Accounting Information Systems Have Five Generic Elements

question 20

Essay

Accounting information systems have five generic elements.Identify and describe two examples of each element in the acquisition/payment process of PTW Corporation based on the following narrative:
PTW Corporation sells computer peripherals and related devices, such as printers, ink, flash drives and cables.PTW has a staff of three purchasing agents, each of whom is in charge of a specific set of inventory items.Each purchasing agent uses his/her discretion in making decisions about when to order inventory, how much inventory to order and which vendor to purchase from.When ordered inventory arrives at PTW, one of two receiving clerks matches the items, quantities and vendors against a copy of the purchase order, then either stocks the merchandise on the shelves or puts it in the storeroom.PTW's accountant receives a copy of the invoice from the vendor, as well as an e-mail from one of the receiving clerks indicating that merchandise has been received.The e-mail also includes the relevant purchase order number.The accountant files the invoice by date in a filing cabinet; once a week, the accountant removes invoices from the filing cabinet and pays them by check.To cut down on clutter in the office, the accountant shreds the vendor invoice after the check has been paid by the bank.The accountant also completes a bank reconciliation within two weeks of receiving the bank statement in the mail.

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Definitions:

Amphetamines

A class of stimulant drugs used to treat conditions like ADHD and narcolepsy by increasing focus and alertness.

Wakefulness

is the state of being awake and conscious, characterized by high levels of sensory awareness, thought, and behavior.

Alertness

The state of being watchful and ready to respond quickly to any potential danger or opportunity.

Psychedelic Drugs

Consciousness-altering drugs that produce hallucinations, change thought processes, or disrupt the normal perception of time and space.