ADM 4346 Chapter Notes - Chapter 1: General Ledger, Customer Relationship Management, Mnemonic

• School: University of Ottawa
• Department: Administration
• Course: ADM 4346
• Professor: Sheldon Weatherstone

Document Summary

What is a system: system, 2 things working together to achieve a goal, goal conflict, components act in their own interest without regarding for overall goal, goal congruence. Data vs. information: data, are facts that are recorded and stored, insufficient for decision making. Information: is processed data used in decision making, too much information however, will make it more, not less, difficult to make decisions. Value of information: benefits o, reduce uncertainty, improve decisions, improve planning, costs o, improve scheduling, time & Business process: systems working toward organizational goals, business process cycles, financing, revenue, expenditure. Business transactions: give get exchanges, between two entities, production, human resource, measured in economic terms. Business transactions: give get exchanges, between two entities, measured in economic terms. Accounting information system: collect, process, store, and report data and information. If accounting = language of business: ais = information providing vehicle, accounting = ais.