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business
accounting information systems

Questions and Answers of Accounting 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?
What is included in ‘cash’ for a business?
Why is it so important that cash and cash flow be managed in a business?
Briefly discuss the controls that should be put in place to manage over collections of cash from accounts receivable.
Briefly discuss the controls that should be put in place to ensure cash payments are authorised and made in a timely manner.
What does ‘insufficient funds’ mean in relation to a transaction on a bank statement?
What does a ‘stock out’ mean? What are the implications of this? How can it be prevented?
To what does FIFO refer?
How is the LIFO method of costing different from the FIFO method in terms of the effect on net profit for a period?
Why is it important that a business pays accounts payable in a timely manner?
Munro Pty Ltd presented you with the following information relating to the June bank reconciliation process. You are required to reconcile the records of the business with the bank statement and:a
Johnson and Bates run a small business and are worried about their accounts receivable spiralling out of control.a Advise them of the steps they can take to manage credit and recover outstanding
In the chapter, we mentioned that if Cafe´ Revive came up short four coffee gift packs, it should increase its cost of goods sold account and decrease its inventory account by the cost of those gift
In terms of the accounting equation, where are changes in revenue and expense accounts recorded?
What are the main types of accounts included in the Income statement to determine profit or loss? Define each.
When do businesses normally recognise and record (a) revenues and (b) expenses?
What is the difference between operating expenses and non-operating expenses. Give examples of each.
Explain the difference between selling, general and administrative, and financial expenses.
What is the link between the income statement and the statement of owner’s equity?
What are the limitations of using ratio analysis to make decisions about the performance of a business?
State whether you think a business would recognise the following as revenue. When would it be recognised?a Cash sale by business $20 000 b Sale of excess equipment by a restaurant $350 c Hairdressing
State whether you think a business would recognise the following as an expense. When would it be recognised?a Depreciation $350 b Wages to be paid in the next month $1200 c Electricity bill due to be
On 1 October, Cooper’s Appliance purchased $8800 of goods including GST for resale. On 11 October, it sold $4500 of these goods that cost $4400 including GST to customers at a selling price of
The Swanlake Tax Services business was established on 1 March of the current year to help clients with their tax planning.During January, the business entered into the following
The following information is available for the Miller & Keen business for the year:Required:Prepare a schedule that calculates the cost of goods sold for the year. Beginning inventory Ending
The income statement information of Walten Furniture business for 20X2 and 20X3 is as follows.Required:Fill in (a)–(f). All the necessary information is given. (Hint: It is not necessary to find

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