How are "Give and Take" transactions classified in business today and what impact does this have on AIS?

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How are "Give and Take" transactions classified in business today and what impact does this have on AIS?




Answer: : The concept of "Give and Take" transactions has been used to classify business transactions into "cycles" that have starting points, processes, and end points (or closure). The majority of business transactions can be classified as revenue, expenditure, human resources (payroll), production, and financing cycles. AIS has been modeled after these transaction cycles to achieve its basic functions of collecting and processing data, providing information useful for decision making, and establishing adequate controls.

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