1. You are required to EXPLAIN the need for accounting information for the organisation, different users of accounting information and qualitative attributes that must be present in such accounting information.
Introduction
Accounting is the process of documenting, summarizing, analyzing, and providing interpretations of a business organization’s financial data. Accounting information developed in this way can be helpful to the firm’s stakeholders, including shareholders, employees, banks, creditors, other lenders, tax authorities, and regulatory agencies, amongst others. It is the only language or medium through which the organization can communicate with the outside world and its employees.
Concepts and applications
Importance of Accounting
a) Keeps a record of business transactions- Accounting is essential because it methodically records all the organization’s financial information. Users can more easily compare current financial information to historical data when using the most recent and up-to-date documents. Users can evaluate a company’s achievement over time if the documents they use are complete, accurate, and consistent.
b) Facilitates decision-making for management- Accounting is essential for the people who work within an organization. Users from within the organization might participate in the business’s planning, organizing, and management. Accounting is necessary for the management team to make crucial decisions. A company’s decisions can range anywhere from enhancing operational efficacy to actively pursuing geographical development and expansion.
Conclusion
We have discussed the various users of accounting information, the significance of accounting information for businesses, and the qualitative characteristics that accounting information needs to have. This was brought up because it was mentioned in the question.
2. You are required to WRITE a brief note on advantages of cloud computing, types of clouds and the cloud service models. Use the story of Quality Designs as an example in your answer, wherever required.
Introduction
Learning about the different types of cloud computing resources can be expensive and time-consuming. Businesses have to go through lengthy procurement procedures, which can take several weeks or even months, to purchase physical computers and other infrastructure which contributes to the architecture of cloud computing. The acquired systems require a physical location, typically a specialized room with a significant amount of electricity and cooling. After the plans have been configured and put into production, businesses need personnel to handle them.
Concepts and applications
There are several advantages of cloud computing-
a) Scalability: One of the most important benefits of cloud computing. Even in the best circumstances, running a company, organization, or another component successfully is challenging, especially in the stresses brought on by the expansion, the downtown, the work of getting everything together, the pandemic war, and the store network disturbances. Computing in the cloud provides us with the possibility to scale at our rate. In today’s business world, it is brilliant for companies to plan their significant advancements three to five years in advance. However, one cannot predict what will happen on the globe. Cloud computing is a resource for our company that we have to pay for exactly when and how we want it, regardless of whether we have to expand cautiously, aggressively, or downsize decisively during this period of unrest.
Conclusion
Companies contemplating using cloud services, particularly public ones, typically encounter management resistance due to data security concerns. On-premises security solutions are slowly being overtaken by the protection offered by cloud service providers as a direct reaction to the growing demand for these services.
(a) Explain the three types of information security controls. Use the story of SafeLines to provide examples wherever necessary
3a. Introduction
Information security officers (CISOs) and compliance officers have access to various information security measures from which they can choose to protect or safeguard our company against data breaches and cyberattacks—everything from applications that identify malware to firewalls.
Concepts and applications
Information security controls fall into three categories-
a) Preventive controls – These controls address weak elements in our information systems identified by our risk management team before we experience a cybersecurity disaster. These controls address weak elements in our information systems identified by our risk management team.
b) Detective controls: This type of control notifies us of attempted cybersecurity breaches and informs us when a data breach is already occurring. This allows our cybersecurity staff to take action to mitigate the breach’s impact.
Conclusion
Train our staff members so that they can serve as the company’s first line of defense as it continues to expand and its information technology infrastructure becomes more complex.
(b) Explain the benefits of blockchain. Use the story of SafeLines to provide examples wherever necessary
3b. Introduction
A distributed ledger or database shared among the components of a computer network is an example of what we mean when we talk about a blockchain. A blockchain can be considered a distributed digital database that stores information electronically and digitally.
Concepts and applications
Benefits of blockchains
a) Accuracy of the chain- Transactions on the blockchain are carried out by a distributed network of hundreds of thousands of processors. Even if one of the computers on the network committed a computational error, that error would only be made to a single duplicate of the blockchain. Because of this, almost all human participation in the verification process is removed, leading to a more accurate record of the information and fewer mistakes made by humans.
b) Cost reductions- Customers typically have to pay a bank to validate a transaction, a minister to conduct a marriage, or a notary to sign a document, as well as the associated costs for these services. Using a notary public can help customers save money on these fees.
Conclusion
Blockchain is a buzzword on the tongue of every investor in the country. Its proponents claim that it will make business and government operations more effective, accurate, affordable, and private while reducing the number of intermediaries.
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