This branch of financial management studies aims to provide students with an overall knowledge and understanding of the accounting information system and its modern business involvement. The course will examine several areas, including the roles of accounting information systems in the business, particularly in supporting strategic and operational decision- making, problem-solving and operations ( transactions cycles including revenue and total costing.), the manner in which these systems are deployed, acquired, and deployed, and used to enhance business processes, risk management, internal controls, and auditing procedure. Contemporary issues, data and information management, securities, and ethics are also covered.
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Accounting systems collect and process transaction data and communicate the financial information to interested parties. There are several types of accounting information systems, and, as a result, they vary greatly.
Accounting Equations– The accounting equation is also known as balance sheet equations. It signifies the relationship between the assets, liability, and equity of an organization or individuals. The equations show what an organization owns is acquired either by its liabilities or the investors. The accounting equation is used for bookkeeping practice in a company for accounting and practices.
Accounting Cycle– This accounting cycle is utilized to track all the company’s financial records and processes. This particular cycle is repeated every fiscal year to ensure the growth of the company. It includes account debits, credits, and journal entries.
Keeping an organized record of this accounting cycle helps a company to maintain overall productivity. Every step is accounted for at a specific time.
Accounting Theories– A student of these studies needs to study fundamental accounting theories during his\her coursework. These are essential for understanding a company’s financial foundation and directing the officials for their next move.
Some Examples of Accounting Theories
Some examples of accounting theories are as follows:-
- Cost Principle Theory
- Matching Principle Theory
- Materiality Accounting Theory
- Conservatism Accounting Theory
- Monetary unit Assumption Theory
Balance Sheet- A balance sheet encompasses all the organization’s financial statements to measure its assets, liability, and equity capital. Any change in the balance sheet helps the company officials to calculate the cash flow or financial ratios.
Batch Costing- A whole product may require many different elements for assembling and manufacturing. This can be formed through different economic batches. It helps in calculating the cost of each batch; the batch costing method is used.
Corporate Accounting– This branch of financial management studies deals with the cash flow management procedure in an organization. It includes data analysis, absorption, interpretations, and amalgamation. Generally, the corporate structure uses Fresh Books software for their accounting works.
Debits and Credits– A debit increases the value of an asset or minimizes the liability, whereas credit increases the liability.
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