ECONOMICS

Detailed explanation-1: -Financial Management Information Systems (FMIS) support the automation and integration of public financial management processes including budget formulation, execution (e.g. commitment control, cash/debt management, treasury operations), accounting, and reporting.

Detailed explanation-2: -The income statement presents revenue, expenses, and net income. The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

Detailed explanation-3: -The general ledger is the foundation of a company’s double-entry accounting system. General ledger accounts encompass all the transaction data needed to produce the income statement, balance sheet, and other financial reports.

Detailed explanation-4: -A financial information system is an organized approach to collecting and interpreting information, which is usually computerized. A well-run financial information system is essential to a business, since managers need the resulting information to make decisions about how to run the organization.