You are the CEO of a newly incorporated retail firm that will sell DKNY$,$ Tommy Hilfiger, and other designer clothing. Your job is to set up an accounting information system to maintain appropriate records needed in the eventual preparation of financial statements. Please answer the following questions:

Identify and explain the principles that should be followed in the development of an accounting information system.

How does an enterprise resource planning system differ from a computerized accounting information system? Explain.

Identify and describe common features of computerized accounting packages other than recording transactions and preparing financial statements.

What do you think would be the most important account for this newly incorporated retail firm? Explain.