Accountants Generally Do Not Have All of the Necessary Systems

question 5

Essay

Accountants generally do not have all of the necessary systems analyst and systems development skills needed to develop accounting information systems.What skills do accountants have that systems analysts do not have,particularly with respect to a financial reporting system?

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Definitions:

Electronic Funds Transfer

Electronic Funds Transfer (EFT) is the digital transfer of money from one bank account to another, either within the same financial institution or across different institutions.

Disbursement System

The system and processes involved in paying out money from an organization or fund.

Original Entry

The initial recording of a financial transaction in the accounting records or journal, marking the first stage in the accounting process.

Transaction Recording

The process of documenting all business transactions in the accounting records of an organization, following accounting principles.