The vice president for customer service of First United Bank determined that Lee had overpaid his mortgage.The bank sent Lee a letter asking him if he wanted a refund of the overpayment or if he wanted to apply it to future mortgage payments.Has the vice president for customer service used an accounting information system based on the definition provided in the text?

Question

Quizplus · Accepted Answer

The definition of an accounting information system includes the process of identifying, measuring, recording, and communicating relevant financial information to interested parties. In this scenario, the bank has identified an overpayment, measured the amount, recorded it in their system, and communicated the information to Lee through a letter. Therefore, all elements of the definition are present or implied. The fact that no specific software or financial statements are mentioned does not impact the use of an accounting information system.

The Vice President for Customer Service of First United Bank