Accounting Information Systems Features

Part 1In the first half of this course, 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. Requirements:1.Why is it important that you develop a system to maintain and keep your personal and financial records up to date? Describe briefly. (answer should be maximum half page long, single-spaced)2.How would you organize such a system for yourself (to keep your personal and financial accounting records)? Describe your choice and how you would use it. (answer should be maximum half page long, single-spaced)3.What would you do if you lost your wallet or purse with your personal effects, credit cards and identification inside? (answer should be maximum half page long, single-spaced)