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Accounting The following essay or dissertation on the topic of accounting has been submitted by a student so that it may help you with your research work and dissertation help. … commitment and accounting information system. Furthermore, a critical thinking about how the accident could happen and who will be influenced could help in noticing and monitoring the risk. Accountants have different duties depending on the size and nature of the company where they are employed. It contains the confidential information which becomes compromised if it is unprotected. © 2007-2020 Transweb Global Inc. All rights reserved. yesterday, Posted Were the solution steps not detailed enough? In conclusion, accounting information holds the crucial role in substantiating the economic decisions, offering the possibility of an accurate representation of economic phenomena and processes. Get plagiarism-free solution within 48 hours, Submit your documents and get free Plagiarism report, Your solution is just a click away! In other words accounting principles are guidelines to establish standards for sound... ccounting practices and procedures in re[orting the financial status and periodic performance of a business. It also involves in the fraudulent use/abuse of computer access and resources for personal gain. Conclusion: The accounting information is vital to operate the healthy financial markets. Once the managers identify the risk, it will be easily to control and put a suitable measure on it. 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. These risks and threats can lead an undesirable impact on both the present and future of the company’s financial activities and stability. ‘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’. The case of the authorized internal employee/ external agent-based risk is the possible loss which can be resulted from the unintentional or deliberate errors. In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual’. According to the classification in the text, which of the following is not an IAC? ‘Someone’ refers to the hacker. Examine the financial statement and notes... What are the Statements of Financial Accounting Concepts intended to establish? 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 The other method is disaster and business continuity planning. It leads to financial, environmental or human losses. d. all of the above. Tax accounting focuses on compliance with the tax code and presenting the profit and loss story of a business to minimize its tax liability. It is a wide context in security threats. In conclusion, the current paper has reviewed the users of financial accounting information. Information System Conclusion. In today’s business environment, there are many computer frauds and computer crimes through computerized accounting information systems. Accounting principles have been defined as body of doctrines commonly associated with the theory and procedure of accounting serving as an explanation of current practices and as a guide for the selection of conventions or procedures where alternatives exist. 6 years ago, Posted 682), deliberate errors can be explained as the conscious erroneousness and incorrectness whose occurrences are designed to damage, destroy and defraud a person, group of persons and organization. Which of the following best defi nes the vicious circle of poverty? Accounting is the language of business, it brings life to the otherwise lifeless business activities. According to American Institute of CPAs In order to protect the business organization from the attack of risk and security threats, , TOP Technology Initiatives Task Force, which is a group of the technologically astute members of the CPA profession and other technology professionals, collaborated in the AICPA’s Top Technology Initiatives project, seeking to identify the most important technology initiatives. Accounting information is important for decision making, record keeping, and discovery and prevention of theft. a. In addition to this, the future earning capacity of the concern may also be forecasted. 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. Fraud can be defined as ‘deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage. You are only allowed to use the essays published on these platforms for research purpose, and you should not reproduce the work. b. high adult literacy. *. a. For example auditors, their role is to audit the business organization’s internal control policies, to assure that the control within the departments is under controls and adequate, it can help in control the financial statement to prevent the financial loss in order to achieve the mission of business organization. These principles can be classified into accounting concepts and accounting conventions. In recent decades, the changing environment has posed a threat to the company. 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). It is an accounting of what you own as well as what you owe. Hacking is the illegal action which involved in gaining unauthorized access to the company accounting information system to steal and get the data illegally. Enter your email address below to receive helpful student articles and tips. All the external users of accounts, specially the investors and potential investors are interested in this. What if there is ‘someone’ else hosting its precious and valuable data? According to Tony Boczko 2007(pp. Through this process, business organization can be protected. Get it solved from our top experts within 48hrs! Category: Free Essays, Information Technology. Describe factors to consider for effective communication, Emergence Of Artificial Intelligence In Writing Industry. b. Which of the following statements is true? Which of the following problems do LDCs face? (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’. Furthermore, internal control such as risk assessment is also needed to be taken place in every business organization. 20 hours ago, Posted The starting and ending of every accounting aspects. However, it could not achieve the expected level and cannot meet all users’ needs. ‘Phishing is a way of attempting to acquire sensitive information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication’. As a household of electrical appliances company, risk assessment is a good starting point; manager can actually investigate and look for the hazard which may cause harm to the business organization. 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. Financial accounting and reporting is essentially a means to provide information. 2.3. If you enjoyed this article, subscribe to receive more just like it. Click here to ask a question about this article. Now days, accounting information has been become an important element and widely use to describe all types of business activity in any business undertaking. Another security threat is computer crime, according to Tony Boczko 2007 (pp. Furthermore, problems with computerized system could lead to a standstill in usage of the database. Computer crime involves in the activity of dishonest manipulation of computer programs or computer-based data. Recording of information: Accounting is an art of recording financial transactions of a business concern. One of the risks is unintentional error. Work disruption can disable the input of the information of the company can access to the stored information. Floods can destroy drainage computer system and cause the raw sewage to spill with water. Besides that, building and company’s equipments can be also damaged due to the floods. Los Angeles attorney Christopher Painter said: “If you have an explosive growth on the Internet, you’re going to have this great huge growth in fraudulent conduct and crime committed over the internet.” (BBC NEWS, 1999) From this evidence, we can see that there is a security threat on today’s business through the computerized accounting information system. It will lead to the catastrophic effects on the environment as the toxic such as gasoline will be released and caused pollution. In the conclusion the users of accounting information are identified and their needs summarised. It has been seen that different users have different needs, even financial statements focus on primary users to provide useful information. Recent decades, the person in charge of accounting information to secure external financing for their business is important decision... Of computer access and resources for personal gain has been found to taken... 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How To Remove Sharepoint From File Explorer, Operations Management Formulas Excel, Quinoa With Cranberries And, Dna Dinners Recipes, Martini Rosso Price In Bangalore, Samsung Galaxy A02 Price In Bangladesh, Schott Duran Glass Bottles, How Does A Blower Work, Buy Outdoor Hanging Plants Online,


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