Accounting Information Systems

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Process Decision Document Manual operation Terminator On-page connector Off-page connector Sort Stored data Merge Summer 2011 – Accounting Information Systems Exam # 1  is posted in your homepage. Complete all 7 questions and clearly outline your responses, give examples if needed, etc. Your responses are due back to me via e-mail by Tuesday June 28, 2011 midnight. Good luck!  Accounting Information Systems – Exam # 1 1.) A fellow student in one of your classes struck up a conversation one day. "What's your major," he asked. "Accounting," you replied. "Wow I've heard accounting is a tough major. What accounting classes are you taking this term?" You started talking about your accounting information systems course, and your friend asked you the question(s) noted below. Prepare a written response for your friend. List and discuss three ways accounting information systems is related to other areas of accounting. Accounting Information Systems is a set of interrelated activities, documents, and technologies designed to collect data, process it, and report information to a diverse group of internal and external decision makers in organizations. There is a conceptual framework created by the Financial Accounting Standards Board which comprises of 3 levels. The first explains what accounting is trying to do (provide information for decisions); secondly accounting presents two sets of ideas (what information does accounting provide – elements of financial statements – what characteristics should the information have to make it useful for decisions – qualitative characteristics. Thirdly are ideas that pervade accounting and the design of accounting information systems (assumptions, principles, and constraints). AIS is like other areas of accounting in that it includes consideration of financial statements and internal reports. It is different, though, from other parts of accounting. AIS typically includes more open ended problems that do not have deterministic responses. It also cuts across traditional accounting subdivisions (financial, managerial, and the like) and incorporates material from disciplines outside accounting (such as management and information systems). Page 1 of 5
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Summer 2011 – Accounting Information Systems 2.) Tyler is an intern in the audit department of a small CPA firm. He noticed you preparing a systems flowchart for an upcoming audit engagement. The client is a retail bookstore, like Borders or Barnes & Noble. Part of the flowchart appears below: Identify and describe three symbols (other than those shown above) you might include in the systems flowchart.
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