Accounting Information System

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Q1
Definition of 'Accounting Information System - AIS'
The collection, storage and processing of financial and accounting data that is used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. The resulting statistical reports can be used internally by management or externally by other interested parties including investors, creditors and tax authorities.

Investopedia explains 'Accounting Information System - AIS'
Accounting information systems that combines traditional accounting practices such as the Generally Accepted Accounting Principles (GAAP) with modern information technology resources. Six elements compose the typical accounting information system:       * People - the system users.

* Procedure and Instructions - methods for retrieving and processing data. * Data - information pertinent to the organization's business practices.     
* Software - computer programs used to process data. 
    
* Information Technology Infrastructure - hardware used to operate the system. * Internal Controls - security measures to protect sensitive data.

Q2:

The Accounting Information Cycle
Record keeping or the data transformation process is called the accounting cycle, and there are nine steps to this:  1. Preparing transaction source documents.
2. Recording business transactions in a journal.
3. Posting business transactions from the journal to the general ledger and determining individual account balances. 4. Preparing a trial balance.
5. Recording adjusting entries in a journal.
6. Posting adjusting journal entries to the general ledger. 7. Preparing financial statements from adjusted trial balances. 8. Recording closing entries in a journal.
9. Preparing a post closing trial balance. 

Q3:
Contextual Views?

Any system operates by interacting with its environment. The contextual view describes graphically the interaction of the system with the various entities in its environment. The interactions consist of dataflows from and to such entities.The contextual view clarifies the boundary of the system and its interfaces with the environment in which it operates.  

Q4:
Waterfall model

The waterfall model is a sequential design process, often used in software development processes, in which progress is seen as flowing steadily downwards (like a waterfall) through the phases of Conception, Initiation, Analysis, Design, Construction, Testing, Production/Implementation and Maintenance.

The unmodified "waterfall model". Progress flows from the top to the bottom, like a waterfall. The waterfall development model originates in the manufacturing and construction industries: highly structured physical environments in which after-the-fact changes are prohibitively costly, if not impossible. Since no formal software development methodologies existed at the time, this hardware-oriented model was simply adapted for software development. The first known presentation describing use of similar phases in software engineering was held by Herbert D. Benington at Symposium on advanced programming methods for digital computers on 29 June 1956.[1] This presentation was about the development of software for SAGE. In 1983 the paper was republished [2] with a foreword by Benington pointing out that the process was not in fact performed in strict top-down, but depended on a prototype. The first formal description of the waterfall model is often cited as a 1970 article by Winston W. Royce,[3] though Royce did not use the term "waterfall" in this article. Royce presented this model as an example of a flawed, non-working model.[4] This, in fact, is how the term is generally used in writing about software development—to describe a critical view of a commonly used software development practice.[5 Q5:

Systems development phases

The...
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