Solutions-8th-Ch01

Solutions-8th-Ch01 - Accounting Information Systems, 8e1...

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Accounting Information Systems, 8e 1 SOLUTIONS FOR CHAPTER 1 Discussion Questions DQ1-1 “I don’t want to learn about technology; I just want to be a good accountant.” Comment. ANS. Possible points that could be made: a. Distinguish between an accountant and a bookkeeper. An understanding of accounting software and related technology would enable one to advance beyond entry-level positions. b. Without knowledge of computer technology, an accountant can be a bookkeeper/accountant for a small firm that does not use computers at all . (With the ubiquitous nature of computers, this has become a weak argument, at best.) c. Because the ability to access data, present data for decision making, audit an accounting system, and so on, are all affected by computer technology, the career path for an accountant will be severely limited by his knowledge of computer technology. d. The public accounting profession is competitive and the effective use of technology helps maintain a competitive edge. For example, an auditor can usually complete an audit engagement in less time—and be surer of the findings—than he/she would be without using technology in the audit. This will permit the auditor to charge less for the work and to obtain more clients. And, if the auditor’s findings can be supported, he/she will be less likely to experience legal ramifications (from the SEC, from stockholders, and so on). e. The Sarbanes-Oxley Act of 2002 requires that the CFO (and CEO) sign the financial statements and attest to their accuracy, that companies notify the Securities & Exchange Commission of material events within 2 days, and that companies file their earnings statements within 35 days of the end of a quarter. All of these requirements have implications for the organization’s accounting information system and the ability of the CFO to understand and monitor its operation. DQ1-2 Examine Figure 1.1 (pg. 8). Based on any work experience you have had, with which elements are you least comfortable? With which are you most comfortable? Discuss your answers. ANS. See DQ1-3. DQ1-3 Examine Figure 1.1 (pg. 8). Based on your college education to date, with which elements are you comfortable? With which are you least comfortable? Discuss your answers. ANS. The point of both of these questions (DQ1-2 and DQ1-3) is to get the students to see the breadth of coverage of the AIS course and to see how the course will help fill in gaps in their background that they may have. Also, the figure and the discussion should help the
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2 Solutions for Chapter 1 student recognize the practical and academic background that needs to be brought forward into this course. For example, students with practical experience may have a good background in business operations, information processing, and management decision making. Students with computer coursework or practical experience may have background in databases and technology. If the students have completed intermediate accounting, accounting
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Solutions-8th-Ch01 - Accounting Information Systems, 8e1...

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