TUTORIAL Accounting S/W & ERP (Lect 6) and Revenue & Expense Cycle (Lec 9)

Question 1:

What is the purpose of source documents? What controls are embedded in source documents? Give two examples of
source documents.

Question 2:

Why do companies in some industries require a specialized accounting software?

Question 3:

Critical thinking: Bart Simpson says “we just implemented ERP and there seems to be no benefit. Our reporting systems
are slowed down, and there is delay in producing reports. At the same time, our workers are leaving in droves!” Do you
agree or disagree with Bart’s comments? Justify your answer.

Question 4:

With respect to the data processing cycle, explain the phrase “garbage in, garbage out.” How can you prevent this from
happening?

Question 5:

If you have time, search the internet for accounting/financial software. What are the features? What type of companies
should adopt this software?