What are the elements of system?

A system has three basic elements input, processing and output. The other elements include
control, feedback, boundaries, environment and interfaces.
Input: Input is what data the system receives to produce a certain output.
Output: What goes out from the system after being processed is known as Output.
Processing: The process involved to transform input into output is known as
Processing.
Control: In order to get the desired results it is essential to monitor and control the
input, Processing and the output of the system. This job is done by the control.
Feedback: The Output is checked with the desired standards of the output set and
the necessary steps are taken for achieving the output as per the standards, this process is
called as Feedback. It helps to achieve a much better control in the system.
Boundaries: The boundaries are nothing but the limit of the system. Setting up
boundaries helps for better concentration of the actives carried in the system.
Environment: The things outside the boundary of the system are known as
environment. Change in the environment affects the working of the system.
Interfaces: The interconnections and the interactions between the sub-systems is
known as the Interfaces. They may be inputs and outputs of the systems
http://systemanalysisanddesign.blogspot.com/2008/08/elements-of-system.html
What is Information System? Objectives?
Information system, an integrated set of components for collecting, storing, and
processing data and for delivering information, knowledge, and digital products. Business
firms and other organizations rely on information systems to carry out and manage their
operations, interact with their customers and suppliers, and compete in the marketplace. For
instance, corporations use information systems to reach their potential customers with
targeted messages over the Web, to process financial accounts, and to manage their human
resources. Governments deploy information systems to provide services cost-effectively to
citizens. Digital goods, such aselectronic books and software, and online services, such as
auctions and social networking, are delivered with information systems. Individuals rely on
information systems, generally Internet-based, for conducting much of their personal lives:
for socializing, study, shopping, banking, and entertainment.
http://www.britannica.com/topic/information-system
What is Management Information System?
1. A formal method of collecting timely information in a presentable form in order to
facilitate effective decision making and implementation, in order to carryout organisational
operations for the purpose of achieving the organisational goals. Walter I. Kennevan
2. An MIS is a system designed to provide selected decision oriented information needed by
management to plan, control and evaluate the activities of the corporation. It is designed
within a framework that emphasises profit planning, performance planning and control at all
levels.
It contemplates the ultimate integration of required business information, sub systems both
financial and non-financial within the company.
Management Information System Committee of the Financial Executive Institute
The above definitions of MIS clarify that MIS is a system which helps management in
performing its job effectively. It provides relevant information to each manager to make right
decisions and stimulates his actions. It is a systematic approach to provide useful
information for effective managerial functioning in the form of suitable reports.

http://www.yourarticlelibrary.com/management/management-information-system-definitionand-objectives/25758/
Management Information System (MIS) is found in the middle management, it helps the
manager to take the important decisions and assists the manager in the problem solving
process. They draw conclusions on the data which is already stored, at times they may also
use the some other information. As the decision making process is well understood in the
management it becomes easy for the manager to identify the information which will be
needed to formulate the decisions. In turn, the Management Information System can be so
developed that reports can be prepared regularly to support the recurring decisions that
occur.
http://systemanalysisanddesign.blogspot.com/2008/08/management-information-systemmis.html

Distinguish MIS and AIS.

MIS and AIS are computer based information systems. Any organization requires a lot of
information to keep performing efficiently. All this information, coming from various sources
about different aspects of the business is collected and analyzed through computers and
produce a detailed report that becomes an effective tool for managers to organize, evaluate
and efficiently run their departments. This computer based information system is known as
Management Information System (MIS), today forms the backbone for any organization to
function smoothly. MIS has invaluable information that can be used effectively to evaluate
past decisions and to plan accordingly to predict future operational success.

Accounting Information System, or AIS, on the other hand is a subset of MIS and pertains to
a system of keeping a record of accounting books and financial statements along with sales
and purchase records and other financial transactions. This system is extremely crucial in
maintaining the account system of any organization.

While AIS is no doubt very helpful to the management in assessing past performances and
to come up with decisions for future projects, it is not just financial information that can
makeup for all that is required to run any organization successfully. Management requires
information that goes far beyond the capability and scope of AIS. With the size and functions
of any organization growing and becoming complex, additional information is required for
many reasons such as production planning, sales forecasting, warehouse planning, market
research etc. All this information comes through MIS as this sort of information is not
normally processed by traditional AIS.

http://www.differencebetween.com/difference-between-mis-and-ais/

Similarities
Both systems are sets of human, machine and a set of procedures and these factors
have the same effect on both systems.
Both systems are composed of subsystems that providing information in each of them
requires the cooperation of MIS and AIS
The aim of both systems is to provide information to improve decision making and
increase the effectiveness and efficiency.
Management accounting provides information directly to MIS and indirectly to other
external users. Financial accounting provides information directly to external users and
indirectly to the MIS.
Differences
In addition to managers and other internal users, AIS provides information for other
external users so that it has more users.
AIS uses financial data, but MIS uses non-financial data besides the financial data.
Accounting information system versus management information system Hosein Alikhani1,
Noushin Ahmadi1, Mahdi Mehravar
AIS subsystems
In order to explain how accounting information system could achieve the mentioned goals, it
is needed to classify organizations activities into five main cycles which are the subsystems
of AIS:
1. Expenditure cycle which consists of activities that involve the buying and paying for
goods and services used by the organization.
2. Production cycle which includes activities which convert raw materials and labors to the
finished products.
3. Human resources cycle which consists of activities that are involved in employing and
paying staff salaries.
4. Revenue cycle which includes sales of goods or services or receiving the cash.
5. Financing cycle which includes activity that provides the funds needed for operations.
In accounting information systems, all subsystems on recorded or entered into the system.
So that every detail of transactions stored in the database system
Data
Meaning
Data is raw, unorganized facts that need to be processed. Data can be
something simple and seemingly random and useless until it is organized.
Information
When data is processed, organized, structured or presented in a given context so as to make
it useful, it is called information.
Data are simply facts or figures bits of information, but not information itself. When data
are processed, interpreted, organized, structured or presented so as to make them
meaningful or useful, they are called information. Information provides context for data.
For example, a list of dates data is meaningless without the information that makes the
dates relevant (dates of holiday).
"Data" and "information" are intricately tied together, whether one is recognizing them as
two separate words or using them interchangeably, as is common today. Whether they are
used interchangeably depends somewhat on the usage of "data" its context and
grammar.
http://www.diffen.com/difference/Data_vs_Information

http://www.accountantnextdoor.com/accountants%E2%80%99-role-in-the-accountinginformation-system/