LO1. What is an accounting information systems? a) An effective accounting information system provides: 1) 111) iv) v) An accounting information system (AIS) is a system that a business uses to collect, store, manage, process, retrieve, and report its financial data. b) Components of an accounting information system are: 1) 11 LO2. How are sales and cash receipts recorded in a manual accounting information system? a) Given the following transactions, indicate which journal (cash receipts or sales) the transaction should be recorded in The sale of merchandise for cash. The sale of merchandise on account