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Market regularly keeps trait of huge amounts of both financial and non-financial information. Some departments keep trait of existing and prospective clientele: market departments keep trait of merchandise details and regional demographics, accounting departments keep trait of financial data and issue reports. To be useful, all this data must be structured into a significant and rational way. Such a system is called a Management Information System (MIS). It broadly refers to a computer-based system that provides tools to organise evaluate and effectively manage departments within an organisation. In order to provide past, present and prediction information, a management information system can include software that helps in decision making, data resources such as databases, the hardware resources of a system, decision support systems, people management and project management applications, and any computerised processes that enable the department to run efficiently.
The financial hub of the MIS is accounting. Accounting is the information system that records, analyses, and reports economic transactions, enabling decision makers to make informed choices, when allocating scarce economic resources. It is a tool that enables the user, whether a business entity or an individual, to make wiser, more informed economic choices.
It is an aid to planning, controlling, evaluating a broad range of activities. Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. Because, it is important that financial accounting reports be interpreted correctly, financial accounting is subject to a set o f.... guidelines called “generally accepted accounting principles".
Market regularly keeps trait of huge amounts of both financial and non-financial information. Some departments keep trait of existing and prospective clientele: market departments keep trait of merchandise details and regional demographics, accounting departments keep trait of financial data and issue reports. To be useful, all this data must be structured into a significant and rational way. Such a system is called a Management Information System (MIS). It broadly refers to a computer-based system that provides tools to organise evaluate and effectively manage departments within an organisation. In order to provide past, present and prediction information, a management information system can include software that helps in decision making, data resources such as databases, the hardware resources of a system, decision support systems, people management and project management applications, and any computerised processes that enable the department to run efficiently.
The financial hub of the MIS is accounting. Accounting is the information system that records, analyses, and reports economic transactions, enabling decision makers to make informed choices, when allocating scarce economic resources. It is a tool that enables the user, whether a business entity or an individual, to make wiser, more informed economic choices.
It is an aid to planning, controlling, evaluating a broad range of activities. Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. Because, it is important that financial accounting reports be interpreted correctly, financial accounting is subject to a set o f.... guidelines called “generally accepted accounting principles".
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