ACC 113 Lecture Notes - Lecture 30: Financial Statement, Financial Accounting, Cash Flow

• School: Tunxis Community College
• Department: Accounting
• Course: ACC 113
• Professor: Lardie

Document Summary

Data reports like financial statements, customer lists and inventory records. Information data that have organised, processed and summarised. Knowledge information that is shared and exploited so that it adds value to an organisation. Usually provided by company"s accounting information system (ais); a transaction-processing system that captures financial data resulting from accounting transactions within a company. E. g. transaction to purchase materials is documented in journal entry. Non-financial information like number of units of inventory on hand and number of budgeted labour hours are likely collected and processed outside traditional ais. Use of multiple systems can cause problems such as being costly and difficulty integrating information from various systems and making decisions from them. Enterprise resource planning (erp) systems have been developed to address these shortcomings as the integrate traditional ais with other information systems to have both quantitative and qualitative data.