Question

What are the functions of an Accounting Information System?

Answer 1

Functions of an Accounting Information System (AIS) are as follows

(i) The first function of an AIS is the efficient and effective collection and storage of data concerning an organisation's financial activities.
Also getting the transaction data from source documents, recording the transactions in the journal, and posting data from journal to ledger.

(ii) The second function of an AIS is to supply information useful for making decisions, including producing managerial reports, and financial statements.

(iii) The third function of an AIS is to make sure that controls are in place to accurately record and process data.