It records the sales and the cash when received and the amount owed to the business. Data can be anything like sales ledger Sales Ledger A sales ledger is a ledger entry that records any sale in the book of records, even if the payment is received or not yet received. AIS will not record any information which does not have a monetary base. read more, events, and other monetary items. For example, Apple representing nearly $200 billion in cash & cash equivalents in its balance sheet is an accounting transaction. Now, what do AIS records, reports? It is all about various accounting transactions Accounting Transactions Accounting Transactions are business activities which have a direct monetary effect on the finances of a Company. For example, an accountant records various financial data and presents them for the use of multiple stakeholders like an owner, shareholders, creditors, government, etc. There is a stakeholder who feeds information into the system, collects, analyses, reports, etc., and there is another person(stakeholder) who needs information. The starting and ending of every accounting aspects.
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Source: Accounting Information System (AIS) () Components of Accounting Information System (AIS) #1 – Person ( Stakeholders)
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AIS may be a very simple ledger to various accounting, costing, financial reports like Statement of Profit and Loss, Balance Sheet, etc. In simple words, it is a system to collect and store all information related to financial transactions and events in such a way that they can be retrieved for decision making by the internal management, accounts, CFOs, auditors, etc. What is the Accounting Information System?Īccounting Information System refers to the computer-based method used by the companies in order to collect, store and process the accounting and the financial data which is used by the internal users of the company in order to give report regarding various information to the stakeholders of the company such as creditors, investors, tax authorities, etc.