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ACC542 Assessment Answers

An accounting information system (AIS) is a structure used by a company to collect, store, manage, process, retrieve, and report financial data so that accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators, and tax agencies can use it. Specially trained accountants collaborate closely with AIS to ensure the highest level of accuracy in a company's financial transactions and record-keeping and make financial data easily accessible to those who need it legitimately while keeping the information intact and secure.

ACC542 assignments An accounting information system (AIS) collects, stores, and processes financial and accounting data for internal users to report to investors, creditors, and tax authorities. In general, it is a computer-based method for tracking accounting activity that works in tandem with information technology resources. An AIS combines traditional accounting practises, such as the application of Generally Accepted Accounting Principles (GAAP), with cutting-edge information technology. An accounting information system contains a variety of elements that are critical to the accounting cycle. Although the information stored in a system differs depending on industry and business size, a classic AIS includes profit, expense, customer information, employee information, and tax information. Sales orders and analysis reports, purchase requisitions, invoices, check registers, inventory, payroll, ledger, trial balance, and financial statement information are examples of particular data.

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ACC542 Assessment Accounting Information System

To store information, an accounting information system must have a database structure. This database structure is typically ACC542 solutions in query language, which allows for table and data manipulation. An AIS has numerous fields for entering data and editing previously stored data. Furthermore, accounting information systems are frequently highly secured platforms with preventative measures in place against viruses, hackers, and other external sources attempting to collect data. Cybersecurity is becoming increasingly important as more businesses store their data electronically. The numerous outputs of an accounting information system demonstrate the system's versatility in data manipulation.

An AIS generates reports, such as accounts receivable ageing reports based on consumer information, fixed asset depreciation schedules, and trial balances for financial reporting. Customer lists, tax calculations, and inventory levels can all be replicated. Correspondence, memos, and presentations, on the other hand, are not included in the AIS because they are not explicitly connected to a corporation's economic reporting or accounting. The University of Phoenix (UoPX) is regarded as a private for-profit university in Phoenix, Arizona. The university, established in 1976, awards credentials and degree courses at the certificate, associate, bachelor's, master's, and doctoral degree levels. It is a Higher Learning Commission-accredited institution with an open-enrollment admission policy that accepts all applicants with a high school diploma, GED, or comparable as adequate for admission. Apollo Global Management, an American private equity firm, owns the school. In the late twentieth century, the University of Phoenix was regarded as a pioneer in the delivery of higher education to working adults.

ACC542 task answers The University of Phoenix was founded in 1976 in Phoenix by John Sperling and John D. Murphy, with the first-class consisting of eight students. It received regional accreditation in 1978. The University of Phoenix expanded to San Jose, California, in 1980 and launched its online programme in 1989. The majority of the University of Phoenix's revenue came from employers who subsidized their managers' higher education. Unbundling of academic labour occurred when "various components of the traditional faculty role (such as curriculum design) are divided among different entities, while others (such as research) are eliminated."

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Unit Details Of ACC542 Assessment Assignment

Location: The University of Phoenix (UoPX) is regarded as a private for-profit university in Phoenix, Arizona. The university, established in 1976, awards credentials and degree courses at the certificate, associate, bachelor's, master's, and doctoral degree levels. It is a Higher Learning Commission-accredited institution with an open-enrollment admission policy that accepts all applicants with a high school diploma, GED, or comparable as adequate for admission. ACC542 assessment The address of the head office of the University of Phoenix (UoPX) is 4035 S Riverpoint Pkwy, Phoenix, AZ 85040, United States.

Study level: Undergraduate and Postgraduate

Unit code: ACC542

Breif of ACC542 Assessment

An accounting information system has some benefits which cannot be ignored. An accounting information system strives to integrate data from various departments. The sales department can upload the sales budget into the system. The inventory management team uses this information to conduct inventory counts and purchase materials. The system can notify the accounts payable department of the new invoice when inventory is purchased. An AIS can also share information about a new order with the manufacturing, shipping, and customer service departments, letting them know about the sale. Internal controls are an essential component of accounting information systems. Policies and procedures can be implemented within the system to ensure that sensitive customer, vendor, and business information is kept secure within a business. Users can be restricted to only the necessary information to perform their business function by using physical access approvals, login requirements, access logs, authorizations, and segregation of duties. An accounting information system is a method of tracking all accounting and business activity for a company. Accounting information systems are made up of six major components: people, procedures and instructions, data, software, information technology infrastructure, and internal controls.

A well-designed AIS allows a business to operate smoothly on a daily basis, whereas a poorly designed AIS can impede its operation. The third application for an AIS is that when a company is in trouble, the information in its AIS can be used to figure out what went wrong. WorldCom and Lehman Brothers are two current instances. ACC542 solutions An AIS's six components all work together to assist key employees in collecting, storing, managing, processing, retrieving, and reporting financial data. A well-developed and well-maintained accounting information system that is efficient and accurate is a must-have for any successful business. This system examines the effect and influence of information technology on the accounting profession and the significance of studying accounting information systems.

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