AIS-1 Essay Example | Topics and Well Written Essays - 500 words

AIS-1 - Essay Exampleeeping in view the requirements of the agate line operations the treasure evaluates need for procurement of funds and investment of surplus in profitable ventures. He/she drafts policies and procedures for account collections and offering credit to customer and signs notes of indebtedness as approved by higher management. finally he/she prepares monetary reports for management and advises them on investments and loans (Kerr & King, 1984).The controllers intentions include accounting, reporting and control. The accounting function involves breeding and maintenance of accounting records related to each business transaction. Controller directs and coordinates financial planning and give out out management functions based on each forecasts submitted by each departments manager. He/she identifies each variations in operating results against budget by carrying out analytical review of companys procedures and outcomes and manages the preparation of annual and in terim reports of the company. The controller is primarily involved in planning and policy making committees and work as legislative liaison to handle companys financial issues. The companys tax income issues, payroll and internal audit activities are also governed. Other activities may include preparation of budgets and financial statements. Finally he/she overseas financial management of the companys foreign operations and helper them to improve (Bragg, 2002).Transaction processing cycle begins with a transaction. A transaction is an agreement between buyer and seller to exchanges goods or services for payment. Transaction processing cycle therefore relates to repetitive flow of the activities of an ongoing enterprise. There are three major transaction cycles which include (1) Revenue Cycle which relates to sales, shipping, receivables, and collections arising from companys activities (2) Buying Cycle which relates to purchases, payables, and payments of companys activities and (3 ) Production