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Accounting Information System (AIS)

Wall Street Mojo

Article Link to be Hyperlinked For eg: Source: Accounting Information System (AIS) (wallstreetmojo.com) In simple words, it is a system to collect and store all information related to financial transactions and events so that they can be retrieved for decision making by the internal management, accounts, CFOs, auditors, etc.

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Statement of Cash Flow

Wall Street Mojo

The operating activities include everyday business cash transactions. The investing activities comprise the long-term asset purchase or sale. In contrast, the financing activities involve all transactions that affect the equity and liabilities of a company. There are two ways of calculating cash flows: direct and indirect.

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Audit Evidence

Wall Street Mojo

read more , and other requirements to express his opinion on the objective and unbiased view of the company’s financial statements during the period under consideration. Inspection involves examining documents, records, and tangible assets, providing tangible proof of financial transactions.

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Reconciliation Statement

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It aims to nullify the difference in the same or next accounting period Accounting Period Accounting Period refers to the period in which all financial transactions are recorded and financial statements are prepared. Balance reconciliation is required to ensure that all purchases and sales transactions are recorded properly.