Accounting is an information and measurementsystem that does all of the following except:AIdentifies business activities.BRecords business activitiesCCommunicates business activities.DEliminates the need for interpretingfinancial data.EHelps people make better decisions

The question asks which of the listed options is not part of what accounting does, implying that…

Answered: Accounting is an information and…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 28MC: Big data is mined ________. A. to find business trends B. to record transactions C. as an...

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External users of accounting information would include ________________. employees managers investors supervisors
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Which of the following statements is the best definition of an accounting information system? A. A framework that uses computers to produces financial statements B. A framework that coordinates resources (components) needed to convert information into data in order to achieve objectives C. The management information system that generates various reports for management decisions D. A framework that coordinates resources (components) needed to convert data into information for decision making
An accounting information system (AIS) collects, stores, and processes financial and accounting data that can be used by decision makers. Think about a business transaction you have been involved in. Describe the business transaction you have experienced, then address these three questions: What specific information was collected and stored? How do you think the information might have been processed? How do you think that information might have been useful to decision makers?
How data are stored in the accounting information system (AIS) and how data are extracted when the business question is developed?
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Accounting The IS audit function as a whole will normally require which of the following skills: а. Data analysis skills. b. Ability to write computer programs. С. Experience in running an IS organization. d. Skills in constructing networks.
Describe how information reduces risk when you make a personal or work-related decision. What are information rules? How do they simplify the process of making decisions? What is the difference between data and information? Give one example of accounting data and one example of accounting information. List the five functions of an MIS. What are the components of a typical business report? Describe the three types of computer applications that help employees, managers, and executives make smart decisions. What purpose do audits and GAAPs serve in today’s business world? How do the major provisions of the Sarbanes-Oxley Act affect a public company’s audit procedures? What is the principal difference between a balance sheet and an income statement? How are current assets distinguished from fixed assets? Why are fixed assets depreciated on a balance sheet? How does the use of money solve the problems associated with a barter system of exchange? For a business firm, what type of activities…
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An organization needs to keep flow of information with various internal and external parties.Explain in brief the role of accounting as an information system in an organization to interactwith those parties.

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Accounting is an information and measurement system that does all of the following except: A Identifies business activities. B Records business activities C Communicates business activities. D Eliminates the need for interpreting financial data. E Helps people make better decisions