Peeter wanted the ResNet Beta project to be completed by August of 1994. This made it difficult for Arvid, to create a project plan. Arvid then recruited people from different department. Three important decisions were made when planning the ResNet Beta project; the three decisions were focusing on deliverables and results, Kathy Christenson team participation in defining the requirements for the software, and having several engineers measure the project. For the ResNet 1995 planning, the team had to create a plan for installing PCs in different sales offices.
Achieving all this goals and strategies set by senior management, setting up the right work systems and clear procedures are needed. Organization has to provide effective training or mentoring and information to ensure all employees including accountant understand the values of organization employing and role of their jobs. Another crucial factor is the procedures are applied consistently. This requires commitment from employees to apply the procedure and form management to allocate the time and equipment needed. All of this will lead the employees to resolve the ethical problems by
All the guideline or procedures must be approved by the Director of the company to make sure all the guideline is better to use. 2.3 DATA What is data? Data is the raw materials of the information. The data resources include data and database. The data can take many forms, including traditional alphanumeric data, composed of numbers and alphabetical and other characters that can describe business transactions.
the general ledger which records details of all financial transactions across the organization. The accounts receivable system and the accounts payable system are fundamental to manage the organization’s cash flow. In addition to the above, computerized accounting information systems in any given entry should at least include a set of qualified individuals to operate the system, computer hardware, computer software, networks, databases and procedures which control the work of the system and all these mentioned components interact with each other to provide useful information to help facilitate efficient transaction processing and quality decision making, (Alan et.al.2005). In addition to the above every information system is designed to accomplish one or more goals or objectives. For example, an accounting information system may be designed to collect and process data about employees to help managers prepare payroll reports and payslips.
TPSs capture and process data that describe fundamental business transactions. This data is used to update databases and to produce a variety of reports. Transaction Processing Cycle The business data goes through a transaction processing cycle that includes: Data Collection Data Editing Data Correction Data Manipulation Data Storage Document Production These are briefly described in the following. Data Collection The process of capturing and gathering all data necessary to complete transactions is called data collection. It can be manual such as completing a purchase order by hand.
According to Dandago and Rufai (2014) financial reports are the formal records of the financial activities of a business, persons, or other entity that provides an overview of a business or person’s financial condition in both short and long term. These reports are as a result of so many transactions recorded on daily basis either via manual or computerized methods. To Amidu et al. (2011), accounting, which is the embodiment to the preparation of the financial reports, plays a critical role in the success or failure of contemporary business institutions. Accurate capturing and processing of financial data are therefore as important as the financial report itself.
1.0 Introduction What is accounting and why it is important to companies? Accounting is the procedure of recording, analyzing, and presenting the monetary transactions in various reports. It is a profession that consists of individuals with a formal education to carry out various work tasks, such as calculating the net profit and net assets of the company (Averkamp, 2003). Accounting is often applied by most of the businesses as essential information on the financial performances is being provided to keep the business healthy, and it also provides to groups both within and outside the organization. All the businesses have their own creative and unique type of accounting as every firm has distinct operations.
Annual report, memos, and financial statement .This internal information is vital to the successful management of the organization. Annual report Annual reports are public statements of an organization’s financial performance that are distributed to institution stockholders, employees, customers and other interested parties.An annual report can give a lot of important information about our commercial