Questions On Accounting Information Systems - 2346 Words

Author: Godfrey Masuku Student I.D: 11584448 Course: ACC539-201560 ACCOUNTING INFORMATION SYSTEMS – ASSIGNMENT 1 The abovementioned has been arranged in two parts on the same document, first Question 1 then Question 2 follows below that: QUESTION 1: Question 1: explanation of how implementation of cloud accounting information system in an organisation relates to corporate straegy and value chain. Risks and benefits are explored. Introduction We seek to investigate how the implementation of a cloud accounting information system relates to an organisation s corporate strategy and value chain. There are benefits that may be enjoyed by such an organisation although it would have to diligently contend with the risks such a move would entail. Value adding benefits would be favorable to the organisation s corporate strategy yet the risks may potentially destroy the organisation if not mitigated properly. Cloud accounting information systems involve the basic functionality of input, storage, processing and output. The applications are hosted by a service provider giving the customer ease of access and use anywhere using any device. This functionality is similar to the traditional inhouse accounting systems which are installed on the computer. Cloud Accounting information systems are accessed via a web based platform such as the internet. There are inherent risks and benefits associated with use of such as system as with any system. Benefits: AnyShow MoreRelatedQuestions On Accounting Information System1079 Words   |  5 PagesAssignment 1 Question 1 Accounting information system is the system that collect, store and process accounting data, organisation resource and its activities to provide necessary information to make decision in business. It converts data into information so business house can plan, control, implement and analyse its activities and resources. It provides supplementary control to safeguard the assets and data of business (Romney, 2012). Accounting information system plays a major role for corporateRead MoreQuestions On Accounting Information System Essay1316 Words   |  6 PagesDiscussion Accounting information system is increasingly important to contemporary organisations, can help to increase the flexibility, keep the necessary accounting records, save money and time on accounting record functions. Xero is an accounting report software development company, it established to provide beautiful accounting software. Drays Co is a company, sells medical equipment, which desires to adopt Xero accounting software. However Rose, who is the accountant of Dray Co, has difficultiesRead MoreAccounting Information System Chapter 1 Discussion Questions1687 Words   |  7 PagesDiscussion Questions 1. Discuss some of the challenges facing business today. Does information technology play a role in these challenges? Explain. The business world and society in general are undergoing phenomenal and sometimes turbulent change. The â€Å"new economy† driven by the Internet has seen the rise of entirely new businesses like Amazon.com, Yahoo, eBay, and of course Google. While the â€Å"dot com bust† of 2000 saw the demise of thousands of Internet-oriented businesses, the fact remains thatRead MoreAccounting1016 Words   |  5 PagesThe basic principles of an accounting information system include all of the following  except | |    | Student Answer: | |   cost effectiveness.  (Cost effectiveness is one of the basic principles of accounting information systems.) |    | | |   flexibility.  (Flexibility is one of the basic principles of accounting information systems.) |    | | |   useful output.  (Useful output is one of the basic principles of accounting information systems.) |    | | |   periodicity.  (Correct! PeriodicityRead MoreAcc 225 Week 9 Acc225 Week 91556 Words   |  7 PagesACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS(UOP) CheckPoint: Financial Statements  · Resource: Fundamental Accounting Principles, Ch. 1  · Due Date: Day 5 [post to the Individual forum]  · Consider that you have been asked to explain financial statements to someone who knows nothing about accounting.  · Review the information on financial statements in Ch. 1 of Fundamental Accounting Principles.  · Discuss, in 200 300 words, each of the four financial statements. Explain the different componentsRead MoreHow Technology Has Changed Business Environment1539 Words   |  7 PagesI. Intro As technology continues to advance, the accounting profession needs to adapt in order to continue providing the most value to our clients. Technology has begun to change the way companies are doing business. The technology has given executives the tools to better understand their data. Decisions are no longer based on theory, but on data analysis leveraged by using algorithms. These algorithms allow organizations to understand trends and patterns based on historical events. AccountantsRead MoreThe Impact of Contingencies on Management Accounting System Development.1725 Words   |  7 PagesManagement Accounting SYSTEM 1 3.0 THE IMPACT OF CONTINGENCIES ON MANAGEMENT ACCOUNTING SYSTEM DEVELOPMENT 2 ( i ) Environment 2 ( ii ) Strategies and mission 3 ( iii ) Technology 4 ( iv ) Firm interdependence 4 ( v ) Business unit, firm, and industry variables 5 ( vi ) Knowledge and observables factors 5 ( vii ) Culture 6 4.0 Summary and Conclusions 6 5.0 REFERENCE BOOKs 7 1.0 INTRODUCTION The management of a company needs to develop cost and management accounting systemsRead MoreThe Impact Of Accounting And Information Technology1704 Words   |  7 PagesIMPACT OF ACCOUNTING AND INFORMATION TECHNOLOGY Application of basic accounting theory is based on financial accounting practices used in the formation of a series of methods of the theory, mainly the development and implementation of accounting practice norms, is to guide and constrain accounting standards, the basis for evaluation of accounting. The development of accounting and information technology has given an impact to the accounting objectives, accounting assumptions and accounting informationRead MoreThe Role of Business in Society1070 Words   |  5 PagesTABLE OF CONTENTS QUESTION ONE 1 THE ROLE OF BUSINESS IN SOCIETY 1 QUESTION TWO 2 USERS OF ACCOUNTING INFORMATION 2 QUESTION THREE 3 THE INFLUENCE OF NZICA 3 QUESTION FOUR 4 QUALITATIVE CHARACTERISTICS 4 QUESTION FIVE 5 IT AND THE ACCOUNTING SYSTEM 5 QUESTION SIX 6 BUSINESS STRUCTURES 6 Questions 6 Best business structures 6 QUESTION SEVEN 7 ACCOUNTING EQUATION 7 Question One The role of Business in Society Dilemmas that Hubbard s could face concerning stakeholders by meetingRead MoreA Presentation Of Jena Mines1461 Words   |  6 Pages1.0 Introduction This chapter presents an overview of this research.The presentation is made up of the background of study, statement of the problem, purpose of study, objectives of study, research questions, assumptions, significance of study, limitations and delimitations of study, definition of terms and finally, the summary of the chapter. 1.1 Background to the study Jena Mines (PVT) LTD is a gold mine which is situated in Silobela, Kwekwe and is wholly owned by the Zimbabwe Mining Development

Understanding Your Fats and Fiber Free Essays

When people discuss diet and health there are many stigmas, one of them being that all fats are bad. While fats can be harmful if taken in excess, there are many different types of fats that make up this category. The fats that make up category are: saturated fats, unsaturated fats, trans-fatty acids and hydrogenated fats. We will write a custom essay sample on Understanding Your Fats and Fiber or any similar topic only for you Order Now Each of these fats are different and all play a role in your diet, some give much needed nutrients, while others have low nutritional value. One of the essential things that is given from fats in your food are the essential fatty acids or EFA; these are essential and important to take in from your food because the body is incapable of producing EFAs (â€Å"Fat Facts: Good Fats Vs. Bad Fats†, 2013). Fat also carries other necessary vitamins to include: vitamin A, vitamin D, vitamin E and vitamin K. According to Dr. Wahida Karmally, â€Å"Fat is also necessary for maintaining healthy skin, and it plays a central role in promoting proper eyesight and brain development in babies and children. However, fats can still pack on the bulge, at 9 calories per gram, of any type of fat, has more than twice the calories of carbohydrates and protein (â€Å"Fat Facts: Good Fats Vs. Bad Fats†, 2013). Diets that are high in saturated and Trans fatty acids are known to raise blood cholesterol and can produce artery clogging compounds. This blocks oxygen flow to the heart, as well as, to the brain. Both saturated and Trans fat are daily fats that you need to limit in your diet. Saturated fats can be found in meats, butter and ice cream; while Trans fats are found in things such as margarines and packaged foods. Trans fats are present in fatty meats and full-fat dairy foods (â€Å"Fat Facts: Good Fats Vs. Bad Fats†, 2013), most Trans fats are an end product of hydrogenation. Hydrogenation converts oil into a firmer, better tasting product and giving it a longer shelf life, in this process, some of the unsaturated fat in the oil becomes saturated (â€Å"Fat Facts: Good Fats Vs. Bad Fats†, 2013). Unsaturated or monounsaturated fats should be the dominate type of fat in a balanced diet (â€Å"Fat Facts: Good Fats Vs. Bad Fats†, 2013). Some of the foods that are high in monounsaturated fats can be: olive and canola oils, avocado, almonds and cashews. Simply put you should try to stay away from Trans fatty acids and saturated fats whenever possible. Though fats have a bad reputation they are not all bad and have some essential vitamins and nutrients that can only be retrieved from things such as meat and dairy. Unsaturated or monounsaturated fats are the most beneficial fats for you and are to be taken in place of the others when possible. By eating lean meats, different assorted nuts and things like avocado you can reduce the risk of clogged arteries and high blood cholesterol. How to cite Understanding Your Fats and Fiber, Papers

Understanding Relation Financial Reporting -Myassignmenthelp.Com

Question: Discuss About The Understanding Relation Financial Reporting? Answer: Introducation Evaluating integrity of prospective client- In order to evaluate integrity of Randall Inc, it is required by new audit partner to personally meet with directors, senior managers and owners. Verification of termination of clients relation with previous audit firms should be done and that it was not because of disagreement regarding outstanding invoices and business operations. Risk consideration related to engagement- For evaluation of risk, CPA firm should consider the factors relating to specific engagement such as financial condition, turnover, realization and profitability of engagement, future and current regulatory environment (Bowlin et al.). Incorporating professional competence in performing engagement- Audit firm should also consider whether they would be able to competently provide requested service according to professional standards that are applicable (Knechel et al.). Investigation should be made into issues such as ethics, business procedures and policies, staff qualifications, expectations reasonableness and bill payment by contact predecessor audit firm of client. A credit history of financial planning and individual tax planning of clients should be obtained. Reviewing of financial ratings and public records of entity should also be done. Five independent considerations of WWS related to potential new client Randall Inc are listed below: Examination of existing relationship of Randall Inc by auditor is one of the independent considerations by WWS. Enquiry should be made by auditor whether the directors, significant shareholders and management of potential clients and assessing the happening of potential conflict by identifying that they are involved with existing clients (Bowlin et al.). Appropriate officer of prospective clients should also be enquired if there exist any relationship that would lead to potential independence impairment. Business risk of clients should be considered by audit firm by gaining strategic understanding of their business. Performance measurement system of client should be considered by auditors for assessing any manipulation of amounts and setting unreasonable objectives. Audit firm should consider the planned audit responses to specific risks in their overall audit strategy throughout the audit plan development. Some key audit risk factors that should be considered by WWS for assessing new potential client that is Randall Inc are listed below: It is required by new auditor to make the assessment of previous results and evaluating the fact that misstatements that are found in auditing of previous year has the likelihood of occurring again. Furthermore, the way organization take steps in making changes and is the misstatement are systematic in nature, then this leads to arising of audit risk. Judgments in recording account transactions and balances also affect the risk of audit. Moreover, complexities in transactions such as lease agreements, transactions using foreign currency and any leave entitlement related to issues of employees are also the factors that impacts audit risk. Procedures of conducting audit also impacts the risks in auditing. One of the important parts in audit risk determination is continuance and client acceptance (Messier et al.). Involvement of firm in any fraudulent financial reporting should be assessed by audit firms. Such activities might involve intentional omission or misstatement of disclosures or amount for deceiving users of financial statements. If the management takes some deliberate actions for meeting objectives of earnings, then it affects the audit risk. Improper recording of non routine transactions such as acquisition of major property, fire losses and making misstatements during process of conversion also influence the audit risk (Gaynor and Lisa Milici). Three practices that could be implemented by WWS for avoiding litigation issues with Randal Inc are as follows: Documentation of specific services- There should be separate engagement letters for each service such as compilation of tax, audit review, consultation services and any other services offered to acquire client. Setting of realization standards- The proposal of audit firm should be aligned with the expected services to be delivered to clients and this would help in service accomplishment objectives. Using compilation report should be restricted in circumstances of high risk (Newton and Nathan). Engagement with client should incorporate procedures and policies of quality control that are intended to decrease exposure to legal liability. Such documentation should also involve the applicability of such policy and job procedures References list: Bowlin, Kendall O., Jessen L. Hobson, and M. David Piercey. "The effects of auditor rotation, professional skepticism, and interactions with managers on audit quality."The Accounting Review90.4 (2015): 1363-1393. Gaynor, Lisa Milici, et al. "Understanding the relation between financial reporting quality and audit quality."Auditing: A Journal of Practice Theory35.4 (2016): 1-22. Knechel, W. Robert, and Steven E. Salterio.Auditing: Assurance and risk. Taylor Francis, 2016. Messier, William F., Steven M. Glover, and Douglas F. Prawitt.Auditing Assurance Services: A Systematic Approach. Qing hua da xue chu ban she, 2015. Newton, Nathan J., et al. "Internal control opinion shopping and audit market competition."The Accounting Review91.2 (2015): 603-623.