3. Accounting information system is a system of records, usually computer based, which combines accounting principles and concepts with the benefits of an information system.
7. Implementation of such system requires investment and time to be spent on the implementation, however future benefits are much higher that the expenses incurred.
10. In the second phase, the information will be processed for use. When processed, it is filed in the areas where it is most important. These systems have various groupings or categories to maintain files until they need to be used in the future for whatever reasons.