...FINANCIAL ACCOUNTING QUESTION 1 Financial Information System is the main reporting of data used by organization for financial management and reporting function. i. Recording of all transaction in general ledger accounts. The system records the organization financial transactions in a general ledger accounts for assets, liabilities revenues and expenses any financial transaction carried out by an organization can be record and kept in the ledger accounts by the help of the system. ii. by the help of financial system an organization can generate its financial report to meet the management and statutory requirement, hence the management gets the financial report easily thus making decisions concerning their organizations source of funds. iii. The system generates the organization financial statements, hence an organization may be in opposition to analysis its financial statement and make discounts concerning the same eg financial spending of an organization. iv. Controlling overall spending through budgetary control embedded in the system. The system will control spending based on budgetary expenditure amounts through a process called funds availability checking. For this to be done the system keep trace of the following amounts ; - Budget - Actual expenditure and commitment - Funds available v. The system meets the firms financial obligations as they come due using the minimal amount of financial resources consi0stent truth an established margin of...
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...users to run their monthly financial reports. This will eliminate the multiple adhoc reporting requests being sent to the Accounting department. Functionality If authorized, the user can use their corporate web ID and password to the access financial reports. The user can view or print reports from the web. In addition, they can download reports for further analysis and alteration without impacting the published report. The corporate systems IT security department will grant access to reports on the web to financial business customers. To request access, the user will contact financial systems support. Without authorization, the user will not be able to access the site, and will receive the message: 'Access Denied. You are not authorized to access this resource.' The site will also include an Expense Account Dictionary which will include all general ledger accounts that roll into the Selling, Underwriting and General Expenses section of the Huffman Trucking Form 10-K Report. This Dictionary is to be created to provide guidance to all Huffman personnel regarding how accounts should be used. It includes definitions for most expense accounts, and will be updated periodically as further refinements are made to the chart of accounts. GL Posting Schedule The posting schedule is designed to provide consistent times when the business unit data is posted. This allows for a more efficient use of the system and helps avoid version control issues on reports. The schedule remains consistent...
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...important that financial accounting systems report performance fairly and factually? Financial accounting systems are responsible for recording, monitoring and maintaining all financial and accounting transactions within an organization. It is crucial that financial accounting systems report performance fairly and factually because the information within the system is required for the organization to make good economic decisions that could make or break the entire business. The reports that are created by financial accounting systems are used to provide information to outside parties such as tax experts, creditors, and/or potential investors. Inaccurate financial reports can lead an organization to experience legal issues, financial fraud, and can cause a bad reputation for the overall organization. In order to maintain and grow a profitable business, organizations must rely on fair and factual financial reports. Financial accounting systems must also report performance fairly and factually to ensure that the organization is performing and operating properly. An inaccurate financial report, for example, can cause an organization to make an economic decision that the organization may not be able to afford to do. In a health care organization, financial reports must also be accurate to avoid errors in medical billing that can lead the organization to lawsuits and major financial losses. Financial reports that are not created fairly and factually mean that the reports are considered...
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...in particular, the environment-related goods and services. In addition, the green accounting is aimed at the cost and benefit of the protection of the environment and resource depletion of natural capital. It is one of two measurement values are usually not included in the national accounting system, such as the gross domestic product (GDP). Although different in view of how the green accounting, and the technology is used worldwide. Green accounting has many purposes. First, the aim is to use an isolated and elaborate on each of the environmental flow and also to the traditional securities account. By doing so, it can provide an estimate of the total expenditures for the protection of the environment, and the gross domestic product can counter with defensive expenditures. The second purpose is the connection between the physical resource accounts and the financial environment. This will cover equity and natural resources, including those of the economic system. The green accounting to increase capital concept, the system environment, economic (SEEA). This will help to improve maintenance of natural capital and human capital. Green accounting is typically use the traditional financial...
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...Accounting is considered as the major helping hand to form a successive management which needs to report and analyse the business transactions. Accounting is a pathway of measuring success through the designing projects as measuring the outcomes of the projects in line with the target goal of the organisations (Elliot, Barry & Elliot, Jamie, 2004). Organisations maintain their financial reports with the help of accounting theories and policies. The international financial reporting standards also help to keep the accounting practice effectively, efficiently, and correctly. The efficient management will be built if the organisation follows the international reporting standards accurately. As a mandatory course unit of myself I need to prove my understanding about the financial systems and auditing through this report. I will gradually demonstrate my understanding on the purpose, use, importance of accounting records, accounting systems, computerised accounting system, manual accounting systems, business risk, audit risk, internal and external control systems, importance of auditing, and planning audit assignment as well as preparing audit report in the body part of my report. Task One Purpose and Use of Different Accounting Records Accounting records represents the management of all source of information in different records books. These records are ledger, journals, bank statements, adjusting journals, statement verification, invoice, brochure, and etc. The purpose and...
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...what is traditional financial system? Traditional financial systems mean financial systems are used in companies before. Risks of traditional financial systems 1. Delays – The CEO needs the latest consolidated financials. The best finance can do is offer reports that are already weeks old – or reports based on today’s numbers that will be available next week. 2. Security Risks – Security is compromised when someone accidentally emails confidential reports to a vendor instead of the board of directors. 3. Errors – To create reports, the finance staff has to download data from one or more financial systems and aggregate, manipulate, and format the data in a spreadsheet – providing ample opportunity for errors and reducing finance productivity. 4. Increased Software Costs – The controller gets a $100,000 invoice for add-on data warehousing and reporting software – plus an HR request for $100,000/year for IT staff to manage them. Traditional Financial Systems vs. the Cloud The business world today is highly competitive, collaborative, and distributed. In order to gain a sustainable advantage, every stakeholder must make intelligent decisions based on real-time information. Companies rely on their financial systems to provide them with real-time, actionable, and relevant data that will help them build, plan, define, measure, and drive performance. Moving to a cloud-based financial system like Intact can help companies achieve the real-time visibility they need, without...
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...AUO1 – Auditing and Information Systems Additional Study Questions Accounting Information Systems Competency 302.1.1: Nature and Purpose The student understands the nature and purpose of information systems. * What is the difference between transaction processing systems, management information systems, and decision support systems? Transaction processing systems - document financial activities Management information systems - used to collect qualitative as well as quantitative information for decision making within organizations Decision support systems - help the developers of an AIS identify what information they need for their planning, decision making, and control functions * How is a flowchart used? A document flowchart traces the physical flow of documents through an organization—that is, the flow of documents from the departments, groups, or individuals who first created them to their final destinations. * How is the accounting information system documented? An accounting information system is a collection of data and processing procedures that creates needed information for its users. An information system's components: Data or information is input, processed, and output as information for planning, decision-making, and control purposes. Nine reasons to document an AIS are (1) to explain how the system works, (2) to train others, (3) to help developers design new systems, (4) to control system development and maintenance costs, (5) to standardize...
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...SOME OF THE IFMIS APPLICATION SOFTWARE SOLUTIONS Introduction The original version of this document has been developed by a consultant firm (CJSC Avicomp Services, Russia) as an annex to the System Design report prepared during the design of Public Financial Management System (PFMS) in Moldova for the Ministry of Finance (MoF) in December 2005. The purpose of this study was to better understand the capabilities of some of the application software (ASW) modules (commercial-off-the-shelf software packages) in order to assess the level of customization needed to meet the MoF technical requirements while implementing an integrated Financial Management Information System (IFMIS) in Moldova. This study shows that all ASW solutions can provide the desired core Treasury (budget execution) functions with minimal customization. Additional PFM functions can be supported through custom developed software and be integrated with these software packages to provide the full PFMS functionality. In 2006, the MoF kindly agreed to share this annex with other public sector organizations and related specialists for their internal use while designing or studying the PFM systems. This document is intended to present the functional modules of several available ASW solutions which were implemented in similar projects in Europe and Central Asia (ECA) region of the World Bank. A summary of PFMS functions vs modules of selected ASW is presented below: • • • FreeBalance eFinancials Oracle E-Business Suite...
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...AdvancedProperty+ Property Development System AdvancedProperty+ is a fully integrated Property Business Solution designed specifically for the Property industry. AdvancedProperty+ supports Multi-Company, Multi Projects, MultiCurrency in Multi-Users Environment. It supports consolidation of multi company and multi projects in one consolidated financial management. AST Software is developed under the latest cutting-edge technology based on Microsoft Business Solution Platform to ensure that our client’s future investment is protected. Project Construction Information System 1. PROJECT LEDGER This module is to maintain the original RAB (Rencana Anggaran Belanja) versus all cost arise, project activity and timeline for each activity during construction in progress until the project completed. From this module the system could provided the mandatory reporting ex. Targeted Timeline Vs Realisation Report, RAB Vs Actual Cost per activity, Production Cost and soon. Capture the entire project cost and income activity at the cost code level. Contorl cost by group of activity Contorl RAB budgets and revisions as information becames available Anaylze timeline and cost to control total project cost Project reports are always available immediately, no waiting for accounting period closings. Lets you easily consolidate projects on a single report. Posting directly to designated accounts in general ledger. Detailed project reports support and tie to general ledger statements...
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... 2.3 Summarize ledger | | √ | 3. Prepare trial balance | 3.1 List account titles and transfer from the balance | √ | | 3.2 Summarize trial balance | √ | | 4. Prepare Financial Reports | 4.1 Prepare financial statements | √ | | 4.2 Analyze financial statements | √ | | 5. Review internal control system | 5.1 Check policy compliance | √ | | 5.2 Prepare policy compliance report | √ | | Evidences/Proof of Current Competencies Evidences of Current Competencies acquired related Job/Occupation Current Competencies | Proof/Evidence | Means of Validating | 1. Journalize Transactions | * Demonstration * Certificate of Employment | * Assessment * Authenticity | 1.1 Prepare chart of accounts | | | 1.2 Analyze documents | | | 1.3 Prepare journal entries | | | 3. Prepare trial balance | * Demonstration * Certificate of Employment | * Assessment * Authenticity | 1. List account titles and transfer from the balance | | | 2. Summarize trial balance | | | 4. Prepare Financial Reports | * Demonstration * Certificate of Employment | * Assessment * Authenticity | 4.1 Prepare financial statements | | | 4.2...
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...University AUO1 – Auditing and Information Systems Additional Study Questions/ Study Guide 1. Accounting Information Systems Competency 302.1.1: Nature and Purpose The student understands the nature and purpose of information systems. * What is the difference between transaction processing systems, management information systems, and decision support systems? 2. Transaction processing systems - document financial activities 3. Management information systems - used to collect qualitative as well as quantitative information for decision making within organizations 4. Decision support systems - help the developers of an AIS identify what information they need for their planning, decision making, and control functions * How is a flowchart used? 5. A document flowchart traces the physical flow of documents through an organization—that is, the flow of documents from the departments, groups, or individuals who first created them to their final destinations. * How is the accounting information system documented? 6. An accounting information system is a collection of data and processing procedures that creates needed information for its users. An information system's components: Data or information is input, processed, and output as information for planning, decision-making, and control purposes. 1. Data flow diagrams provide both a physical and a logical view of a system, but concentrate more on the flow and transformation...
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...OTIC ELECTE SEP11W THESIS AUTOMATED FINANCIAL MANAGEMENT INFORMATION SYSTEM FOR NAVY FIELD ACTIVITY COMPTROLLERS by Shaun Kevin Taylor March 1990 Thesis Advisor: Second Reader: Glenn D. Eberling William J. Haga Approved for public release; distribution is unlimited. UNCLASSIFIED SECURITY CLASSIFICATION OF THIS PAGE REPORT DOCUMENTATION PAGE lb RESTRICTIVE MARKINGS Ia.REPORT SECURITY CLASSIFICATION Unclassif led 2a. SECURITY CLASSIFICATION AUTHORITY 3. DISTRIBUTION /AVAILABILITY OF REPORT 2b. DECLASSIFICATIONiDOWNGRADING Approved for public release; distribution is SCHEDULE unlimited. 5. MONITORING ORGANIZATION REPORT NUMBER(S) 4. PERFORMING ORGANIZATION REPORT NUMBER(S) 6a. NAME OF PERFORMING ORGANIZATION 6b. OFFICE SYMBOL 7a. NAME OF MONITORING ORGANIZATION (If applicable) I Code 37 Naval Postgraduate School Naval Postgraduate School 7b. ADDRESS (City, State, and ZIP Code) 6c. ADDRESS (City, State, and ZIPCode) Monterey, Ca. Monterey, Ca. 94943-5000 9. PROCUREMENT INSTRUMENT IDENTIFICATION NUMBER A 8b. OFFICE SYMBOL (If applicable) 8a. NAME OF FUNDING/SPONSORING ORGANIZATION 93943-5000 10. SOURCE OF FUNDING NUMBERS 8c. ADDRESS (City, State, and ZIP Code) PROGRAM ELEMENT NO. WORK UNIT ACCESSION NO. TASK NO. PROJECT NO. II. TITLE (Include Security Classification) * Automated Financial Management Information System for Navy Field Activity Comptrollers ...
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...University of Phoenix ACC/544 Internal Control Systems Christina Yang October 24, 2011 Controls for Information Technology The success of a business is determined by how effective its managers are in managing risk. Therefore, acquiring effective risk management helps to protect the company from losses because of poor accounting practices as well as fraudulent activities. Using good controls protect managers from liabilities that may arise when certifying financial statements used in annual reports because when these reports are issued, they are also a reflection of the company’s internal controls. The internal control process begins with management and the attitude that management portrays through the company. Manager duties include implementing the policies and procedures used within the company, these policies and procedures are also used to build the structure which is found within the internal control environment. Internal Control Reporting Options An audit report has three general functions used to report a company’s financial statements. These reports indicate whether the financial statements are presented in conformity with generally accepted accounting principles. Auditors use their reports to highlight any unusual aspects of the audit examination, and the reports can be used to communicate useful information to decision makers that may not appear on the face of the financial statements. Internal reporting options are important...
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...REPORT OF COOPER AUDITING FIRM OF APOLLO SHOES, INCORPORATED To: The Board of Directors and Shareholders of Apollo Shoes, Incorporated The ____ Auditing Firm audited the balance sheets of Apollo Shoes, Inc. beginning December 31, 2008 and 2009 and the reports shared to the revenue, complete revenue, investors’ equity, and cash-flow for the period of two years that ended on December 31, 2008. ___ Auditing Firm has evaluated the manager’s statements of Apollo Shoes, Inc. that is placed with the attached Management’s Report in the part of the Internal Control-Over Financial Reporting. In this part, Apollo Shoes, Incorporated has retained effective internal control over financial reporting beginning December 31, 2008, the concern of a variety of standards, of the Internal Control Integrated Framework distributed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Apollo Shoes’ organization has a responsibility to uphold accurate financial statements, keeping effective internal control over financial reporting, and evaluation of internal control over the financial reporting system. __ Auditing Firm is accountable for issuing a professional judgment that will exemplify a complete evaluation of the financial statements, organization’s evaluation, and efficiency and success of the organizations internal control over financial reporting according to the auditing decisions of __ Auditing Firm. ___ Auditing Firm has performed the audit in agreement with the...
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...Introduction Accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. It is an organized set of manual and computerized methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for management decisions. Originally, the accounting information systems were mostly developed in-house but such solutions were difficult to develop and costly to maintain. Today, they are more commonly sold as prebuilt software packages through vendors such as Microsoft, Sage Group, SAP and Oracle. Microsoft Dynamics GP by Microsoft and Peachtree Complete Accounting by Sage Group are two examples of commonly used accounting systems. Microsoft Dynamics GP Microsoft Dynamics GP was originally developed by North Dakota-based Great Plains software and was acquired by Microsoft in 2002. MS DGP offers a solid solution with 54 modules, a good user-friendly design, excellent customization capabilities, solid end-user support, and a good offering of third-party add-on applications. It is the most well known mid market accounting solution. The price ranges from $1,995 per user to $3,995 per user, depending on whether you purchase the 10 module or advanced module editions. It has applications for financial management, human resources management, manufacturing planning, supply chain management, field service, business intelligence...
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