cross-functional systems that support different business functions and facilitate integration of information across departments such as accounting, customer management, finance, Human Resources, inventory management, manufacturing, marketing, and vendor management - answer-Enterprise Resource Plann...
Unit 2 Module 2 ISC CPA Exam
cross-functional systems that support different business functions and facilitate integration of
information across departments such as accounting, customer management, finance, Human Resources,
inventory management, manufacturing, marketing, and vendor management - answer-Enterprise
Resource Planning System (ERP)
collects, records, and stores accounting information, then compiles that information using accounting
rules to report both financial and non financial information to decision makers in an enterprise - answer-
Accounting Information System (AIS)
What are the three subsystems of an AIS system - answer-- transaction processing system (TPS)
- financial reporting system (FRS)
- management reporting system (mrs)
this subsystem converts economic events (real life) into journal entries and distributes information to
support daily operations - answer-transaction processing system (TPS)
this subsystem aggregates daily financial information from the TPS and other sources for infrequent
events such as mergers, lawsuit settlements, or natural disasters to enable timely regulatory and
financial reporting - answer-financial reporting system (FRS)
this subsystem provides internal financial information to solve day-to-day business problems, such as
budgeting, variance analysis, and cost-volume-profit analysis - answer-Management Reporting System
(MRS)
this allows a user to trace a transaction from source documents to the ledger and to vouch from the
ledger back to source documents - answer-audit trail
these are the core functions within an accounting department - answer-transaction cycles
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