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2006 Prentice Hall Business Publishing Accounting Information Systems, 10/e Romney/Steinbart 1 of 43
C HAPTER 1
Accounting InformationSystems:
An Overview
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INTRODUCTION
Questions to be addressed in this chapterinclude: What is the meaning of system, data, and
information? What is an accounting information system (AIS)?
Why is the AIS an important topic to study?
What is the role of the AIS in the value chain?
How does the AIS provide information for decision
making? What are the basic strategies and strategic positions
an organization can pursue?
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SYSTEMS, DATA, AND INFORMATION
A system is:
A set of interrelated components
That interact To achieve a goal
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SYSTEMS, DATA, AND INFORMATION
Most systems are composed of smaller
subsystems . . .
. . . And vice versa!
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SYSTEMS, DATA, AND INFORMATION
Every organization has goals. The susbsystems should be designed to
maximize achievement of the organizations
goals Even to the detriment of the subsystem itself
EXAMPLE: The production department (asubsystem) of a company might have to
forego its goal of staying within its budget inorder to meet the organizations goal ofdelivering product on time.
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SYSTEMS, DATA, AND INFORMATION
Goal conflict occurs when the activity of asubsystem is not consistent with anothersubsystem or with the larger system.
Goal congruence occurs when thesubsystems goals are in line with theorganizations goals.
The larger and more complicated asystem, the more difficult it is to achievegoal congruence.
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SYSTEMS, DATA, AND INFORMATION
The systems concept encourages integration(i.e., minimizing the duplication of recording,storing, reporting and processing).
Data are facts that are collected, recorded,stored, and processed by an information system.
Organizations collect data about:Events that occur
Resources that are affected by those eventsAgents who participate in the events
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SYSTEMS, DATA, AND INFORMATION
Information is different from data.
Information is data that have been
organized and processed to providemeaning to a user.
Usually, more information and better
information translates into betterdecisions.
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SYSTEMS, DATA, AND INFORMATION
However, when you get more information
than you can effectively assimilate, you
suffer from information overload. Example: Final exams week!
When youve reached the overload point,
the quality of decisions declines while the
costs of producing the informationincreases.
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SYSTEMS, DATA, AND INFORMATION
Benefits of information
- Cost of producing information
Value of information
Benefits of information may include: Reduction of uncertainty Improved decisions Improved ability to plan and schedule activities
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SYSTEMS, DATA, AND INFORMATION
Benefits of information
- Cost of producing information
Value of information
Costs may include time and resources spent: Collecting data
Processing data Storing data Distributing information to users
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SYSTEMS, DATA, AND INFORMATION
Benefits of information
- Cost of producing information
Value of information
Costs and benefits of information are oftendifficult to quantify, but you need to try whenyoure making decisions about whether to
provide information.
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SYSTEMS, DATA, AND INFORMATION
Characteristics that make informationuseful:
RelevanceIt reduces uncertainty by helping you predictwhat will happen or confirm what already hashappened.
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SYSTEMS, DATA, AND INFORMATION
Characteristics that make informationuseful:
RelevanceReliability
Its dependable, i.e., free from error or biasand faithfully portrays events and activities.
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SYSTEMS, DATA, AND INFORMATION
Characteristics that make informationuseful:
RelevanceReliability
Completeness
It doesnt leave out anything thats important.
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SYSTEMS, DATA, AND INFORMATION
Characteristics that make informationuseful:
RelevanceReliability
Completeness
Timeliness
You get it in time to make your decision.
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SYSTEMS, DATA, AND INFORMATION
Characteristics that make informationuseful:
RelevanceReliability
Completeness
Timeliness
UnderstandabilityIts presented in a manner you cancomprehend and use.
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SYSTEMS, DATA, AND INFORMATION
Characteristics that make informationuseful:
RelevanceReliability
Completeness
Timeliness
Understandability
Verifiability
A consensus notionthe nature of theinformation is such that different people
would tend to produce the same result.
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SYSTEMS, DATA, AND INFORMATION
Characteristics that make informationuseful:Relevance
Reliability
Completeness
Timeliness
Understandability
Verifiability
Accessibility
You can get to it when you need it and in aformat you can use.
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Information is provided to both:
External users
Internal Users
SYSTEMS, DATA, AND INFORMATION
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Information is provided to both:
External users
Internal Users
SYSTEMS, DATA, AND INFORMATION
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External users primarily use information
that is either:
MANDATORY INFORMATIONRequired bya governmental entity, such as Form 10-Ksrequired by the SEC; or
ESSENTIAL INFORMATIONRequired to
conduct business with external parties, suchas purchase orders.
SYSTEMS, DATA, AND INFORMATION
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In providing mandatory or essential
information, the focus should be on:
Minimizing costs Meeting regulatory requirements
Meeting minimum standards of reliability andusefulness
SYSTEMS, DATA, AND INFORMATION
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Information is provided to both:
External users
Internal Users
SYSTEMS, DATA, AND INFORMATION
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Internal users primarily use discretionary
information.
The primary focus in producing thisinformation is ensuring that benefitsexceed costs, i.e., the information has
positive value.
SYSTEMS, DATA, AND INFORMATION
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An AIS is a system that collects, records,stores, and processes data to produceinformation for decision makers.
It can: Use advanced technology; or
Be a simple paper-and-pencil system; or
Be something in between. Technology is simply a tool to create,maintain, or improve a system.
WHAT IS AN AIS?
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The functions of an AIS are to: Collect and store data about events,
resources, and agents.
Transform that data into information thatmanagement can use to make decisionsabout events, resources, and agents.
Provide adequate controls to ensure that the
entitys resources (including data) are: Available when needed
Accurate and reliable
WHAT IS AN AIS?
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Its fundamental to accounting.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
Accounting is an information-providingactivity, so accountants need to
understand:How the system that provides that
information is designed, implementedand used.
How financial information is reported
How information is used to makedecisions
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Its fundamental to accounting.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
Other accounting courses focus on howthe information is provided and used.
An AIS course places greater emphasison:
How the data is collected andtransformed
How the availability, reliability, andaccuracy of the data is ensured
AIS courses are not number-crunchingcourses
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Its fundamental to accounting.
The skills are critical to career success.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
Auditors need to evaluate the accuracyand reliability of information produced bythe AIS.
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Its fundamental to accounting.
The skills are critical to career success.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
Tax accountants must understand theclients AIS adequately to be confident thatit is providing complete and accurateinformation for tax planning andcompliance work.
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Its fundamental to accounting.
The skills are critical to career success.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
In private industry and not-for-profits,systems work is considered the mostimportant activity performed byaccountants.
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Its fundamental to accounting.
The skills are critical to career success.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
In management consulting, the design,selection, and implementation ofaccounting systems is a rapid growth area.
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Its fundamental to accounting.
The skills are critical to career success.
The AIS course complements othersystems courses.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
Other systems courses focus on design andimplementation of information systems,databases, expert systems, andtelecommunications.
AIS courses focus on accountability andcontrol.
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Its fundamental to accounting.
The skills are critical to career success.
The AIS course complements othersystems courses.
AIS topics are tested on the new CPAexam.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
Makes up about 25% of the BusinessEnvironment & Concepts section of the CPAexam.
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Its fundamental to accounting.
The skills are critical to career success.
The AIS course complements othersystems courses.
AIS topics are tested on the new CPAexam.
AIS topics impact corporate strategyand culture.
WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
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WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
AIS
OccupationalCulture Strategy
InformationTechnology
AIS design isaffected byinformationtechnology, the
organizationsstrategy, and theorganizationsculture.
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WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
AIS
OccupationalCulture Strategy
InformationTechnology
Information technologyaffects the companyschoice of businessstrategy. To perform
cost-benefit analyses onIT changes, you need tounderstand businessstrategy.
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WHY STUDY ACCOUNTINGINFORMATION SYSTEMS?
AIS
OccupationalCulture Strategy
InformationTechnology
While culture affectsthe design of the AIS,its also true that theAIS affects culture byaltering thedispersion andavailability ofinformation.
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The objective of most organizations is to
provide value to their customers.
What does it mean to deliver value? Lets peek in on a conversation at Joes
pharmacy . . .
ROLE OF THE AIS IN THE VALUE CHAIN
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ROLE OF THE AIS IN THE VALUE CHAIN
Well, Mr. PharmaceuticalSalesman, your proposal looksgood, but your prices are about
5% higher than your competitors.
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ROLE OF THE AIS IN THE VALUE CHAIN
Thats true, but werecomfortable with thatbecause of the value-added that we bring to
this arrangement.
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ROLE OF THE AIS IN THE VALUE CHAIN
What is that value-added,and how do you convert it
into dollars?
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ROLE OF THE AIS IN THE VALUE CHAIN
Blahblahblahcustomer serviceblahblah--blah
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While adding value is a commonly usedbuzzword, in its genuine sense, it means makingthe value of the finished component greater thanthe sum of its parts.
It may mean: Making it faster Making it more reliable Providing better service or advice Providing something in limited supply (like O-negative
blood or rare gems) Providing enhanced features Customizing it
ROLE OF THE AIS IN THE VALUE CHAIN
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Value is provided by performing a series of
activities referred to as the value chain.These include:
Primary activities
Support activities
These activities are sometimes referred to
as line and staff activities respectively.
ROLE OF THE AIS IN THE VALUE CHAIN
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Value is provided by performing a series of
activities referred to as the value chain.These include:
Primary activities
Support activities
These activities are sometimes referred to
as line and staff activities respectively.
ROLE OF THE AIS IN THE VALUE CHAIN
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Primary activities include:
Inbound logistics
ROLE OF THE AIS IN THE VALUE CHAIN
Receiving, storing, and distributing thematerials that are inputs to theorganizations product or service.
For a pharmaceutical company, this activity
might involve handling incoming chemicalsand elements that will be used to make theirdrugs.
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Primary activities include:
Inbound logistics
Operations
ROLE OF THE AIS IN THE VALUE CHAIN
Transforming those inputs into products orservices.
For the pharmaceutical company, this step
involves combining the raw chemicals andelements with the work of people and equipment toproduce the finished drug product that will be soldto customers.
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Primary activities include:
Inbound logistics
Operations
Outbound logistics
ROLE OF THE AIS IN THE VALUE CHAIN
Distributing products or services to customers.
For the pharmaceutical company, this step involvespackaging and shipping the goods to drug stores,doctors, and hospitals.
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Primary activities include:
Inbound logistics
Operations
Outbound logistics
Marketing and sales
ROLE OF THE AIS IN THE VALUE CHAIN
Helping customers tobuy the organizations
products or services.
A pharmacy rep mayvisit with drug stores,doctors, etc. to inform
them about theirproducts and takeorders.
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Primary activities include:
Inbound logistics
Operations
Outbound logistics
Marketing and sales
Service
ROLE OF THE AIS IN THE VALUE CHAIN
Post-sale support provided tocustomers such as repair andmaintenance function.
A pharmaceutical firm willtypically not be repairing itsproduct (though the product maybe periodically reformulated).
The pharmaceutical company ismore likely to be providingadvisory services to pharmacists,etc.
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Value is provided by performing a series of
activities referred to as the value chain.These include:
Primary activities
Support activities
These activities are sometimes referred to
as line and staff activities respectively.
ROLE OF THE AIS IN THE VALUE CHAIN
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Support activities include:
Firm infrastructure
ROLE OF THE AIS IN THE VALUE CHAIN
Accountants, lawyers, and administration.
Includes the companys accountinginformation system.
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Support activities include:
Firm infrastructure
Human resources
ROLE OF THE AIS IN THE VALUE CHAIN
Involves recruiting and hiring newemployees, training employees, payingemployees, and handling employeebenefits.
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Support activities include:
Firm infrastructure
Human resources
Technology
ROLE OF THE AIS IN THE VALUE CHAIN
Activities to improve the products or services(e.g., R&D, website development).
For the pharmaceutical company, these activitieswould include research and development tocreate new drugs and modify existing ones.
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Support activities include:
Firm infrastructure
Human resources
Technology
Purchasing
ROLE OF THE AIS IN THE VALUE CHAIN
Buying the resources (e.g.,materials, inventory, fixedassets) needed to carry out theentitys primary activities.
In the pharmaceutical company,the purchasing folks are tryingto get the best combination of
cost and quality in buyingchemicals, supplies, and otherassets the company needs torun its operations.
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Information technology can significantly
impact the efficiency and effectivenesswith which the preceding activities are
carried out.
An organizations value chain can be
connected with the value chains of its
customers, suppliers, and distributors.
ROLE OF THE AIS IN THE VALUE CHAIN
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Pharmaceuticals, Inc.Inbound Logistics
Operations
Outbound Logistics
Marketing & Sales
Service
ROLE OF THE AIS IN THE VALUE CHAIN
Smith Supply Co.
Inbound Logistics
Operations
Outbound Logistics
Marketing & Sales
Service
Customer Pharmacy
Inbound Logistics
OperationsOutbound Logistics
Marketing & Sales
Service
For example, the inbound logistics ofPharmaceuticals, Inc., links to the outboundlogistics of its suppliers.
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Pharmaceuticals, Inc.Inbound Logistics
Operations
Outbound Logistics
Marketing & Sales
Service
ROLE OF THE AIS IN THE VALUE CHAIN
Smith Supply Co.
Inbound Logistics
Operations
Outbound Logistics
Marketing & Sales
Service
Customer Pharmacy
Inbound Logistics
OperationsOutbound Logistics
Marketing & Sales
Service
And the outbound logistics ofPharmaceuticals, Inc., links to the inboundlogistics of its customers.
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Pharmaceuticals, Inc.Inbound Logistics
Operations
Outbound Logistics
Marketing & Sales
Service
ROLE OF THE AIS IN THE VALUE CHAIN
Smith Supply Co.
Inbound Logistics
Operations
Outbound Logistics
Marketing & Sales
Service
Customer Pharmacy
Inbound Logistics
OperationsOutbound Logistics
Marketing & Sales
Service
The linking of these separate value chainscreates a larger system known as a supplychain.
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Pharmaceuticals, Inc.Inbound Logistics
Operations
Outbound Logistics
Marketing & Sales
Service
ROLE OF THE AIS IN THE VALUE CHAIN
Smith Supply Co.
Inbound Logistics
Operations
Outbound Logistics
Marketing & Sales
Service
Customer Pharmacy
Inbound Logistics
OperationsOutbound Logistics
Marketing & Sales
Service
The linking of these separate value chainscreates a larger system known as a supplychain.
Informationtechnology can
facilitate synergisticlinkages that improvethe performance ofeach companys valuechain.
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There is variation in the degree of
structure used to make decisions:
Structured decisions
ROLE OF THE AIS IN THE VALUE CHAIN
Repetitive and routine
Can be delegated to lower-level employees
EXAMPLE: Deciding whether to write anauto insurance policy for a customer with aclean driving history.
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There is variation in the degree of
structure used to make decisions:
Structured decisions
Semistructured decisions
ROLE OF THE AIS IN THE VALUE CHAIN
Incomplete rules
Require subjective assessments
EXAMPLE: Deciding whether to sell auto
insurance to a customer with a tainteddriving history.
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There is variation in the degree of
structure used to make decisions:
Structured decisions
Semistructured decisions
Structured decisions
ROLE OF THE AIS IN THE VALUE CHAIN
Non-recurring and non-routine
Require a great deal of subjectiveassessment
EXAMPLE: Deciding whether to beginselling a new type of insurance policy
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There is also variation in the scope of a
decisions effect:
Occupational control decisions
ROLE OF THE AIS IN THE VALUE CHAIN
Relate to performance of specific tasks
Often of a day-to-day nature
EXAMPLE: Deciding whether to orderinventory
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There is also variation in the scope of a
decisions effect:
Occupational control decisions
Management control decisions
ROLE OF THE AIS IN THE VALUE CHAIN
Relate to utilizing resources to accomplishorganizational objectives
EXAMPLE: Budgeting
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There is also variation in the scope of a
decisions effect:
Occupational control decisions
Management control decisions
Strategic planning decisions
ROLE OF THE AIS IN THE VALUE CHAIN
The what do we want to be when we growup types of questions
Involves establishing Organizational objectives
Policies to achieve those objectives
EXAMPLE: Deciding whether to diversify thecompany into other product lines
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In general, the higher a manager is in the
organization, the more likely he/she is tobe engaging in:
Less structured decisions
Broader scope (i.e., strategic planning)decisions
ROLE OF THE AIS IN THE VALUE CHAIN
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Corporations have:
Unlimited opportunities to invest in technology
Limited resources to invest in technology
Consequently, they must identify theimprovements likely to yield the highest
return.
This decision requires an understanding ofthe entitys overall business strategy.
THE AIS AND CORPORATE STRATEGY
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Michael Porter suggests that there are two
basic business strategies companies canfollow:
Product-differentiation strategy
Low-cost strategy
THE AIS AND CORPORATE STRATEGY
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Michael Porter suggests that there are two
basic business strategies companies canfollow:
Product-differentiation strategy
Low-cost strategy
THE AIS AND CORPORATE STRATEGY
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A product differentiation strategy involves
setting your product apart from those ofyour competitors, i.e., building a better
mousetrap by offering one thats faster,has enhanced features, etc.
THE AIS AND CORPORATE STRATEGY
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Michael Porter suggests that there are two
basic business strategies companies canfollow:
Product-differentiation strategy
Low-cost strategy
THE AIS AND CORPORATE STRATEGY
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A low-cost strategy involves offering a
cheaper mousetrap than your competitors.The low cost is made possible by
operating more efficiently.
THE AIS AND CORPORATE STRATEGY
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Sometimes a company can do both, but
they normally have to choose.
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Porter also argues that companies must
choose a strategic position among threechoices:
Variety-based strategic position
THE AIS AND CORPORATE STRATEGY
Offer a subset of the industrysproducts or services.
EXAMPLE: An insurance companythat only offers life insurance asopposed to life, health, property-casualty, etc.
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Porter also argues that companies must
choose a strategic position among threechoices:
Variety-based strategic position
Needs-based strategic position
THE AIS AND CORPORATE STRATEGY
Serve most or all of the needs of a particulargroup of customers in a target market.
EXAMPLE: The original Farm Bureau-basedinsurance companies provided a portfolio ofinsurance and financial services tailored to thespecific needs of farmers.
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Porter also argues that companies must
choose a strategic position among threechoices:
Variety-based strategic position
Needs-based strategic position
Access-based strategic position
THE AIS AND CORPORATE STRATEGY
Serve a subset of customers who differ fromothers in terms of factors such as geographiclocation or size..
EXAMPLE: Satellite Internet services areintended primarily for customers in rural areaswho cannot get DSL or cable services.
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Porter also argues that companies must
choose a strategic position among threechoices:
Variety-based strategic position
Needs-based strategic position
Access-based strategic position
These strategic positions are notmutually exclusive and can overlap.
THE AIS AND CORPORATE STRATEGY
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Choosing a strategic position is importantbecause it helps a company focus its efforts asopposed to trying to be everything to everybody.
EXAMPLE: A radio station that tries to play all typesof music will probably fail.
Its critical to design the organizations activitiesso they reinforce one another in achieving the
selected strategic position. The result issynergy, which is difficult for competitors toimitate.
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The growth of the Internet has profoundlyaffected the way value chain activities areperformed: Inbound and outbound logistics can be streamlined
for products that can be digitized, like books andmusic. The Internet allows companies to cut costs, which
impacts strategy and strategic position. Because the Internet is available to everyone, intense
price competition can result. The outcome may be
that many companies shift from low-cost to product-differentiation strategies.
The Internet may impede access-based strategicpositions.
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The AIS should help a company adopt and
maintain its strategic position.
Requires that data be collected about each
activity.
Requires the collection and integration of bothfinancial and nonfinancial data.
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The authors believe:
Accounting and information systems shouldbe closely integrated.
The AIS should be the primary informationsystem to provide users with information theyneed to perform their jobs.
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SUMMARY
What weve learned so far: The meaning of system, data, and
information
What an AIS is Why its an important topic to stody
What its role is in the value chain
How it provides information for decision making
What are the basic strategies and strategicpositions an organization can pursue How these interact with the AIS
Core Concepts of
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Core Concepts ofACCOUNTING INFORMATION SYSTEMSMoscove, Simkin & Bagranoff
John Wiley & Sons, Inc.
Developed by:S. Bhattacharya, Ph.D.Florida Atlantic University
Ch t 1
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Chapter 1Accounting Information Systems and the Accountant
Introduction
What are Accounting InformationSystems?
Accounting in the Information Age
Careers in Accounting Information
Systems
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Chapter Quotation
The accounting industry has always been paper-driven. Now it is becoming technology driven.Maureen Link, 3G Technology Will Change the WayYou Work, Pennsylvania CPA Journal (Spring 2003),p. 19.
The American Institute of Certified PublicAccountants (AICPA) has projected that two of thetop technology issues facing the accountingprofession during the first several years of the 21stcentury are: Information security and controls within
information systems, andElectronic commerce
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The Information Age
In the information age, fewer workers aremaking products, and a large segment of
the employee population is involved inproducing, analyzing, and distributinginformation.
Knowledge workers comprise much of the
labor force. A major contributor to the information
age is the Internet.
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An Information System
A System is an entity consisting ofinteracting parts or components that areattempt to achieve one or more goals.
An Information system is a set ofinterrelated subsystems that work togetherto collect, process, store, transform, and
distribute information for planning, decisionmaking, and control.
Firms depend on information systems in
order to stay competitive.
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AIS: At the Intersection of Accounting andIS
Accounting
Information
Systems
Accounting Information
Systems
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Accounting Information Systems
An Accounting Information System(AIS) is the information subsystem
within an organization thataccumulates information from theentitys various subsystems andcommunicates it to the organizations
information processing subsystem. The AIS today should be an enterprise-
wide information system, focused on
business processes.
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An Accounting Information System
Inputs: Data/Information from
Internal/External sources
Processes: Sort, Organize,
Calculate
Outputs: Information for Internal/
External Decision Makers
Data
Repository/
Files,
Databases,
Etc.
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Data are raw facts about
events that have noorganization or meaning.
Information is data thathave been processed and is
meaningful and useful tousers.
Data versus Information
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MI S versus AI S
Historically, a Management Information
System provided financial and nonfinancial
information to internal users (management).
The Accounting Information System providedfinancial information to both external and
internal users.
Now, the two systems overlap and
provide much of the sameinformation focusing on
business processes.
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Accounting in the Information Age
Financial Accounting
Managerial Accounting
Auditing
Taxation
Wh D A i I f i S
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Why Do Accounting Information SystemsFail?
Hardware problems
Software problems
People problems Data problems
Processing procedures
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Whats New in AIS?
Countering terrorism
New accounting scandals
The Sarbanes-Oxley Act of 2002 The Jobs & Growth Tax Relief
Reconciliation Act of 2003
WI-FI Technology
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Examples of Recent Accounting Scandals
Enron 2001
Imclone 2001
Arthur Andersen 2001
Merrill Lynch 2002
Tyco 2002
Adelphia 2002
Global Crossing 2002
Parmalat 2003
NYSE 2003
WorldCom 2003
HealthSouth 2003
T f A ti I f ti
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Taxonomy of Accounting InformationSystems
Financial Accounting
Cost Accounting Budgeting Systems Study
Managerial Accounting
An Accounting Information System
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Financial Accounting
The objective of financial accounting is toprovide relevant information to individuals andgroups outsidean organizations boundaries.
Users include investors, tax agencies, andcreditors.
Objectives achieved through preparation offinancial statements.
The Financial Accounting Information
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The Financial Accounting InformationSystem
Inputs are transactions measured inmonetary units.
The audit trail enables information users
to follow the flow of data through thesystem.
Audit trail parallels the accounting cycle,which begins with a transaction and ends
with producing financial statements andclosing temporary accounts.
A good audit trail permits managers tofollow source document data from inputthrough processing to the datas location
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A Financial Accounting Audit Trail
TransactionProcessing
Output
Input
Financial Starementsand other external
reports
Trial Balance
Ledgers
Journals
Files of Source Documents
Source Documents
Criticisms of the Financial Accounting
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Criticisms of the Financial AccountingInformation System
Lack of timeliness and usefulness
Too much aggregation of information
Segment reporting concerns reporting ofdisaggregated information.
Information overload
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Managerial Accounting
Objective of Managerial Accounting is to
provide relevant information to a companys
managers, who are internal parties (or users). Three components of managerial accounting
are:
Cost Accounting
Budgeting
Systems study
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Features of Managerial Accounting
Providing accounting information forinternal parties, rather than external.
Information is mostly forward-looking.
Not regulated by GAAP and not mandatoryto prepare.
Reports include both non-monetary andfinancial data.
Influenced by many business and non-business disciplines.
Information is flexible and frequentlyinvolves non-routine reporting.
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Cost Accounting
Cost accounting assists managers in
functions related to an organizations
acquisition, processing, distribution and
selling activities.
Activity-based costing systems assign
overhead to products based on cost drivers.
Responsibility accounting systems helpmanagers trace unfavorable performance
to the department or individual that caused
the inefficiencies.
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Performance measures are beingused for long-term profitability and to
encourage certain employeebehavior.
The balance scorecard approachuses performance measurements in
four categories to evaluate andpromote certain activities andbehaviors.
Cost Accounting
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Budgeting
A budget is a financial projection forthe future and thus is a valuablemanagerial planningaid.
Budgets are used for managerialcontrol. Actual results are comparedto budgeted results.
The budgetary function in the AISaffects all the subsystems within anorganization.
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Systems Study
Because of managerial accountantsability to understand internal financial
systems, organizations may hire them toperform system studies.
Many systems studies use the teamapproach.
The team may include marketing specialists,computer experts, production managers,engineers and industrial psychologists.
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Steps in Systems Study
PlanningDevelop strategic plans
Analysis
Review current system
DesignDesign new system
Implementation and Follow-upPut the new system in place and continue to
monitor it
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Auditing
Auditing has become a matureindustry.
Accountants are focusing on additionalassurance services in arenas otherthan financial reporting.
CPA WebTrust is a service that
provides assurance that a companyengaged in electronic commerce canprovide the goods and services
purchased as promised.
Assurance Services identified by the AICPA Special
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Assurance Services identified by the AICPA SpecialCommittee
Risk Assessment
Business Performance Measurement
Information Systems Reliability
Electronic Commerce
Health Care Performance
Measurement Eldercare Plus
T i
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Taxation
Information technology enables the
automation of income tax returns.
Electronic tax libraries and on-line taxservices make it easier for accountants to
perform tax research.
Careers in Accounting Information
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Careers in Accounting InformationSystems
Systems consultants provide helpwith issues concerning information
systems.Designing information systems,
selecting hardware and software, orreengineering business processes.
Value-added resellers (VARs) sell acertain software program andprovide consulting services to
com anies.
Careers in Accounting Information
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Careers in Accounting InformationSystems
Information systems auditors concernthemselves with analyzing risks associated
with computerized information systems.Professional hackers can show organizations
ways that their computer system could bepenetrated.
Information systems auditors can belicensed as Certified Information SystemsAuditors (CISA).
Information Systems Audit and ControlAssociation (ISACA) certifies a CISA.
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Copyright
Copyright 2005 John Wiley & Sons, Inc. All rights reserved.
Reproduction or translation of this work beyond that permitted in
Section 117 of the 1976 United States Copyright Act without theexpress written permission of the copyright owner is unlawful.
Request for further information should be addressed to the
Permissions Department, John Wiley & Sons, Inc. The purchaser may
make backup copies for his/her own use only and not for distribution
or resale. The Publisher assumes no responsibility for errors,omissions, or damages, caused by the use of these programs or from
the use of the information contained herein.
Ch t 1
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Chapter 1