Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which term best describes the application of computers to store, retrieve, and analyze business data in financial accounting?

Customer Relationship Management (CRM)

Accounting Information System (AIS)

Management Information System (MIS)

Enterprise Resource Planning (ERP)

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Verified step by step guidance

Understand the concept of Accounting Information System (AIS): AIS refers to the application of computers and software to collect, store, retrieve, and process financial and accounting data for decision-making purposes.

Compare AIS with other terms provided: CRM focuses on managing customer relationships, MIS deals with broader organizational information management, and ERP integrates various business processes but is not solely focused on accounting data.

Identify the key function of AIS: It is specifically designed to handle financial and accounting data, making it the most relevant term for the problem.

Recognize the importance of AIS in financial accounting: AIS ensures accuracy, efficiency, and compliance in managing financial data, which is critical for business operations.

Conclude that the correct term for the application of computers to store, retrieve, and analyze business data in financial accounting is Accounting Information System (AIS).