Get it solved from our top experts within 48hrs! It also combines the modern information technology and the traditional accounting system to provide a better financial system to manage and improve the financial performance of the organization. 1 Approved Answer. By seeing a business as a conclusion of accounting concept Necessary to Succeed The conclusion is that Lean initiatives that are successful on a large scale have something in place that failed efforts do not a Lean strategy, a different way of thinking and a unique strategic focus. Update the anti-virus programs with the logins of password and username to limit access. © 2007-2020 Transweb Global Inc. All rights reserved. According to health and safety executive, the risk assessment, instead of creating the huge amounts of paperwork, but rather about identifying sensible measures to control the risks in the business organization. Availability of accounting information creates a good reputation for an organization and … This started back in the 1970s which allowed a person to organise data, examine it and as a result make an informed decision as to what to do next. The nature based risk is involved in the risk of possible loss which is resulted from the geographical disaster or meteorological conditions. (Jo Best, 2005). Get plagiarism-free solution within 48 hours, Submit your documents and get free Plagiarism report, Your solution is just a click away! a. There is a latest issue about the Sony PlayStation Network which involved in the identity theft. Different sets of accounting and reporting concepts, principles, and standards have evolved for state and local governments, nonprofit organizations, and business enterprises. It may t… (Charles Arthur and Keith Stuart, 2011), ‘Sony, which shut down the online games, movies and music delivery system last week after it was attacked by hackers, has said that although names, birthdates, e-mail addresses and log-in information were compromised for certain players, it has seen “no evidence that credit data was taken,” but “cannot rule out the possibility’. Which of the following groups makes long-term low-interest loans to less-developed countries (LDCs)? These risks and threats can lead an undesirable impact on both the present and future of the company’s financial activities and stability. In order for Ethiopia to increase its future economic growth, it must choose a point that is a. below its production possibilities curve. 6 years ago, Posted b. further along on its production possibilities curve toward the capital goods axis. Accounting is often called the language of business through which a business house communicates with the outside world. Accounting information systems have three basic functions: The first function of an AIS is the efficient and effective collection and storage of data concerning an organization’s financial activities, including getting the transaction data from source documents, recording the transactions in journals, and posting data from journals to ledgers Which of the following best defi nes the vicious circle of poverty? Financial Accounting is often called the language of business; it is the language that managers use to communicate the firm's financial and economic information to external parties such as shareholders and creditors. The conceptual framework and accounting standards for financial reporting provides an agreed set of fundamental principles and concepts that leads to consistent standards to ensure that these principles are met accordingly and the information required by users are faithfully represented and relevant (FASB, 2010). An LDC is a country with a low GDP per capita, low levels of capital, and uneducated workers. It is an activity which involves in the developing, monitoring and updating of the climate change, accident and other malicious destruction. According to the text, a personal balance sheet is a statement of your net worth. Moreover, risk can be defined in several ways such as the chance of bad consequences, the exposure to mischance and the probability of loss. Bakery Business Plan Ericson Bakery (EB) Executive Summary Introduction Ericson Bakery (EB) is a start-up coffee and bakery retail establishment located in the heart of Eldoret Town. d. all of the above. It is the most important function of any business. It is because having the computerized accounting information system down for few hours or few days due to the natural disaster; could lead a bad impact to the profitability and liquidity of the business organization. The information is also useful when applying for a grant or loan. (Wikipedia, 2011) It is dangerous for today’s business operation, it is because instead of stealing the personal and business information, ‘phishers’ can affect the computer with the viruses and convince the victim in order to participate in money laundering. ‘Up to 3 million Britons are believed to be among the 77 million users of Sony’s PlayStation Network, which has been hacked into by criminals who have stolen users’ personal information, possibly including credit card details’. Describe factors to consider for effective communication, Emergence Of Artificial Intelligence In Writing Industry. It is necessary to implement some methods to solve the serious issues. … Due to the vulnerability of the computerized accounting information system, it is easy to be attacked by internal and external people of the business organization. Accounting information systems (AIS) have experienced vast changes in several decades, improving from paper-based journals and ledgers to completely automated, paperless systems. The other method is disaster and business continuity planning. In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual’. 8 hours ago, Posted There are few types of fraud, such as false billing, financial fraud, advanced fee frauds, identity theft and phishing. Additionally, if the data is not backed up properly, the company will end up lost its important data. ‘In 2002, Gary McKinnon was arrested by the UK’s national high-tech crime unit, after being accused of hacking into NASA and the US military computer networks.’ (BBC NEWS, 2006) Besides that, the hacker ‘The hacker has also denied that he had made Washington’s computer system inoperable, although he did admit he may have deleted some government files by accidentally pressing the wrong key’. (4 marks) b) Identify TWO (2) types of internal user and external user. Subhrata R answered on October 21, 2015. In the United States, a public company's financial statements must be according to General Accepted Accounting Principles (GAAP). It is dangerous for the business organization, because if their competitors spy into their programs and get the costs and type of materials of the electrical appliances as well as the client’s contact number, the business organization will be easily defeated by competitors. Generally accepted accounting principles in financial reporting by business enterprises. (Wikipedia, 2011) As a household electrical appliances company, if it is suffered from the natural disaster such as floods. Analysis of the financial status of affairs. Get it Now, By creating an account, you agree to our terms & conditions, We don't post anything without your permission, Looking for Something Else? In conclusion, when you have a well developed and properly maintained accounting information system, that gives you efficient and accurate data, which is an important component of a successful business. In order to make this language intelligible and commonly understood by all, it is necessary that it should be based on certain uniform scientificaaly laid down standards. (Wikipedia, 2011) As a household electrical appliances company, the internal employees or managers as well as the shareholders can be also fraud through the computerized accounting information system. It acts as a bridge between users of the information and the day to day transactions that occur inside a business. a. This activity usually happened in large business organization, it is because large business organization has a billing or payments system which used to pay the invoice of the company, fraudster sends out those fake invoices and hope that this will be unnoticed by the large business organizations. It can be defined as a diverse range of activities designed to conduct, direct and control business activities and ensure the consistency with corporate business objective. Once the managers identify the risk, it will be easily to control and put a suitable measure on it. a. b. high adult literacy. As a conclusion, accounting information system brings a lot of disadvantages to the organization in today’s business environment, but accounting information system combines the study and practice of the accounting with the concept of designing, implementing, controlling and monitoring the information systems. It also combines the modern information technology and the traditional accounting system to provide a better financial system to manage and improve the financial performance of the organization. For example, an accountant records various financial information and presents them for the use of various stakeholders like an owner, shareholders, creditors, government, etc. Accounting is the language of business, it brings life to the otherwise lifeless business activities. Fraudster can be sued if they found out by people. Accounting Accounting is a career that offers many job opportunities and advancements, and a little hard work will inevitably lead to happiness and success. What are the different types of risks? According to Tony Boczko 2007(pp. As a household electrical appliances company, premeditated virus infection such as spyware, it gathers the users and client’s information and relays it to the third party such as advertisers. All the external users of accounts, specially the investors and potential investors are interested in this. QUESTION 1 (20 Marks) a) Describe the differences between ‘accounting’ and ‘book keeping’. If you enjoyed this article, subscribe to receive more just like it. At Brice, the savings from purchasing inexpensive materials made the purchasing department look good but created Through this process, business organization can be protected. Accounting information must be reliable, so that business owners can be reasonably assured that accounting information presents an accurate picture of the company’s financial health. Category: Free Essays, Information Technology. Nobody working in business can afford financial illiteracy. Their Statement of financial position as at March 31, 2016 was as follows: Billy and Erica Statement of Financial Position as at 31 March 2016 $ $ Non-current... 1. The developing, conclusion of accounting information and updating of the following groups makes long-term low-interest loans to less-developed countries LDCs! Called the language of business through which a business house communicates with the logins of password and to. 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