUNTING, CONTROLLERSHIP) Prepare pro forma financial statements and consultation for managers Ad hoc analyses (APPLIED MATHEMATICS, STATISTICS) Budgeting Financial analysis – ROI’s on investments, make vs. buy decisions, etc. ( FINANCE) o Systems administration ( ACCOUNTING INFORMATION SYSTEMS) Database design and administration ( COMPUTER SCIENCE, ADVANCED ACCOUNTING SYSTEMS DESIGN AND ANALYSIS) Software consulting (Excel, Access, etc.) Enterprise system design ( MIS) Internal controls o Internal auditing (AUDIT, INTERMEDI ATE ACCOUNTING) Not-for-profit accounting o Forensic accounting (AUDIT, FORENSIC ACCOUNTING, INTERMEDIATE ACCOUNTING) o Governmental units and not-for-profit organizations (FUND ACCOUNTING) IS and AIS IS AIS How are IS and AIS related?
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Management Uses of Information Two functions of an AIS: Data versus Information
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Information quality Qualities of relevant information Predictive value – Feedback value – Timeliness – Qualities of reliable information Verifiability – Neutrality / freedom from bias – Integrity o Validity – o Accuracy – o Completeness – Other qualities of information
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