Professional Development Programme on Enriching Knowledge of the Business, Accounting and Financial Studies (BAFS) Curriculum
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1 Professional Development Programme on Enriching Knowledge of the Business, and Financial Studies (BAFS) Curriculum Course 1 : Contemporary Perspectives on Unit 5 : ICT Applications in Technology Education Section, Curriculum Development Institute Education Bureau, HKSARG August Learning Objectives On completion of this unit, you should be able to: (i) (ii) (iii) (iv) Explain what accounting information system is. Understand the importance of an accounting information system in management decision making. Identify ICT applications commonly used in accounting. Describe the advantages and disadvantages of using computerised accounting. 2
2 Organisation of Unit 5 ICT Applications in Information System Components General Functions Subsystems Importance Revenue Expenditure Production Resource Management Financial Reporting Information Communication Technology Traditional Computerbased Technology Digital Communication Technology Advantages and Disadvantages of Computerised 3 Information System (1) Do you know what accounting information system is? 4
3 Information System (2) Business Transaction AIS Report Transaction Data Data Processing information Decision Making information system (AIS) is a system designed to transform transaction data into accounting information for decision-making. 5 Information System (3) AIS While AIS was previously a paper-based system (or called manual system), most modern businesses now use accounting software to maintain their AIS. This is known as computerised accounting information system. 6
4 Information System (4) AIS - Components Computer Hardware Software Staff A computerised accounting information system generally comprises computer hardware, accounting software and accounting staff. 7 Information System (5) AIS General Functions Transaction Data Data Collection Information Generation Computer Hardware Software Data Maintenance (like classification, calculation, summarisation and comparison) Staff Data Management (like storage, updating and retrieval) Data Control and Security Users Generally speaking, the functions of the AIS, whatever the manual AIS system or the computerised AIS system, include data collection, data maintenance, data management, data control and security and information generation. 8
5 Information System (6) AIS - Subsystems Computer Hardware Transaction Processing Software s Staff The AIS processes transaction data by means of transaction processing cycles, which are interrelated subsystems of the AIS. Each cycle is designed to deal with a particular type of transaction. For example, the revenue cycle, which will be explain more later, is designed to deal with sales transactions. 9 Information System (7) AIS - Subsystems Revenue Expenditure Computer Transaction Hardware Processing Software s Production Resource Management Staff Financial Reporting The transaction processing cycles 1, which vary among companies, of a typical AIS are classified as: revenue cycle, expenditure cycle, production cycle, resource management cycle and financial reporting cycle. 1 Wilkinson, J. W., and Information Systems, Wiley 10
6 Information System (8) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software The Revenue is used to process sales transactions and related sales receipts. In particular, the cycle usually possesses the following functions: - authorising sales transactions; - recording sales orders; - verifying customers creditworthiness; - arranging shipment of goods or performance of services; 11 Information System (9) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software - billing customers; - verifying and safeguarding sales consideration; - recording sales transactions and related receipts in the ledgers; and - preparing sales analysis. 12
7 Information System (10) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software 13 The Expenditure is used to process purchases/other expenses transactions and related payments. In particular, the cycle usually possesses the following functions: - authorising purchases transactions; - placing purchases orders; - verifying and safeguarding the goods/services received; - verifying the validity of purchase invoices; Information System (11) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software - authorising payments for the purchases and other expenses; - arranging the payments for the purchases and other expenses; - recording purchases/other expenses transactions and related payments in the ledgers; and - preparing purchases analysis and expenses analysis. 14
8 Information System (12) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software The Production, mainly found in manufacturing companies, is used to provide information related to the conversion of raw materials into finished goods. In particular, the cycle usually possesses the following functions: - performing the production planning; - managing the inventory level; - maintaining and controlling the production operations; 15 Information System (13) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software - maintaining the cost records for work-in-process; - recording the resources used in production and completion of finished goods in the ledgers; and - preparing inventory analysis and production analysis. 16
9 Information System (14) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software The Resource Management concerns with the capital asset management. The cycle involves fund management, facilities management and personnel management. In particular, the cycle usually possesses the following functions: 17 Information System (15) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software 18 Fund Management - authorising acquisition and use of the funds; - acquiring funds from various sources, like sales of goods, bank loans, shares issuance and debenture issuance; - using funds to meet obligations due; - safeguarding and controlling funds on hand; and - recording the acquisition and use of funds in the ledger.
10 Information System (16) AIS - Subsystems Revenue Expenditure Computer Hardware Production Resource Management Staff Financial Reporting Software 19 Facilities Management - identifying the needs of acquiring fixed assets; - preparing the capital investment proposals; - authorising the acquisition, use or disposal of fixed assets; - placing orders; - verifying and safeguarding the fixed assets received; - verifying the validity of suppliers invoices; Information System (17) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software Facilities Management - authorising payments for the acquisition; - arranging the payments for the acquisition; - safeguarding and controlling the fixed assets; - maintaining the records concerning fixed assets; and - recording the acquisition and disposal of the fixed assets in the ledger. 20
11 Information System (18) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software Personnel Management - establishing pay status of staff; - measuring the services rendered by the staff, for example: timekeeping; - authorising the payments for the services rendered by the staff; - arranging the payments for the services rendered by the staff; and - recording the staff costs in the ledger. 21 Information System (19) AIS - Subsystems Revenue Expenditure Computer Hardware Production Finance Resource Management Staff Financial Reporting Software The Financial Reporting is the process of transforming data generated by the aforesaid transaction cycles into accounting information like trial balance, income statements and balance sheets. 22
12 Importance of AIS (1) Management After understanding the key components and features of the AIS, could you figure out why the AIS is important in management decision making? 23 Importance of AIS (2) Management The AIS provides relevant and timely accounting information to the management for strategic and tactical planning. In particular, the AIS processes the transaction data and generates reports to the management for further analysis and decision making. 24
13 Importance of AIS (3) Management Can you think of any examples that the management uses the output of AIS to make decision? 25 Importance of AIS (4) Management For example, the management of a retail store is required to make a decision on the amount of year-end bonus to be paid to Steven, a salesman. The management: - determines that the total amount (5% of profit) of bonus entitled by all salesmen basing on the profit ($10 million) for the year is $500,000 ($10 million x 5%); and - evaluates the performance of Steven based on the sales analysis report and finds that Steven contributes 3% of total sales for the year; and - determines that the amount of year-end bonus to be paid to him is $15,000 ($500,000 x 3%). 26
14 ICT Applications in (1) Do you know what Information Communications Technology (ICT) is and how it is applied in accounting? 27 ICT Applications in (2) ICT is the uses of digital technology to help individuals, businesses and organisations to use information. ICT covers products which store, retrieve, manipulate, transmit or receive digital data, e.g. personal computers, digital camera, palm and . 28
15 ICT Applications in (3) Traditional Computer-based Technologies Digital Communication Technologies ICT is categorised into: - the Traditional Computer-based Technologies; and - the Digital Communication Technologies. 29 ICT Applications in (4) Traditional Computer-based Technologies In office, the application of the Traditional Computer-based Technologies allows us to do what we are typically using to do with a personal computer, like: - word processing (eg Microsoft Word); - performing calculation with spreadsheet (eg Microsoft Excel); - conducting a presentation (eg Microsoft Powerpoint); and - managing data (eg Microsoft Access). 30
16 ICT Applications in (5) Traditional Computer-based Technologies In accounting, the application of Traditional Computer-based Technologies allows us to manage a business s accounting records with accounting application software. 31 ICT Applications in (6) A wide range of accounting application software is available for businesses of various nature and sizes, like: - ACCPAC; 32
17 ICT Applications in (7) 33 A wide range of accounting application software is available for businesses of various nature and sizes, like: - ACCPAC; - MYOB; ICT Applications in (8) 34 A wide range of accounting application software is available for businesses of various nature and sizes, like: - ACCPAC; - MYOB; and - DacEasy.
18 ICT Applications in (9) Digital Communication Technologies The Digital Communication Technologies refers to the technologies of data communication by electronic means. This is often achieved via networks of sending and receiving equipment, wires and satellite links. Typical examples of the application are Internet and Intranet. 35 ICT Applications in (10) Via an internal network, generally referred to as a Local Area Network (LAN), a user can share accounting application software and accounting data with other users at the same location. 36
19 ICT Applications in (11) Via an external network, generally referred to as a Wide Area Network (WAN), a user can communicate with other users outside their internal network. For example, a user in Country A can access accounting data input by another users located in Country B via WAN. Another example is that the public places orders and makes payments to supermarkets via Internet. 37 Advantages and Disadvantages of Computerised (1) Can you state the advantages and disadvantages of computerised accounting (ie using the ICT in accounting)? 38
20 Advantages and Disadvantages of Computerised (2) Advantages Reduce repetitive routine manual accounting work Reduce cost and human resource for maintaining the accounting information system Enhance the efficiency in the preparation of financial statements and the decision making of management Enhance the consistency and reliability of the accounting system and its output Allow users to access the accounting information system simultaneously 39 In the early stage of computerisation, the main benefits of computerised accounting came from the reduction in the number of accounting personnel needed to process routine transactions as repetitive accounting work could be processed by computers in batches. Advantages and Disadvantages of Computerised (3) Advantages Reduce repetitive routine manual accounting work Reduce cost and human resource for maintaining the accounting information system Enhance the efficiency in the preparation of financial statements and the decision making of management Enhance the consistency and reliability of the accounting system and its output Allow users to access the accounting information system simultaneously 40 Besides, the efficiency and reliability of computerised accounting considerably improve the efficiency of financial reports preparation and the accuracy of accounting data.
21 Advantages and Disadvantages of Computerised (4) Advantages Reduce repetitive routine manual accounting work Reduce cost and human resource for maintaining the accounting information system Enhance the efficiency in the preparation of financial statements and the decision making of management Enhance the consistency and reliability of the accounting system and its output Allow users to access the accounting information system simultaneously 41 Furthermore, the innovation and popularisation of Digital Communication Technologies allows different users, in the same or different locations, to input and access accounting data simultaneously. Advantages and Disadvantages of Computerised (5) Disadvantages High initial cost The application software may not totally fit the needs of a business High risk of attacks by hackers and fraudsters However, computerised accounting has also thrown up a number of recurring problems to users. First of all, the initial setup cost and staff training cost for a computerised accounting information system are expensive. 42
22 Advantages and Disadvantages of Computerised (6) Disadvantages High initial cost The application software may not totally fit the needs of a business High risk of attacks by hackers and fraudsters Businesses usually acquire ready-made accounting application software to computerise their accounting information systems. However, the features of the software may not totally fit the operation needs of the businesses. 43 The businesses have to adapt their operations to fit in with the software, or to seek for special modifications to the software, which is an expensive option. Advantages and Disadvantages of Computerised (7) Disadvantages High initial cost The application software may not totally fit the needs of a business High risk of attacks by hackers and fraudsters To enable the public to transmit orders and make payments directly to suppliers system electronically, some businesses have opened up their systems and allow the public to access them. However, this makes the systems vulnerable to attacks by hackers and fraudsters. 44
23 Recapitulation Now, you have come to the end of the unit. Let us recapitulate the essential points of the following in the next five slides: 45 What accounting information system (AIS) is Components of a computerised AIS Functions of the AIS Transaction processing cycles of AIS Information Communications Technology (ICT), its category and applications in accounting ICT applications in accounting advantages and disadvantages Recapitulation - AIS (1) information system (AIS) is a system designed to transform transaction data into accounting information for financial decision-making. Components of a computerised AIS: computer hardware, accounting software and accounting staff. Functions of the AIS: data collection, data maintenance, data management, data control and security and information generation. 46
24 Recapitulation - AIS (2) Transaction processing cycles of AIS: revenue cycle, expenditure cycle, production cycle, resource management cycle, and financial reporting cycle. 47 Recapitulation - ICT (1) Information Communications Technology (ICT) is the uses of digital technology to help individuals, businesses and organisations to use information. ICT is categorised into: the Traditional Computer-based Technologies, which allows us to do what typically we are using to do with a personal computer at home or at work; and the Digital Communication Technologies, which allows us to communicate by electronic means. ICT applications in accounting: manage a business s s accounting records with accounting application software; and share of accounting application software and accounting data by different users. 48
25 Recapitulation - ICT (2) ICT applications in accounting: Advantages: Reduce repetitive routine manual accounting work. Reduce cost and human resource for maintaining the accounting information system. Enhance the efficiency in the preparation of financial statements and decision making of management. Enhance the consistency and reliability of the accounting system and its output. Enhance the accessibility of the accounting information system. 49 Recapitulation - ICT (3) ICT applications in accounting: Disadvantages: High initial cost. The application software may not totally fit the needs of a business. High risk of attacks by hackers and fraudsters. 50
26 References Wilkinson, J. W. (2000), and Information Systems, Wiley, 4th Edition, Chapter 1, 3, Further Readings Stair and Reynolds (2006), Principles of Information Systems: A Managerial Approach, Thomson Publishing, 7th Edition, Chapter 6 & 9. James A Hall (2004), Information Systems, South-Western College Publishing, 4th Edition, Chapter 2,
27 Further Readings ERP 會 計 資 訊 系 統 與 實 務 / 林 育 靑 著, 碁 峰 資 訊 股 份 有 限 公 司, 2003 會 計 資 訊 系 統 / 林 志 軍, 許 連 贊 著, 五 南 圖 書 出 版 有 限 公 司, End of the Unit End-of of-unit Assessment This is the end of Unit 5. Please go to the Unit Assessment before attempting the next unit. 54
28 Additional Learning Resources If you would like to experience a computerised accounting system, you may download the free trial version of DacEasy and MYOB from the following links: MYOB: DacEasy: 55
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