What does the process of providing this information to external users is called? Describe about it in detail.

Q: What are the fundamental objectives of all information systems?

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Q: What are the characteristics of good or useful information?

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Q: what type of information should be included in the systems analysis report?

A: System analysis is the examination of the business problem that organizations plan to solve with an…

Q: What is the objective of a transaction log?

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Explain external event with example.

A: Accounting events: Accounting event refers to the business event that creates an impact in the…

Q: What functions does the FASB perform?

A: FASB :                          FASB is defined as "The Financial Accounting Standards Board" is a…

Q: What are the major functions performed by the OE/S process?  Explain each functions.

A: Order-to-cash process or revenue process is the process undertaken for making sales and receiving…

Q: What is a user view?

A: Database Management:  Database management refers to management of databases held within an…

Q: Discuss the various sources of data for the FRS output and how these data are processed into…

A: Financial reporting system (FRS) can be defined as the process of producing and maintaining the…

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: The document which sets out basic rules for how a compay is to run?

A: Every company operating as a limited liabilities corporation, partnership firm, or public company…

Q: What is the purpose of a responsibility center file?

A: Definition: Responsibility center file: The departments of the organization are generally referred…

Q: Define the term internal users.

A: Internal users are people within a business organization who use financial information. Examples of…

Q: Explain how an IT environment affects independent verification.

A: Bookkeeping articulations, particularly in enormous and complex associations, can contain unexpected…

Q: Differentiate the following terms - External and internal information

A: Internal data is information generated from within the business, covering areas such as operations,…

Q: How to create journalizing transaction with this kind of problem?

A: Journal entries recording is the initial step in accounting cycle process. Under this, atleast one…

Q: Discuss the rules for linking events to resources and agents in an REA diagram.

A: REA Diagram: REA diagram is a technique which is used to establish the relationship between…

Q: grity of information. policies, plans, procedures, law ssets. efficiency of onerations

A: Segregation of duties is an internal control measure. It refers to the division of duties among more…

Q: What is information system ? Elaborate and describe the details

A: Solution- Information systems-        AN system could be a collection of interconnected elements to…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: iscusd the various sources of data for the FRS output and how these data are processed into…

A: Financial Reporting System: The financial reporting system (FRS) overviews the financial resources…

Q: Explain an example of internal events.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Describe the many parts that come together to produce a complete information system. Where does the…

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Q: Discuss the objectives of segmental information and the requirements for the disclosure of segmental…

A: Segmental information: Segmental information is the way of providing the overall information about…

Q: What represents a company’s primary means of cummunicaying information to external users?

A: First of all, we need to understand who are external users- these are the people who are interested…

Q: What is a data dictionary, and what purpose does it serve?

A: Return on investment (ROI):   Return on investment evaluates how efficiently the assets are used in…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: Explain an example of source documents.

A: Source documents: The documents which contain evidence of accounting data to record the transactions…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: In what form should embedded instructions be written—active or passive voice? Why?

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Q: What is feedback and how is it useful in an information system?

A: Definition: Accounting information system: The system which helps to gather, store, and process the…

Q: Can services be delivered by means of process operations? Support your answer with an example.

A: Process Costing: Process costing is a method of cost accounting in which all the costs that are…

Q: What are some true statements regarding the use of a worksheet?

A: There are multiple statements regarding the use of worksheet which is true, we are indicating some…

Q: Explain an example of external users.

A: Financial Statement:   They are annual reports of an organization summarizing the financial…

Q: What is the purpose of Transaction Tagging?

A: Tagging and tracking transaction: In tagging and tracking transaction technique, the auditor puts a…

Q: What are the components of relevant information? What are the components of faithful representation?

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Q: what is posting system in detail ?

A: Accounting is a tool of recording, summarising and analysing the financial transactions and events…

Q: Explain an example of external events.

A: Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: What information is required in a proxy statement?

A: A proxy statement is a document containing the information the Securities and Exchange Commission…

Q: List the steps we use to measure external transactions.

A: Measurement process of external transactions: