Identify and Describe Three Traits That Differentiate Management Information Systems

question 67

Essay

Identify and describe three traits that differentiate management information systems (MIS)from traditional management accounting techniques.

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Definitions:

Journal Entry

A record of a financial transaction in the accounting books of a business, showing the accounts affected and the amounts.

Invoice

A document issued by a seller to a buyer that lists goods or services provided, prices, and payment terms.

Ledger

A comprehensive collection of a company's financial transactions, organized by account.

Net Income

The total earnings a company makes after all expenses and taxes have been deducted from revenue.