BUAD110 Chapter Notes - Chapter 11: Management Information System, Newly Industrialized Country, Regional Policy Of The European Union
1 Jun 2018
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CH 11 Book Notes: Accounting for Decision Making
Learning Objective 1
● Accounting is the language of business
● Recording, summarizing, and reporting of economic activities and events of an
organization
● Generates information used by persons within the firm and external in the firm in their
decision making
● Typical ASI objective is to provide all the financial information needed internally by
management for business decision making
● Provide financial information to various external users
Learning Objective 2
● Management Information System (MIS)- provides all the information, financial and
nonfinancial, needed by management for decision making
● Collection of all the organization’s information sources
Learning Objective 3
● Accounting is necessary to record and report international trade results
● Internal Accounting Standards (IASs) objectives include increasing harmonization of
accounting standards and disclosures to meet the needs of the global market, providing
an accounting basis for underdeveloped or newly industrialized countries to follow as the
accounting profession emerges in those countries
● International standards on auditing
Learning Objective 4
● Ethical accounting practices are essential
● Doing job to the highest standards of ethics and personal integrity
● Ethics code
Learning Objective 5
● Increased use of computers to maintain financial records have led to more opportunities
for computer crimes
● Computer crimes- creating false records, missing account numbers and passwords,
altering shipping and purchasing documents to create fraudulent sales or for purposes of
theft, modifying criminal records, and modifying school grades
Learning Objective 6
● The success of any organization depends on an effective control structure
● Preventive and feedback controls
Document Summary
Ch 11 book notes: accounting for decision making. Recording, summarizing, and reporting of economic activities and events of an organization. Generates information used by persons within the firm and external in the firm in their decision making. Typical asi objective is to provide all the financial information needed internally by management for business decision making. Provide financial information to various external users. Management information system (mis)- provides all the information, financial and nonfinancial, needed by management for decision making. Collection of all the organization"s information sources. Accounting is necessary to record and report international trade results. Doing job to the highest standards of ethics and personal integrity. Increased use of computers to maintain financial records have led to more opportunities for computer crimes. Computer crimes- creating false records, missing account numbers and passwords, altering shipping and purchasing documents to create fraudulent sales or for purposes of theft, modifying criminal records, and modifying school grades.
