define accounting as an information system and input and output of accounting system?

Answer 1

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Subsystem of a Management Information System (MIS) that processes financial transactions to provide (1) internal reporting to managers for use in planning and controlling current and future operations and for nonroutine decision making; (2) external reporting to outside parties such as to stockholders, creditors, and government agencies.

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Answer 2

Accounting as an Information System

Today’s accountant focuses on the ultimate needs of decision makers who use accounting information, whether those decision makers are inside or outside the business.

Accounting “is not an end in itself,” but is an information system that measures, processes, and communicates financial information about an identifiable economic entity.

Data about business activities are the input to the accounting system and useful information for decision makers is the output.

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