Objective: Outline the underlying principles and components of accounting information systems.

The days of doing accounting on paper are long gone and it seems like technology is moving towards one system that can do everything. This began several years ago, but technology has made great strides in the past few years with the onset of cloud computing and data storage. Since accounting is concerned with all facets of the business, it is natural to want an accounting system that can deliver the needed data quickly and efficiently.

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• Outline the underlying principles and components of accounting information systems.
• What is the benefit of a centralized system versus a decentralized system?
• If you were implementing a new accounting information system at your place of employment or business, what would you recommend?
  • Why?