AFM341 Chapter Notes - Chapter 1: Information Overload, Enterprise Resource Planning, Ecrm

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cyanbat359

9 Nov 2017

School

University of Waterloo

Department

Accounting & Financial Management

Course

AFM341

Professor

Jee Hae Lim

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Document Summary

Orders, customers, sales, employees and data is accumulated in a centralized database for all teams: how does ais help external business processes, crm: customer relationship management, ex. Buying from amazon- ecrm (get rid of middle man between provider and customers: reduce inefficiencies, audit trail. Includes using it to manage sales and marketing for current sales and customer service/technical support after sale is done: scm supply chain management: flow of materials, information, payment, services from raw materials suppliers to the final customers. Making each primary activity more effective and efficient. Inbound and outbound logistics: finding efficiencies and cost savings in logistics (transportation/warehousing: marketing: summarizing key customers to help manage and nurture firms interactions with clients. Database of all sales at starbucks, keep all vendor and suppliers files to determine how much we need to store for inventory. Possible output reports of what sells best at night.

Related Questions

ACCT 312 â Accounting Information Systems

Exam One (Ch. 1-3) Review Sheet:

The exam will consist of 25 multiple choice questions at 2points each.

Chapter One:

Know the difference between data versus information.

Know the seven characteristics that make information useful andmeaningful. (Problem 1.4)

Be able to recognize the specific business processes that appearin the five business cycles. (Problem 1.8)

Know the six components of an AIS and the three importantbusiness functions they serve.

Know the relation between IT and business strategy.

Know the definition of a value chain and supply chain.

Chapter Two:

Know the four major steps in the data processing cycle.

Know which type of special journal would be used for a varietyof business transactions: the sales journal, cash receipts journal,purchases journal, cash payments journal and general journal.

Know the purpose of the two types of subsidiary ledgers.

Understand the basics of how coding (e.g., account numbers)works.

Understand the difference between online or offline data entryand batch or real-time processing.

Know the difference between master files and transaction files.(Problem 2.8)

Understand the basic components of an ERP and its advantages anddisadvantages.

Chapter Three:

Be able to read and understand the symbols used in data flowdiagrams (DFDs â context and level 0), BPD, and documentflowcharts.

Know why it is so very important for accountants to be able toread and/or prepare flowcharts.

You will not have to prepare a DFD, BPD, or documentflowchart.

When designing an accounting information system, the cost toacquire additional information should be incurred ________.

A) at all times so the operating manager has more information tomake decisions

B) when information overload does not occur

C) at all times because the benefit cannot be quantified

D) when the expected benefit of an improved decision exceeds thecost of the information

Answer:

Which of the following is a major factor causing changes inmanagement accounting today?

A) additional value chain functions

B) small advances in technology

C) shift to manufacturing-based economy

D) increased global competition

Answer:

Which statement is FALSE concerning Enterprise Resource Planning(ERP) systems?

A) Accounting is one part of an ERP system.

B) Accountants must work with operating managers throughout theorganization to ensure that the ERP system provides the financialinformation that managers need.

C) ERP systems support all functional areas of a company.

D) SAP is not a provider of ERP systems.

Answer:

Scott is a management accountant in a large company. Scottobserved unethical behavior by a coworker who is also a managementaccountant. The coworker is a relative of the company's presidentand he always receives preferential treatment. Scott observed thecoworker putting office supplies and small pieces of electronicequipment in his briefcase. The company does not have a code ofethics or a set of policies for ethical problems. According to theIMA, what course of action should Scott take?

A) He should report the observation to the police. The coworkeris stealing from the company.

B) He should report the observation to his immediatesupervisor.

C) He should report the observation to the Securities andExchange Commission.

D) He should do nothing.

Answer:

Generally Accepted Accounting Principles are most closelyconnected to ________.

A) management accounting

B) financial accounting

C) internal auditing

D) management auditing

violetbutterfly818

Please read and share your thoughts on this recent brief article from the Journal of Accountancy on accountant skills needed for success in a tech-enabled future. Do you agree? Can you think of other skills that future accountants will need?

JOFA Article: (https://www.journalofaccountancy.com/issues/2018/jun/technology-skills-for-accountants.html)

"Many experts expect accountants' work and duties to change fundamentally in the coming years. As technology is developed to handle tasks that accountants traditionally have performed, CPAs' attention is likely to shift toward advisory roles, investigating exceptions and anomalies identified by technology, and developing processes and controls that will enable technology to perform certain necessary tasks. The technology will allow for a more complete audit that uses all available data rather than samples. And the scrutinizing of anomalies will provide opportunities for auditors to provide more useful information to clients.

Here are some of the skills CPAs will need to succeed in these new duties:

Understand how processes work. Even the most well-designed technological solutions are useless if they are not set up properly and monitored to determine whether they are performing effectively. Advising and consulting on business process improvements also will be a promising niche for CPAs in the future.

Communicate effectively with technologists. Successful CPAs who understand processes likely will not have the technological skills to code and implement systems. Technology experts, meanwhile, are unlikely to understand accounting and auditing rules and the deliverables required from systems. CPAs will need to be able to team with technologists and describe the decision trees that must be embedded in the technology to process the correct data and deliver the desired intelligence.

Learn to advise or consult, not command. Accountants are used to providing rule-based, definitive answers about making appropriate journal entries, information to be included in footnotes, and whether financial statements are materially misstated. But as accountants take on more advisory and consulting duties, they will need to learn how to provide opinions and advocate for their ideas without being overbearing.

Analyze data and communicate with clients. As technology results in the automation of more compliance-based services, accountants will have more time to spend with clients. To make the most of this time, accountants will need to learn how to analyze data for business insights and then be able to communicate those insights to clients."

AFM341 Chapter Notes - Chapter 1: Information Overload, Enterprise Resource Planning, Ecrm

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