In this chapter, you learned the features of accounting information systems that companies use to keep track of their important financial information. Let's now apply these same concepts to your personal financial information.

Instructions

(a) Why is it important that you develop a system to maintain and keep your personal and financial records up to date?

(b) How would you organize such a system for yourself?

(c) What would you do if you lost your wallet with your credit cards and identification inside?