ACCT4350: Key Concepts in Accounting Information Systems and Emerging Technologies

Hierarchical block diagram

Used to represent successive levels of component subsystems; the connecting lines show inter-level associations.

Web services

Software applications that are distributed over the internet.

Cloud computing

Makes IT resources available over the internet as services for companies based on user demand.

Blockchain

A data structure for storing transactions using a highly secure distributed approach.

Production/Conversion cycle

The process for turning cash or raw materials and labor into finished goods.

Revenue cycle

Distribution of goods and services to customers and the collection of revenues.

Infrastructure as a Service (IaaS)

Provides servers, storage, or networking on a pay-per-use services model.

Reporting cycle

Maintenance of the general ledger, internal and external reporting, and tax and regulatory report preparation.

Chart of accounts

A coded list of all balance sheet and income statement accounts used by a business.

Distributed ledger

A shared transaction record maintained across multiple entities to agree on what occurred.

Accounting information system

Framework of people, processes, technologies, and controls that work together to provide information needed to operate, make decisions, and file necessary reports.

Transaction

Result of an agreement between an entity and some outside party to exchange goods or services.

Data

Raw facts and figures that have not yet been processed.

Information

Processed data that is meaningful and useful for decision-making.

Controls

Reduces the likelihood that something will go wrong.

Enterprise Resource Planning (ERP) Systems

Systems that integrate data from all aspects of a company's operations into one large centralized database.

Data Analytic Cycle

A framework describing how data is captured, prepared, analyzed, and communicated.

File

A collection of related records, such as all sales transactions for a period.

Master File

A file containing relatively permanent data, such as customer, vendor, or employee information.

Transaction File

A file containing records of day-to-day business activity, such as sales or payments.

Data Warehouse

A repository of integrated, structured data used for reporting and analysis.

Data Lake

A storage repository that holds both structured and unstructured data in raw form.

ETL (Extract, Transform, Load)

A process that extracts data from source systems, prepares it for use, and loads it into storage.

SQL (Structured Query Language)

A language used to retrieve, filter, summarize, and join data in relational databases.

Descriptive Analytics

Analysis that explains what has already happened.

Predictive Analytics

Analysis that estimates what is likely to happen.

Prescriptive Analytics

Analysis that recommends what action should be taken.

Smart Contracts

An automated agreement that executes terms such as payments or approvals once predefined conditions are met.

Robotic Process Automation (RPA)

Technology that automates repetitive, rules-based tasks such as data entry, reconciliations, or report generation.

Artificial Intelligence

Systems designed to perform tasks that typically require human judgment, such as recognizing patterns, making predictions, or interpreting language.

Machine Learning

A subset of artificial intelligence that improves decision-making by learning from historical data rather than relying on explicitly programmed rules.

Corporate Social Responsibility (CSR)

A firm's voluntary actions to operate in a socially responsible manner, such as ethical labor practices or community engagement.

Environmental, Social, and Governance (ESG)

A framework used by investors and regulators to evaluate a firm's long-term sustainability, risk exposure, and non-financial performance.

Stakeholder

An individual or group whose interests may influence, or be influenced by, a firm's operations and strategic decisions.

Business Model Innovation

A deliberate change in how a firm creates, delivers, or captures value, often enabled by technology or shifts in consumer behavior.

Distrubted File System

A methid of storing data across multiple connected machines rather than in a single centralized location.

A system, in general

a framework of interacting parts that work together to achieve an objective

Accounting Information

monetary values and ratios that are useful for operations, decision making, and filing necessary reports

System Problem

occurs when the system objective is not met

People

Indiviuals who perform tasks involving collecting, processing, tracking, and reporting accounting information.

EDI

A standard electronic format for exchanging business documents.

The value of information

Benefits recieved from information minus the cost of producing it.