Management Information System (MIS) and Accounting Information System (AIS)
We have very briefly touched MIS and also AIS in the foregoing discussions. Let us now understand what these two terms mean.
MIS is an information system which generates and analyses the reports accurately and timely, and provides this information to the management. The management makes use of this information for the purpose of supervising, controlling and decision - making.
AIS is a system of records that a business maintains for its accounting systems and it includes collecting, processing, summarizing and reporting in terms of money.