Question

1. Technology facilitates automation and provides us with the information we need to make decisions. What type of information does an accounting system provide?

2. A good recordkeeping system includes a summary of your business transactions. Business transactions are ordinarily summarized in books called journals and ledgers. Contrast the use of journals and ledgers.

3. What is the purpose of an internal audit?

4. When beginning to establish good recordkeeping procedures, what three essential components that you must include?

5. Identify three fundamental common for HR forms that are required by an employer for setting up a manual HR system.

6. Describe the relationship between knowledge and data. Give an example that shows this relationship

Answer 1

1. Accounting system with respective to technological automation provides information needed to decision makers and information related to tax, inventory, revenues and expenses etc, and decisions needed to taken for internal control. Technological automation provided the output with ease and saves a lot of time.

2. Journal: It is used to record the series of events to be maintained as an entry in the books of accounts. Whenever the income is to be compared for two different months or days the journal is used.

Ledger: All the entries in journal are recorded in ledger and get tallied. It is used by the organization's for monthly reporting.

3. Internal audit is used for evaluating internal controls, internal risk management, reporting and advise. Without internal audit the company will not have efficient reports for proper planning and effective income regulations. It is used for the promotion of internal discipline of the various workers of the organization.

4. Three components are as follows:

i. Effective and efficient storage of data.

ii. Supply information for useful for decision makers and various users of information.

iii. Accurately record and process data.

5.

i. Employment contractual agreements: Various contracts undergone by the organization with the employee.

ii.Employee handbook: Its explains employee rules and procedures.

iii. Job Descriptions: The profile is basically explained.

6. Data presents the various events of a context and Knowledge is the next step after the processing of data and concluding various results. For example, a company's information is data provided in some sources but applying that comparing to the other years and using that for the benefit of the company through implicit wisdom is known as knowledge. In relation to the Data and Knowledge, Data comes first and the latter follows.