SEMESTER-II-COMPUTORISED ACCOUNTING-ACCOUNTING INFORMATION SYSTEM-SHORT QUESTIONS AND ANSWERS

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 SEMESTER-II-COMPUTORISED ACCOUNTING-ACCOUNTING INFORMATION SYSTEM-SHORT QUESTIONS AND ANSWERS



What is the meaning of AIS in accounting?

accounting information system

An accounting information system (AIS) involves the collection, storage, and processing of financial and accounting data used by internal users to report information to investors, creditors, and tax authorities.



What are the example of AIS?

Accounting Information Systems are highly versatile. Therefore, they can be used by a wide range of professionals. Examples of these are accountants, managers, analysts, consultants, Chief Financial Officers (CFOs), regulators, and tax agencies too.




What are the six components of an accounting information system AIS?

So, we find that accounting information systems commonly formed of six main elements: people, instructions and procedures, software, data, information technology infrastructure and internal controls.



What are the types and classes of AIS?

Types of AIS equipment.


 For a shipboard fitting there are three types of AIS equipment, Class A, Class B and receive only. Class A is intended for vessels where the fit is mandatory. Class A transmits more information, more frequently and at higher power than Class B.




What is the meaning of accounting system?

An accounting system is the system used to manage the income, expenses, and other financial activities of a business. There's never been an easier way to get started with an accounting system.



What is difference between AIS and accounting?

Accounting system defines standard guidelines or rules of recording and processing the transaction . Whereas , Accounting Information System is a specific Information System or a Software which is used to follow the Accounting System in an entity. An AIS works to follow accounting system of an entity.



What are the 4 types of accounting information?

These four branches include corporate, public, government, and forensic accounting.



What are types of accounting systems?

The four main types of financial software systems include:

Single-entry systems.

Double-entry systems.

Manual accounting systems.

Computerized accounting systems.



What are the 7 functions of accounting?


Your accounting department should master and perform seven crucial functions. They include account receivable and payable, payroll, inventory management, budgeting, reports and financial statements, legal compliance and financial control, and record-keeping.



What are the five 5 basic components of an accounting information system?

There are five main components in an accounting system. Each part has a different job and accomplishes different step in the financial reporting process. The five components are source documents, input devices, information processors, information storage, and output devices.



What are the 3 accounting rules?


Take a look at the three main rules of accounting: Debit the receiver and credit the giver.

...

Debit the receiver and credit the giver. ... 

Debit what comes in and credit what goes out. ... 


Debit expenses and losses, credit income and gains.



What is accounting cycle?

The accounting cycle is the process of accepting, recording, sorting, and crediting payments made and received within a business during a particular accounting period.



What are the 7 steps of accounting cycle?

The Accounting Cycle: The Crucial Steps in the Accounting Process


Identifying and Analysing Business Transactions. ... 


Posting Transactions in Journals. ... 


Posting from Journal to Ledger. ... 


Recording adjusting entries. ... 


Preparing the adjusted trial balance. ... 


Preparing financial statements. ... 


Post-Closing Trial Balance.




What is accounting information system AIS )? Explain the advantage of using it?

An AIS eliminates the manual processing of data. The preparation of data to generate meaningful reports is done by the system in just one or two clicks. This helps in maintaining electronic journal books to store and retrieve business data without the need for physical documents.



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