...Automated Process of Accounting Information Systems Submitted on behalf of Team C ACC/542 March 17, 2015 Professor Tomas Hernandez The acquisition of accounting information systems is by far one of the most significant choices that a business must consider. Before a company chooses to purchase industry-specific software or develop custom software it must first evaluate the rationale, needs of the system, and the value that the software will add to the accounting operations. After careful consideration, our firm concluded that the best course of action is for Kudler Fine Foods to purchase industry-specific software. The core focus of the company is not software development nor should it be, management needs to use resources for growing the company. As a food company, management will lack knowledge to hire the correct type of development resources. The company will need contract developers as well as some hours of an architect to design the system; this can become costly. Developing cost is expensive and if the company is halfway through development of the software and the funds run out, the company will have to put resources in to finish the program since half a program is useless, development cost typically run three times more than planned. Technical recourses have a hard time understanding business requirements outside their domain, so it can be hard for developers to understand exactly what accounting wants and needs since they are more technical and does not understand...
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...Huffman Trucking August 24, 2009 Huffman trucking Introduction The trial balance can be prepared at any point in time which lists all ledger account and the balances are used to provide the equality of debits and credits. Assets are listed first followed by liabilities and then owner’s equity. The trial balance proves that the accounts balance, but does not ensure that all transactions were entered or entered in the proper accounts. At Huffman Trucking we have decided to integrate an automated accounting information system (AIS) using internal controls to ensure the correct data and information reach the right departments in a timely manner. We will explore the importunateness of the AIS internal control and how they are different from a non-automated system. Integration of the automated AIS When it comes to the trial balance, companies can find at the end of the accounting cycle the trial balance has many errors. We would like to introduce the trial balance that is completely automated and could alert the company if any errors were to occur at any given time. We should have a system set up to remind the accounting department to check the trial balance for errors on a weekly basis. As stated by Netmba.com (2007), “The more often the trial balance is calculated during the accounting cycle, the easier it is to isolate any errors; more frequent trial balance calculation narrow the time frame in which the error might have occurred, resulting in few transactions through which...
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...technologies fail? What key differences of the new AI-based applications versus the old cause the authors to declare that automated decision making is finally coming of age? One reason that previous attempt to use artificial intelligence failed was because it was difficult to extract knowledge from the experts. It was also very expensive to keep running,so this definitely played a role in the demise of previous attempts. Due to limited capabilities there was a lack of business applications. There was also a lack of interest in the technology all together. Some of the key differences were the reduction of overhead, which primarily was due to maintenance. The new AI also was embeded directly into the workflow and was not a separate step in the process. The new one also translates into action. 2. What types of decisions are best suited for automated decision making? Provide several examples of successful applications from the companies in this case to illustrate your answer. There are many decisions best suited for automated decision making, but the first that stands out to me is that inputs are available electronically rather than human input. There is also more frequency in automated decision making. The automated decision making problems are not so broad, but are more narrow and well defined. One example of successful application is bank credit customers can complete the application within five minutes, at which point the automated process begins. After being used initially by airlines...
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...Kudler Fine Foods relies on Accounting Information System (AIS) for its daily business operations. Due to the complexity of the business today, Kudler needs to understand the potential risks and how to mitigate them by applying internal controls to the AIS. This paper will discuss the risks and internal controls of Kudler’s AIS. The Risks to Kudler’s AIS Risk represents the possibility of a loss or harm to an organization (Raval & Fichadia, 2007, p.29). In developing effective AIS, risks should be analyzed and identified to protect the company’s assets and to promote operational efficiency. Kudler’s AIS uses four systems. They are Accounts Payable (AP), Accounts Receivable (AR), Inventory, and Payroll systems. These four systems have potential risks that may arise due to separation of duties conflict, unauthorized access, and human errors. At Kudler, the AP system is designed as an automated system. The potential risks to the system are the accuracy of the invoices’ approval and the segregation of duties conflict in adding or changing and approving vendors’ details. The sales process at Kudler involves payment by cash and credit. Even though the AR system is designed as an automated system, potential risk occurs when separation of duty conflicts exist in receiving and depositing the cash. The Inventory system at Kudler is also designed as an automated system. The potential risks are unauthorized modification of inventory level, separation...
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...obr11544_ch10_359-411 9/8/06 11:33 AM REAL WORLD CASE F Page 386 2 Harrah’s Entertainment, LendingTree, DeepGreen Financial, and Cisco Systems: Successes and Challenges of Automated Decision Making or over half a century, the field of artificial intelligence (AI) has promised that computers would relieve managers and professionals of the need to make certain types of decisions. Computer programs would analyze data and make sound judgments whether it be to configure a complex computer, diagnose and treat a patient’s illness, or determine when to stir a big vat of soup with little or no human help. But automated decision making has been slow to materialize. Many early artificial intelligence applications were just solutions looking for problems, contributing little to improved organizational performance. In medicine, for example, doctors showed little interest in having machines diagnose their patients’ diseases. In the business sector, even when expert systems were directed at real issues, extracting the right kind of specialized knowledge from seasoned decision makers and maintaining it over time proved to be more difficult than anticipated. But now, automated decision making is finally coming of age. The new generation of applications, however, differs from prior AI-based decision support systems in several important respects. To begin with, the new systems are easier to create and manage than earlier ones, which leaned heavily on the expertise of...
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...Artificial Intelligence(AI) and the Modern -Day Hacking Artificial Intelligence (AI) technology has created new markets and new opportunities in many areas such as health, education, energy, and the environment. The history of Artificial Intelligence can be traced back to the Greece philosophers who modeled human thinking as a system of symbols [1]. This was the first time someone thought about replicating human thinking. During the 1940s, Connectionism was developed to study the process of thinking. Later in 1950, a man named Alan Turing wrote a paper on how to test a “thinking” machine. His paper was followed in 1952 by the Hodgkin-Huxley model of the brain as neurons forming an electrical network, with individual neurons firing in all-or-nothing pulses. These events, at a conference sponsored by Dartmouth College in 1956, helped to spark the concept of Artificial Intelligence [1]. In recent years, machines have surpassed humans in the performance of certain tasks. Machines are now able to replace...
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...job market. At this moment, technology can not replicate the thought process of humans, but the technology is approaching. A computer pioneer, Alan Turing, from the 1950s declared that, “One day there would be a machine that could duplicate human intelligence in every way and prove it by passing a specialized test” (“Artificial Intelligence (AI)”). As a matter of fact, Alan Turing right now, is incorrect, artificial intelligence can...
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...Assignment One: Information Needs for the AIS Lindsay Bostick ACC 564 Accounting Information Systems Note: This assignment is submitted on April 15, 2016 to Dr. Ahmad Abudiab in fulfillment of a requirement for successful course completion. Introduction of Accounting Information Systems “Accounting is a data identification, collection, and storage process as well as an information development, measurement, and communication process. By definition, accounting is an information system, since an AIS collects, records, stores, and processes accounting and other data to produce information for decision makers (Romney, p. 10).” The accounting process controls what happens in other groups such as marketing, services, human resources, sales, IT, staff, customer service, organizational, and inventory. Decisions are only made if the accounting team allows them to. Funding needs to be budgeted and accounted for before any money is spent within those other teams. “An AIS can be a paper-and-pencil manual system, a complex system using the latest in IT, or something in between. Regardless of the approach taken, the process is the same. The AIS must collect, enter, process, store, and report data and information (Romney, p. 10).” It doesn’t matter if the accounting team uses software such as QuickBooks, an internal accounting system, or just an EXCEL spreadsheet to collect the information as long as it is timely and accurate. The company that...
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...I DEVELOPMENT OF AN ACCOUNTING INFORMATION SYSTEM FOR INTERNATIONAL MARKET ENTRIES Taking the accounting information system of Milkiland Intermarket as a base of research PROJECT THESIS Faculty of Business Field of Study: International Business Cooperative State University Baden-Wuerttemberg Mannheim Handed in by: Vladyslava Zhurenkova Address: Plumstruk 3, 23617 Obernwohlde Course: WIB-bi 13BI Student ID-Number: 8658655 Academic Tutor: Prof. Dr. Thomas Schuster Supervising Tutor at Milkiland Volodymyr Gontar Intermarket: Corresponding Company: Milkiland Intermarket Kyiv, Ukraine, 10th September 2014 II CONFIDENTIALITY STATEMENT The Project thesis on hand “Development of an accounting information system for international market entries Taking the Accounting information system of the Milkiland Intermarket as a base of research” Contains internal resp. confidential data of Milkiland Intermarket. It is strictly forbidden, To distribute the content of this paper (including data, figures, tables, charts etc.) as a whole or in extracts, To make copies or transcripts of this paper or of parts of it, To display this paper or make it available in digital, electronic virtual form. Exceptional cases may be considered through permission granted in written form by the author and the Milkiland Intermarket. Kyiv, Ukraine, 10th September 2014 ___________________ Signature III ABSTRACT This paper is focused on...
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...design, implementation, and follow-up 2. Which of the following is intended to solve the problem that financial data used in one application is not easily transferable to other applications? a) XMP b) ERP c) XBRL d) XMLP 3. Information systems auditors are: a) Auditors who are concerned with analyzing risks associated with computerized information systems b) Individuals who often work closely with financial auditors c) Auditors who have a lot of technical expertise related to information technology d) all of the above 4. Which of the following is not an ability of client/server computing? a) Alter data stored elsewhere on the network b) Process a transaction that may affect data stored on both client and server computers c) Query or manipulate the warehoused data on the server d) Increased networking capabilities between different file formats on multiple systems 5. Software that enables businesses and government agencies to transmit and manipulate financial data on an organization-wide basis best describes: a. Communication software b. CAD software c. Enterprise resource planning (ERP) software d. Programming software 6. All of the following are programming languages except: a. Java b. HTML c. C++ d. COBOL e. ERP 7. Data flow diagrams: a) Accomplish the same purpose...
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...Kudler Fine Foods AIS Rachel Andrews, Helen Madrid, Katrina Smith, Jason Wilhelm ACC 542 Brad Thompson March 4, 2013 Kudler Fine Foods AIS Introduction In this paper we will explain our recommendation of a solution design for the industry specific software. We will go into detail on how to improve the tracking of the inventory to help reduce spoilage and better rotation of products. This will also review and bring together the accounts payable and receivable systems as well as payroll to the inventory system. The suggested system will bring together the inventory into the accounts payable and receivable processes currently in use. We will also explain the need to recreate Kudler’s inventory database because at this current time the system does not inform the company the quantity and the cost for each item that they have in their inventory. Decision and Rationale Kudler Fine Foods needs to update their current out of date accounting system. The current accounting system has four modules, including General Ledger Module, Accounts Payable Module, Accounts Receivable Module, POS Module, and Bank Reconciliation Module. Kudler currently uses an ERP known as Retail Enterprise Management System (REMS). The ideal situation would be to use this current system to its fullest capacity by purchasing additional software for necessary advancements. The REMS system has several modules currently not fully used by Kudler. Each module should interact with each other making the...
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...internal control placed in a company is the segregation of duties, which implies that the same department or person does not have control upon accounting and financial responsibilities (Bodnar & Hopwood, 2013, p.14). Internal control has an important role in the development of Accounting Information System (AIS) since the success of AIS depends on the effectiveness of the internal controls of a firm. AIS is defined as the transformation of financial and other data, collected by people and equipment, into information. The effectiveness of internal controls assure that the data entered by employees of a company in a computerized system, the techniques used to process information, the methods used to store information, and the information produced are accurate and appropriate Internal controls are designed to monitor and keep the quality of implementing input, process, and output activities of an accounting information system to be secure. Also, internal controls help companies that use automated accounting systems to protect their asset from losses and to keep financial data accurate. Internal controls mitigate the probability of errors and frauds caused as the result of AIS (Padjadjaran University-Indonesia, 2014, p.7)....
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...Accounting Cycle Description Paper Team A ACC/340 Accounting Cycle Description Paper The payroll processing cycle is very time consuming and tedious when done manually. Therefore, the ‘Mom and Pop’s Grocery Store’ has elected to integrate its payroll with a computer software program. With this implementation the payroll process will be more efficient and effective. This paper will explain how the payroll processing cycle for ‘Mom and Pop’s Grocery Store’ integrates onto an enterprise-wide accounting information system. An enterprise-wide accounting information system “focuses on the business process of the organization as a whole” (Bagranoff, Simkin, & Stand, 2008, p. 7). Business process reengineering (BPR) is a total re-design of processes used by an organization that are no longer effective or efficient (Braganoff et al, 2008, p. 163). The ‘Mom and Pop’s Grocery Store’ will use BPR to update the old payroll process to the new enterprise-wide AIS system. The Accounting Information System (ASI) is a system that is put in place for a company to maintain its accounting system. The input devices commonly associated with AIS systems include: “standard personal computers or workstations running applications; scanning devices for standardized data entry; electronic communication devices for electronic data interchange (EDI) and e-commerce” (Business Glossary, p. 1, 2005, 2000, 1995, 1987). In addition, many financial systems come with Internet settings...
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...Data that have been organized and processed to provide meaning to a user. 4. Data are a) facts entered, stored, and processed by an information system. b) processed output that is useful to decision makers. c) another word for information. d) quantitative facts that are not qualitative by nature. 5. Which of the following statements below shows the contrast between data and information? a) Data is the output of an AIS. b) Information is the primary output of an AIS. c) Data is more useful in decision-making than information. d) Data and information are the same. 6. The value of information can best be defined as a) how useful it is to decision makers. b) the benefits produced by possessing and using the information minus the cost of producing it. c) how relevant it is. d) the extent to which it maximizes the value chain. 7. An accounting information system (AIS) processes __________ to provide users with __________. a) data; information b) data; transactions c) information; data d) data; benefits 8. How many components are found in an AIS? a) three b) four c) five d) six 9. An accounting information system in part consists of a) People, hardware and programs. b) Information, programs and computers. c) People, procedures,...
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...Kudler Fine Foods Automation Process of Accounting Information System ACC/542 Accounting Information Systems March 27, 2012 Kudler Fine Foods Accounting Information Systems Kudler Fine Foods (Kudler) is an upscale specialty food store chain in the San Diego, CA area. It was established in 1998 by its current owner Kathy Kudler, and since has expanded to three locations, all focused on providing the best quality bakery products, fresh produce and meats, condiments, packaged foods, cheese, specialty dairy products and fine wine (Apollo Group, Inc., 2011). Kudler currently uses a retail management system that includes a point of sale (POS) module for cash sales, QuickBooks software for payroll functions, Microsoft Access as a customer database, an Excel spreadsheet as an inventory tracker, and several other specific-area modules required to operate the system. Although the current software addresses most of Kudler's accounting information system (ACI) needs, team A recommends installing a new system that would centralize major accounting functions and automate some processes the company currently performs manually (Apollo Group, Inc., 2011). When choosing new accounting software, most companies have several options. These include custom solutions, Enterprise Resource Planning (ERP) software, and industry specific AIS. Team A recommends Kudler purchases an industry specific solution for several reasons. There are numerous businesses, for...
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