SUMMARY
• Computerized information systems collect, process, store, transform, and distribute financial and
non-financial information for planning, decision-making, and control purposes.
• Data are raw facts; information refers to data that are meaningful and useful.
• By law, the accountants in many specific financial institutions must now file suspicious activity
reports that document potential instances of fraud, money laundering, or money transfers to
terrorist organizations.
• Accounting information systems can help to thwart terrorism.
• Some of the recent corporate scandals involved manipulation of accounting data, which has led to
the passage of legislation to protect investors.
SUMMARY• Computerized information systems collect, process, store, transform, and distribute financial andnon-financial information for planning, decision-making, and control purposes.• Data are raw facts; information refers to data that are meaningful and useful.• By law, the accountants in many specific financial institutions must now file suspicious activityreports that document potential instances of fraud, money laundering, or money transfers toterrorist organizations.• Accounting information systems can help to thwart terrorism.• Some of the recent corporate scandals involved manipulation of accounting data, which has led tothe passage of legislation to protect investors.
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