1. Receiving Information: The information may be received from within the organization or outside the organization.Information from customers is outside information while information from department is an example of information from within.
2. Processing or Arranging Information:
The received and collected information have to be arranged in a systematic way. If not so,it may be hard to find information when needed.
3. Recording Information:
Both received and collected information should be properly recorded in suitable form.This may help in detecting any fraud.
4. Creating Records: The information should be converted into according to the needs and prepare financial statements
5. Processing or Arranging Information:
The received and collected information have to be arranged in a systematic way.
This may aid in retrieving the information when next needed.
6. Maintenance of Records: Created records should be maintained in a proper way for future reference.
7. Communication of Information:The office supplies information from its records as and when required by management for taking decisions.Good communication is key to success of any business.
kimemia5 answered the question on October 9, 2017 at 16:16
Provide proper and sufficient information
To facilitate functions of other departments
To facilitate decision -making
To plan the activities and implementation of such plan
To coordinate activities of all departments of the business
Wincate 1 answered the question on October 12, 2017 at 07:46
- Differentiate between personal and impersonal accounts.(Solved)
Differentiate between personal and impersonal accounts.
Date posted: October 2, 2017. Answers (1)
- Give the various types of cashbook.(Solved)
Give the various types of cashbook.
Date posted: October 2, 2017. Answers (1)
- Explain the going -concern concept as an accounting principle.(Solved)
Explain the going -concern concept as an accounting principle.
Date posted: October 2, 2017. Answers (1)
- Differentiate between Business entity concept and Money measurement concept.(Solved)
Differentiate between Business entity concept and money measurement concept.
Date posted: October 2, 2017. Answers (1)
- State four types of accounting principles.(Solved)
State four types of accounting principles.
Date posted: October 2, 2017. Answers (1)
- What is meant by the term accounting principles? (Solved)
What is meant by the term accounting principles.
Date posted: October 2, 2017. Answers (1)
- Outline the desirable characteristics of accounting.(Solved)
Outline the desirable characteristics of accounting.
Date posted: October 2, 2017. Answers (1)
- Define the term accounting.(Solved)
Define the term accounting.
Date posted: October 2, 2017. Answers (1)
- Describe types of audits.(Solved)
Describe types of audits.
Date posted: September 27, 2017. Answers (1)
- Describe the stages of accounting cycle.(Solved)
Describe the stages of accounting cycle.
Date posted: September 27, 2017. Answers (1)
- State the importance of accounting information systems.(Solved)
State the importance of accounting and information systems.
Date posted: September 27, 2017. Answers (1)
- Describe the audit procedures that the auditors would carry out in order to obtain sufficient evidence to be able to form an opinion on the...(Solved)
Describe the audit procedures that the auditors would carry out in order to obtain sufficient evidence to be able to form an opinion on the going concern status of the company.
Date posted: September 10, 2017. Answers (1)