Individual Assignment by Rynn Zach https://padlet.com/azzureenzakaria/nurazzureen96 Individual Assignment - AIS en-us 2020-03-11 09:21:57 UTC 2020-03-11 13:06:42 UTC hello@padlet.com What three transaction cycles exist in all businesses? azzureenzakaria https://padlet.com/azzureenzakaria/nurazzureen96/wish/458193358
There are 3 types of business transactions that affect most firms' economies. There are outgoing cycles in all types of businesses such as non-profit seeking organizations and these cycles are:

a) Expenditure cycle
It is related to consumer purchasing and service decisions.

b) Conversion cycle
A metric performance that measures the number of days it takes a company to convert its investment into inventory.

c) Revenue cycle
A business records all transactions from sale to receipt of payment.

]]> 2020-03-11 09:31:45 UTC https://padlet.com/azzureenzakaria/nurazzureen96/wish/458193358 Distinguish between AIS and MIS. azzureenzakaria https://padlet.com/azzureenzakaria/nurazzureen96/wish/458236986 AIS processes certain financial and non-financial transactions that directly affect financial processing transactions. AIS external financial reporting documents are subject to legal and professional standards. As a result, management and accountants have greater legal responsibility for AIS applications than MIS applications. MIS processes non-financial transactions that are outside the scope of AIS. The MIS application expands the set of information provided for areas such as production, sales, marketing, and inventory management. MIS often collects and builds data from AIS.

]]> 2020-03-11 10:46:59 UTC https://padlet.com/azzureenzakaria/nurazzureen96/wish/458236986 What are the key features of a POS system? azzureenzakaria https://padlet.com/azzureenzakaria/nurazzureen96/wish/458314394 The point of sale system instantly records cash and credit transactions and inventory information. Sales journals, accounts receivable, and inventory accounts may be updated in real time, or transaction files can be used to update key files.

]]> 2020-03-11 12:51:13 UTC https://padlet.com/azzureenzakaria/nurazzureen96/wish/458314394 What is the relationship between tests of controls and substantive tests? azzureenzakaria https://padlet.com/azzureenzakaria/nurazzureen96/wish/458320822 The relationship between the control test and the substantive test is directly related risk assessment of auditors. The stronger the internal controls, the less substantive testing that auditors must be.

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