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business
accounting information systems

Questions and Answers of Accounting Information Systems

Explain critical path analysis and explain why it is useful for managing information systems projects.
Perform a web search to find an example of an information systems project which failed. Discuss why the project failed and link the reasons to steps in the SDLC to see what should have been done.
Given the information below and the Gantt chart layout provided in Microsoft Excel format on the book’s website or similar tools at this link
Explain a business process.
How does ES software differ from previous software such as MRP and MRPII?
List the key three business processes within a typical ES like SAP.
Describe what are the general features of ES software.
Explain what the term best of breed means.
As a typical example of the functionality of an ES, list the main modules of SAP ERP.
Describe the main functions of the financial accounting and management accounting modules of SAP ERP.
Why does an organisation typically have to change its business processes when implementing an ES?
Explain the term chart of accounts. Explain the role accountants may have in creating one for an ES implementation.
Is it necessary to configure a detailed cost and revenue centre structure in an ES? Explain why or why not.
List some examples of the additional audit risks posed by an ES system.
‘The typical accounting function in an organisation will have to make some changes to how it does things after the ES implementation’. Explain this statement, providing some examples.
Choose two organisations that use an ES. One organisation should be a product/manufacturing company, the other a service/public/government organisation. For each chosen organisation, discuss, using
Choose any large organisation you are familiar with – you could use one of the organisations from item 1 above. Discuss what responsibility centres (cost centres and revenues centres) it might
Search the internet for examples where ES implementations were not as successful as planned.One story can be found at this link
What is a systems interface?
Are all systems interfaces between internal organisational information systems? Explain.
List and explain some key systems interface design principles.
Explain the types of controls which ensure systems interfaces are as expected and work correctly.
Explain the term customer relationship management (CRM).
List and briefly explain some examples of integrating with customer information systems.
List and briefly explain some examples of integrating with supplier information systems.
If an organisation wishes to interface to banking systems to pay suppliers or employees, can it create an interface any way it wishes?
Explain the term data analytics.
Explain the term big data.
Do accountants have a role to play in data analytics?
Consider any organisation you are familiar with which has not been mentioned in this chapter. It does not matter if the organisation is a product or service type organisation, or operates locally or
Using a Google (or similar) search, search for terms such as ‘accounting and data analytics’, ‘big data and accounting’ and other similar terms. Discuss any articles or reviews you find in
Choose a bank or financial institution you are familiar with. Using the bank’s website and/or promotional material, try to establish what services the bank can offer its customers in terms of
What does internet financial reporting mean?
How do organisations use the internet to report financial reporting data?
Why is an agreed standard for financial reporting in electronic means necessary?
What are the key attributes of any standard for financial reporting using the internet or electronic means?
What is a mark-up language?
Briefly describe how tags are used in mark-up languages.
What is a taxonomy?
Explain briefly how a taxonomy is used in XBRL.
What is the key difference between XBRL and iXBRL?
Can XBRL be used in ways other than financial reporting?
Choose the websites of two large public companies or organisations you are familiar with. Review their investors’ (or similar) web pages and discuss and compare what each does in terms of financial
Research how governments and/or regulatory authorities in your country currently use XBRL.Discuss any potential benefits that can be obtained by its use.
Briefly explain the main accounting requirements of smaller businesses.
What are the advantages of maintaining accounting records manually?
What are the disadvantages of manual accounting records?
Does the use of office automation software offer any advantages in maintaining accounting records over manual records?
What is the primary advantage of using accounting software over manual records?
What other advantages might accounting software offer a smaller business?
Describe the typical features and functions you might expect to find in accounting software designed for smaller businesses.
Outline some of the key questions a smaller business needs to address to find the most suitable accounting software product for its needs.
Earlier in this chapter you were introduced to Quick books software. As a group, do a web search for accounting software used by small business. Your search will likely give many choices, some of
Think of a small business you are familiar with – perhaps some family or friends may be able to assist you. Determine what the business does based on your knowledge and/or other sources such as the
Why do accountants need to be concerned with technological change at all?
Briefly list some effects the advent of the internet had on business.
How does technology devolve accounting information? Give some examples.
Do accountants need to learn new skills as technology advances? Give some examples of the types of skills accountants might currently need.
Are technological advances still of concern to accountants today in the internet world we live in?
What does the term information technology mean?
What is hardware?
What is a network?
What is the difference between a local area network and a wide area network?
Is the internet a network? Why or why not?
Explain the term logical security, citing some examples in your answer.
Do organisations need to protect their physical information systems hardware and the data contained thereon? Why?
Does an organization that stores personal information on individuals have any duties to protect that information? Explain.
Should a business have a continuity plan for its information systems? Why?
What does ‘redundant’ hardware mean? Is this an unnecessary cost to a business?
Two commonly used frameworks developed by COSO are COSO 2013 internal control framework and the COSO ERM 2017 framework. What are the differences between the two frameworks?
Interview an HR manager (either by phone or in person). You should ask about the interviewee's job functions, types of decisions that are made, and information needs. Write a paper describing what
This problem is a continuation of Problem 5-1.a. “Search” the database for all customers with a specific state (choose a state that is common to at least two but not to all of your customers).
This problem is a continuation of Problem 5-1.a. Write a “program” to enter customer order amounts into the database and to have the system either warn the user if the new order places the
Using ISACA publications or the Internet, find out how COBIT 5 and the Balanced Score Card (BSC) are related.
What is ecological balance and how is it related to life cycle analysis? (For this question and Question 10-24, refer to the box ‘The concept of ecological balance’ earlier in this
Refer to question 10-34. The photocopier manufacturer last year reported selling 60 000 photocopiers using 150 000 kilograms of material and achieving sales of \($30\) million. In their
6 Ingredients produces a single cookbook. The cost of producing and selling one book at the company’s normal activity level of 8000 books per month is as follows:The normal selling price is \($22\)
Consider again the plight of Jenny, the manager at DeFlava Coffee Corporation, whose boss wants to manufacture and sell the new Decaffi Bean coffee product, perhaps using it to replace the Double
How does the format of the income statement shown in Case Exhibits 2.12, 2.13 and help internal decision makers perform cost–volume–profit (CVP) analysis?Case Exhibits 2.12Case Exhibits 2.13 $ 9
List external users who need financial accounting information about a business? List five external users and discuss the type of information that each might require.
What does GAAP mean? Why is this important when financial statements are being prepared for a business?
What is the difference between an accounting entity and a legal entity?
Define owner’s equity. What items affect owner’s equity positively? What items affect owner’s equity negatively?
What is an ‘accounting system’? Why is it important that a business has an effective accounting system?
For a service business, what is the business’s earning process, and when does the business record revenues?
What is the matching principle and what types of accounts are matched according to this principle. What is the outcome for a business?
How does an understanding of the accounting equation facilitate the preparation of financial reports?
Arrange the following items from the books of Lucy Breen, Beautician, under the correct column headings: Assets, Liabilities, Owner’s Equity, Revenue or Expense:a Equipment b Malcolm Black (a
Jamieson Enterprises was established recently. The balance of each item in its accounting equation is shown below for 6 March and for each of the following business days.Required:Assuming a single
Determine the missing elements in the accounting equation. Treat each case separately. A LOER - EP/L Case Total Assets Total Owner's Liabilities Equity Total Total Revenues Expenses Net Profit OE at
The financial balances for Steve’s Car Rentals on 31st May, 2019 are provided below in a table in accounting equation format. You are required to:a draw up the table and list the balances for May b
Define an account. Which format is better: T-account or three column?
Explain the double entry rule. How (if at all) does this rule change in the case of an entry where more than two accounts are involved?
What is a general journal? List the advantages of initially recording a business’s transactions in a general journal.
What does journalising of transactions refer to? Briefly describe the steps in the process.
How does the lower portion of the income statement for a company differ from that of a sole proprietorship? Why it is different?
How does a company report its income taxes payable on its financial statements?
In August, Healthcheck Sales, a medical supplies wholesaler, entered into the following transactions (the business uses the perpetual inventory system):Required:Prepare journal entries to record the
Ralph Antonio operates an architectural design business. The following transactions were recorded for the month of March.Required:a Prepare journal entries for the above transactions.b Post to
What is a business’s working capital, and what do its two components comprise?

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