...Technology in Accounting Rabbit XACC/210 - Accounting Information Systems 08/18/2013 Gregory Ellis Technology in Accounting Information systems are changing various aspects of the accounting profession by dictating the ways that businesses operate. Before the use of computers, or AIS, accountants had to use hand-written ledgers and spreadsheets to keep track of business records. This old method of accounting took hours of time, cases of paperwork, and cost the businesses extra money. If an employer needed to found out information on payroll or inventory, they would have to shuffle through cases and files of paperwork. The more time it took to do this, the more money the employer lost. The businesses that can quickly process raw data and display the information managers require, gain a competitive advantage over companies that lack to ability to move data efficiently through the organization. Accounting information systems have sped up the time that it takes for an accountant to view or change crucial data. Accounting information systems are used to perform tasks in such areas as payroll, accounts receivable, accounts payable, inventory, and budgeting in real-time. It is important for any accountant to stay current with all of the new technological advances. According to “Bagranoff, N. A., Simkin, M. G., & Norman, C. S.” (2010), “Career opportunities abound for those with a solid foundation in Accounting Information Systems, including traditional...
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...THE IMPACT OF INFORMATION TECHNOLOGY ON THE ACCOUNTING PROFESSION. 1.1 Introduction It has become increasingly necessary for all businesses to incorporate Information Technology (IT) solutions to operate successfully and be able to maintain a competitive edge within the market they operate. As a result, many corporations have adopted Information Technology on a large scale by investing in Enterprise Resource Planning systems (ERPs) to accomplish their business transactions and data processing needs. Through the use of technology, various organisations have ventured into more efficient ways of conducting their business operations. Focus has since shifted to adopting the latest technology in order to beat competition. In light of the accounting division, this has meant adopting different forms of ERPs, some of which have led to huge failures even in reputable organisations. In some organizations, decisions with regards to adopting newer technology are made independent of the accounting function. This implies taking on such projects without prior consultation of personnel in the accounting division. As a result, some of the failures in those projects have adversely affected the accounting function of many organizations. In this study of the Impact of Information Technology on the accounting function I intend to establish a conclusion as to whether the impact being made by Information Technology on the accounting profession is positive or negative with particular attention...
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...THE IMPACT OF INFORMATION TECHNOLOGY ON ACCOUNTING SYSTEM A CASE STUDY OF FIRST CITY MONUMENT BANK PLC MAKURDI ABSTRACT This study examines the impact of information technology on accounting system. The researcher has done this research using primary and secondary sources of data thereby adopting the questionnaire method and personal interview as a data collection technique. The statistical tool adopted in testing hypothesis was analyzed using chi-square. The major findings of this research revealed that, the positive impact of information technology outweighs the negative impact and both banks and customers benefit from it. Fraud is a major problem associated with information technology as it is on the increase by the day. The research recommended that, Government should improve the electricity supply in the country; they should support local IT firms by providing loans, and lowering tariffs with a view to encouraging them in carrying out their activities. TABLE OF CONTENTS Page Tittle page - - - - - - - - i Approval page - - - - - - - - ii Declaration - - - - - - - - iii Acknowledgement - - - - - - - iv Dedication - - - - - - - - v Abstract - - - - - - - - vi Table of contents - - - - - - - vii CHAPTER ONE INTRODUCTION 1.1 Background to the study - - - - - 1 1.2 Statement of the Problem. - - - - 2 1.3 Objectives of the study. - - -...
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...Managerial accounting, “is an activity that provides financial and nonfinancial information to an organization’s managers and other internal decision makers” (Wild & Shaw, 2012, p.4). Being that I am a senior level manager in a large company, there are several types of accounting information that my staff and myself should consider when making decisions. The types of information I feel would be important are budgets, and cost-allocations (Vitez, 2011). Budgets are formal statements of a company’s plans for the future. Being that mostly all of a company’s future plans are related to financial or economic details, a budget would be of utmost importance (Wild & Shaw, 2012). The second thing that would be important to my staff and me would be cost-allocations. Management uses this data to be certain that all of the goods and services that are being bought by the company are being priced correctly for the consumers; thus making sure that the company is making a profit. Cost allocation is another one of the most important pieces of accounting information for a company to think about. Management puts together financial reports that show the amount of capital that is being put out for all of the company’s resources. Some of the most common cost-allocations are job costing, process costing, throughput costing, and activity-based costing (Vitez, 2011). Information Technology is a very essential part of communication between managers and their workers. This sort of technology can...
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...ACC 700 How Technology Will Change the Accounting Profession Charles Duell, the director of the U.S Patent Office at the beginning of the twentieth century, prophesied that "everything that can be invented has been invented." Looking back, one can only laugh at the irony of this statement and the sheer amount that has actually changed since then. However, amidst the laughter, a question is raised: is it possible that today’s businesses believe what Duells said, that there is nothing more to come? Today, companies have access to some of the most groundbreaking technology, but are they truly taking advantage of it? One field that has changed dramatically over the past few years is the accounting profession, especially Certified Public Accountants (CPAs). Are CPAs staying on top of the latest technology that can greatly assist them in doing their job? For a better understanding of how technology directly affects the CPA profession one can simply look at the changes that have occurred over the past few decades, what a current office should be using, along with checking out the technological advances and how they will affect the career of CPAs in the next ten to twenty years. Not only is the accounting world changing, but the courses that an individual must study on the road to becoming a CPA, are also rapidly changing. The objective is to better prepare new graduates with a better understanding of the technology that will soon be such an integrated part of their lives. Courses...
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...Syllabus School of Business ACC/340 Version 4 Accounting Information Systems I ACC/340 Schedule 10/10/2013 – 11/07/2013 Campus: Puerto Rico Campus Group ID: BA0913RE 3 Credits 36 Hours Copyright © 2009, 2007, 2005, 2004, 2003, 2001 by University of Phoenix. All rights reserved. Course Description This course is designed to provide accounting students with the proper mix of technical information and real-world applications. Areas of study include fundamental concepts and technologies (what computers can do for business), the Internet, intranets, electronic commerce, information systems development, basic project management principles, decision support systems, and the benefits of computer and human synergy. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Bagranoff, N. A., Simkin, M. G., & Strand, C. S. (2008). Core concepts of accounting information systems (10th ed.). New York...
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...Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, & Strand-Norman, 2006) This paper will examine how accounting information systems (AIS) are bringing about changes within the accounting profession. Additionally, a variety of technologies and how they affect accounting practices at Exclusively Yours Salon will be discussed. Accounting Information Systems and the Accounting Profession Today’s business environment is marked by increased competition and the need for better and faster information for decision making. According to Bagranoff, Simkin, and Strand-Norman, 2006: Because IT now captures transactions, AISs can produce financial statements almost in real time. Of course, some of the adjustments that accountants must make to the records are not done minute-by-minute, but a business can certainly track sales and many of its expenses continually. (p. 15) Additionally, large amounts of accounting records are increasingly presented only in an electronic fashion. Companies are reporting their financial outcome quarterly and an increasing number of companies are transferring their financial records to a public network. (Shafer, 1998) For several reasons, companies are facing growing competition. In order to remain...
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...APPLE COMPUTER INC NYTIMES/ APPLE ANNUAL REPORT Oct 19, 2010 Apple Incorporated Apple Computer, Inc. is one of the most popular hardware and software companies in the world today. It is also the most innovative and competitive corporation in the technology industry. The Apple Corporation created mainly technological products that are available in the market these days. The company is famous for its quality and high technology innovations. Besides the current fame of the Apple Computer, Inc., like any other companies, it continuously experiences instability and uncertainty. Apple Corporation undergoes certain stages where it sees its strengths and weakness as wells as evaluates possible opportunities and threats to the company in maintaining and acquiring the status it currently has. The Apple Corporation has its strengths that set it apart from the rest. This company has made its own way on creating its name in the technology industry competing with IBM, Microsoft Corporation and other technology-based companies. Through the innovations done by the creative and talented minds in their company, the most sought after technological products today came from the Apple Computer, Inc. The Apple Corporation is the creator and maker of the widely known technological products like iPod, iPhone and Apple laptop. These creations have attracted most people specially those who are technically knowledgeable. Besides the products technical purposes, those are as well entertaining and useful...
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...Review of Related Literature INTRODUCTION The Bachelor of Science in Accounting Technology (BSAT) is a program that prepares students for a career in the accounting and finance divisions of organizations in the private and public sectors. The accounting courses in the program, combined with business management courses, equip students with the needed skills, proficiency, and intellectual abilities to lead successful careers. But, unlike Accountancy, BSAT is a non-board course. However, the graduates of the said program can take the Certified Accounting Technician (CAT) Examination for license. This study aims to determine the reasons and causes why BSA students end up getting BSAT degree instead of Accountancy degree. We, researchers, will investigate on the factors affecting the students focus in studying. We will be conducting survey in the form of questionnaires and interviews with 3rd year and 4th year BSAT students of Araullo University – Phinma Education Network. There are many factors that affect a BSA student to fail: his abilities, his interest in the course, the teaching method, the classroom, lack of personal direction, pressure from parents or peers, laziness, lack of confidence, family or relationship problems. Another factor that is going to be stressed out in our study is the retention policy being imposed in the accountancy program. It will be explained here how this policy affect each and every BSA student; what improvements can be done to maximize its...
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...THE EFFECTS OF TECHNOLOGY ON THE ACCOUNTING PROFESSION PAPER JEANETTE SANDERS XACC/210 JUNE 8, 2014 RICHARD VINCENT Abstract THE EFFECTS OF TECHNOLOGY ON THE ACCOUNTING PROFESSION PAPER Thirty years age most financing accounting was done by hand, which indeed left a long paper trail. “Currently, most accounting information is recorded via computers and wide area networks (Journal of Accountancy, 1994). Technology has changed the face of accounting over the last fifty years. It is unclear whether technology’s has an impact on accounting which can be interpret as being positive and negative. It is clear that technology has changed the accounting period. Some of the impacts of technology are either positive or negative which are simply changes, The impacts of technology on accounting field has been positive, negative and neutral, but the impact results cause an demand on the profession to confirm ti the changes but sudden results ti cause a huge demand the profession to conform to the changes. The advantage of technology is the various tools that it has provided. One example would be computer-integrated manufacturing, communications technology, Image processing and the Internet. An example of the many tools of technology whose purpose is to provide detailed and correct information in a short period of time. The advantage of technology is computer-integrated manufacturing technology. Computer –integrated manufacturing has a significant and positive...
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...University of Phoenix – Marietta Campus DuDonna Jones Strategic Planning and Implementation 581 Facilitator Ben Olmos January 20, 2009 Accounting Principalsis a business unit of MPS Group, Inc (NYSE:MPS). MPS Group is a leading provider of staffing, consulting, and solutions in the disciplines of information technology, finance, accounting, law, engineering, and health care. MPS Group delivers its services to government entities and businesses in virtually all industries throughout the United States, Canada, the United Kingdom, and Europe. Headquartered in Jacksonville, Florida, MPS Group trades on the New York Stock Exchange. Accounting Principals external environmental factors include the legal system, workforce/labor market, economy, customers, competitors, technology, and society. Legally, Accounting Principals must follow the guidelines and ensure policies reflect the spirit as well as the letter of law. Accounting Principals mainly focus on placement of accounting and finance personnel. Every company has an accounting department that makes it easier for account managers to make a cold call into an organization. As the economy improves, firms expand which results in competing for qualified employees and staffing activities increases. When the economy is in a recession, the number of available candidates increases that results in less staffing activities. “The people who actually use...
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...The Effects of Technology on the Accounting Profession Paper Amy Everett ACC/210 December 7, 2015 The Effects of Technology on the Accounting Profession Paper The accounting profession has seen many changes with the advancements of technology and has given accountants with various tools. Examples of these tools include computer-integrated manufacturing, image processing, communications technology, the Internet, and software systems. These examples are a few of the many tools provided by technology and whose purpose is to provide more detailed and accurate information in a timely manner. Advancing technology allows companies to maintain more accurate financial records which are available at the touch of a key. While the advancements have benefited companies everywhere, it also creates new challenges for the accounting profession. Corporate Tax Network (2013) believes that the concept of the spreadsheet has allowed accountants to quickly make calculations with formulas, perform forecasting analysis, and create visualizations that show what the client’s finances and tax requirements from the past, present, and into the future look like. Computers, scanners, faxes, and printers have had a positive impact on the accounting profession. The software that is available makes efficient work of the figures that are reported and provides more accuracy as the calculations are done automatically. With the use of accounting software, the accountant can interpret the financial data...
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...Examinations and being licensed professionals have been a world-wide trend for uplifting the livelihood status of a person, and more importantly, the economic status of the country the person lives in. This chapter presents the summary of the findings, so conclusions drawn form the findings and the corresponding recommendations. This study was taken with the general objective of identifying the major factors that affect the mastery skills of the fourth year, Bachelor of Science in Accountancy students in Jose Rizal University for the School Year, 2011-2012. Specifically, this study sought to answer the following questions: 1. How does cheating affect the mastery skills of the senior students? 2. Why do personal problems affect the mastery skills of the senior students? 3. What are the implications of the absence of comprehensive examination in the training of the students for the different accounting subjects? 4. Why does the University’s BSA Program System affect the learning habits of their students? 5. Why does the natural complexity of the accounting course, combined with poor study habits, pose a problem towards the mastery of the students? Summary of Findings: 1. Effect of Cheating on the mastery skills of the College students: 2.1. Nine out of ten college students admit to copying someone else's homework; two-thirds say they have cheated on exams 2.2. 75%-98% percent of college students surveyed each year admit to cheating at some...
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...business is usually managed by people who know when to push forward and when to pull back, when to buy and when to sell, when to stand firm and when to compromise. The successful company is managed by people who understand what risk in business is, and how this risk should be managed and mitigated. Risk is an undeniable reality of doing business today, whether domestically or globally. A successful entrepreneur does not fear risk, but strives to understand it, to manage it, even to take advantage of it. As risk management tools and techniques become more and more complex, however, companies require the services of a Risk Management specialist. A growing specialty in this field, globally, is that of international accounting risk management. International accounting professionals can contribute to the 2 success of their companies must have a strong grasp of financial risk management techniques for multinational and multilateral business transactions of great complexity. Unfortunately, as the world of business becomes increasingly borderless, risk management becomes, likewise, borderless, and thus more complicated. Risk management strategies that make sense in a domestic environment do not necessarily apply in the international arena, where business is exposed to the additional risks associated with currency prices, exchange rates, and interest rates, as well as more intangible issues of political and cultural risk. While not necessarily absent in the domestic arena, each...
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...The Role of Management Accounting in the Organization The purpose of management accounting in the organization is to support competitive decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy. The interesting thing about management accounting is that it is rare to find an individual within a company with the title of “management accountant.” Often many individuals function as accountants within the organization, but these individuals typically operate as financial accountants, costs accountants, tax accountants, or internal auditors. However, the ability to develop and use good management accounting (which covers a lot more ground than the product costing done by cost accountants) is actually an important ability for many individuals, including finance professionals, operational and marketing managers, top-level executives, and information technologists. Generally, in a very large company, each division has a top accountant called the controller, and much of the management accounting that is done in these divisions comes under the leadership of the controller. On the other hand, the controller usually reports to the vice president of finance for the division who, in turn, reports to the division’s president and/or overall chief financial officer (CFO). All of these individuals are responsible for the flow of good accounting information that supports the planning...
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