AFM341 Chapter Notes - Chapter 8: Arkansas Highway 4, Internal Control, Uptodate

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM341
• Professor: Clark Hampton

Document Summary

Accounting application: software package that is used by an org to record + store ais data and generate reports. Can be created by org, consultants or purchased by the company. 2 aspects of accounting app looked @: organized into modules, used to record, update, delete event info. Module: related functions [ex: purchasing + receiving] are grouped together in a module: ex: purchasing, sales, inventory, accounting module integrated = info entered on one module can be carried into another module. Useful to consider organization of functions within accounting modules. In real time systems, agent and product master tables are updated as soon as the event data are entered and recorded. Accounting apps have procedures for archiving/purging records no longer needed: firms copy the event records to storage devices and then delete them from the online records. Users need to know whether updating has been done so they can tell whether status reports include all events.