Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 15, Problem 6P
a)
Summary Introduction
To determine: The concepts conveyed by the term “Lean manufacturing”.
Introduction:
b)
Summary Introduction
To determine: The concepts conveyed by the term “Lean accounting”.
Introduction:
Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
In this assignment, you are asked to consider impacts of COVID-19 by looking-up a company/firm of your choosing and thinking through the following questions to include in your post to this discussion topic:
1) Name of the company/firm. Identify as the title of your post (click "reply" to this discussion).
2) Identify the industry or company type (i.e. manufacturing; merchandising; service).
3) Which costs do you think would be impacted and why? Be specific with your examples (i.e. variable, fixed, materials, labor, overhead, non manufacturing…).
4) What kind of variances would you expect to see when compared to the budgets created prior to COVID-19 (favorable or unfavorable) and why? Be specific with your examples.
Keep in mind not all industries were seeing declines in net operating income due to Covid-19. Some industries turned to increased hiring and showed increases in revenues (for instance, grocery stores).
Enter the letter of each system principle in the blank next to its best description. A. Control principle C. Compatibility principle E. Cost-benefit principle B. Relevance principle D. Flexibility principle 1. The accounting information system helps monitor activities. 2. The accounting information system conforms to the company’s business activities. 3. The accounting information system changes in response to technological advances and competitive pressures. 4. Affects all other accounting information system principles. 5. The accounting information system provides timely information for effective decision making.
Explain the difference between FIFO and LIFO methods . Provide example for each method. The subject is Managerial Accounting.
Chapter 15 Solutions
Accounting Information Systems
Ch. 15 - Prob. 1RQCh. 15 - Explain the three key drivers of complexity in...Ch. 15 - Describe the three key characteristics of...Ch. 15 - Prob. 4RQCh. 15 - Prob. 5RQCh. 15 - Prob. 6RQCh. 15 - Prob. 7RQCh. 15 - Prob. 8RQCh. 15 - Prob. 9RQCh. 15 - Prob. 10RQ
Ch. 15 - Prob. 11RQCh. 15 - Prob. 12RQCh. 15 - a. How are a bill of materials (BOM) and a routing...Ch. 15 - Prob. 14RQCh. 15 - Prob. 15RQCh. 15 - Prob. 16RQCh. 15 - Prob. 17RQCh. 15 - Prob. 18RQCh. 15 - Why is inventory management and control important...Ch. 15 - Prob. 21RQCh. 15 - Prob. 1DQCh. 15 - Prob. 3DQCh. 15 - What industry do you believe is a leader in...Ch. 15 - Prob. 5DQCh. 15 - Prob. 6DQCh. 15 - Prob. 7DQCh. 15 - Prob. 8DQCh. 15 - In addition to the industries mentioned in...Ch. 15 - A main goal of JIT is zero inventories. a. Assume...Ch. 15 - Prob. 11DQCh. 15 - Discuss how the inventory process supports the...Ch. 15 - Prob. 13DQCh. 15 - Prob. 14DQCh. 15 - Prob. 1SPCh. 15 - Prob. 2SPCh. 15 - Prob. 3SPCh. 15 - Prob. 4SPCh. 15 - Prob. 5SPCh. 15 - Study Figure 15.8, showing the level 0 DFD of the...Ch. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - Prob. 5PCh. 15 - Prob. 6PCh. 15 - Prob. 7P
Knowledge Booster
Similar questions
- 1. What is the primary trade-off an accountant must consider when deciding whether to identify cost drivers? Is the cost/benefit of the process reasonable for more accurate behavior obtained. Will the cost driver identification provide different costs for different purposes Will material related drivers be more accurate than labor-related drivers Will the cost relationship be to complex to understand There is non trade-off to consider using cost drivers 2. An important first step in studying managerial accounting is to create a framework for thinking about the various types of cost incurred by organizations and how those costs are actively managed. True or Falsearrow_forwardFrom the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:a. Advertising costs are usually viewed as (period, product) costs.b. Feedback is often used to (improve, direct) operations.c. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).d. A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object).e. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).f. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.arrow_forwardWhich TWO of the following can big data analytics be used for? To ensure decisions are based on data free from bias To aid decisions on appropriate product development To inform management of what will happen in the future To forecast conditions which impact costsarrow_forward
- Cost effectiveness is a factor that needs to be kept in high consideration in decision making. To achieve this, effective cost ascertaiment approaches may be necessary. keeping in mind that changes are taking place in the business environment due to globalization and technology innovation. Discuss the above statement in line with the overall cost accounting philosophy.arrow_forwardConsider the following series of independent situations in which a firm is about to make a strategic decision. LOADING... (Click the icon to view the decisions.) Requirements 1. For each decision, state whether the company is following a cost leadership or a product differentiation strategy. 2. For each decision, select what information the managerial accountant can provide about the source of competitive advantage for these firms. Requirement 1. For each decision, state whether the company is following a cost leadership or a product differentiation strategy. Decisions a. A running shoe manufacturer is weighing whether to purchase leather from a cheaper supplier in order to compete with lower-priced competitors. ▼ b. An office supply store is considering adding a delivery service that its competitors do not have. ▼ cost leadership strategy product differentiation strategy c. A regional retailer is deciding…arrow_forwardThe following is a list of terms related to managerial accounting practices. 1. Activity-based costing. 2. Just-in-time inventory. 3. Balanced scorecard. 4. Value chain. Match each of the terms with the statement below that best describes the term. Terms Description (a) Activity-based CostingBalanced ScorecardJust-in-time InventoryValue Chain A performance-measurement technique that attempts to consider and evaluate all aspects of performance using financial and nonfinancial measures in an integrated fashion. (b) Activity-based CostingBalanced ScorecardJust-in-time InventoryValue Chain The group of activities associated with providing a product or performing a service. (c) Activity-based CostingBalanced ScorecardJust-in-time InventoryValue Chain An approach used to reduce the cost associated with handling and holding inventory by reducing the amount of inventory on hand. (d) Activity-based CostingBalanced…arrow_forward
- Match the qualitative characteristics below with the following statements. 1. Relevance 2. Faithful representation 3. Predictive value 4. Confirmatory value 5. Comparability 6. Completeness 7. Neutrality 8. Timeliness a. Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. b. Having information available to users before it loses its capacity to influence decisions. c. Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future. d. Information that is capable of making a difference in the decisions of users in their capacity as capital providers. e. Absence of bias intended to attain a predetermined result or to induce a particular behavior.arrow_forwardChoose the one correct answer: The measurement, % of market share, would most likely be placed in which perspective of Balanced Scorecard? A. FinancialB. CustomerC. Learning & GrowthD. Product Innovation Which of the following activities should be reduced or eliminated in order that manufacturing efficiency increases?A. Training of LaborersB. Moving time of work-in process materials from one work station to another.C. None of the above.D. Amount of time consumed by a laborer to add new features to the product. All are financial measures, except:Reduction of past due accountsEarnings per shareMarket shareRevenue growtharrow_forwardMatch each of the principles and phases in the development of an accounting system with the statement that best describes them. 1. Information must be understandable, relevant, reliable, timely, and accurate. FlexibilityCost effectivenessUseful output 2. Benefits of information must outweigh the cost of providing it. Cost effectivenessUseful outputFlexibility 3. The system should accommodate a variety of users and changing information needs. Cost effectivenessFlexibilityUseful output 4. The accounting system must consider the needs and knowledge of various users. FlexibilityCost effectivenessUseful output 5. The system should be capable of meeting the changes in the demands made upon it.…arrow_forward
- 1. Managerial accounting helps managers make planning decisions. Which of the following is related to the Planning function? Group of answer choices Establishing goals at the beginning of a period and identifying steps on how to achieve them Comparing actual results with the expected results at the end of a period Monitoring business operations during a period Evaluating mid-level managers and providing feedback 2. Classification of Direct and Indirect costs is based on: Group of answer choices When the costs are reported to income statement. How easily and cost-effectively product costs can be traced to cost objects. When the costs are reported to balance sheet. Whether the costs are substantial part of the total product costs. 3. The finished goods inventory account is used to record: Group of answer choices The costs of products that are complet and ready to sell The cost of materials not yet put into production The costs of products that are in production but that…arrow_forwardTHEORY PROBLEM Explain why accounting students should study Accounting Information Systems? Explain the Value Chain and also explain how Information Technology plays an important role in the Value Chain. Briefly describe the types of users of the SIA and what are the benefits of the output of the AIS for their work or profession? One of the characteristics of useful information is that it must be timelines and complete. Which is more important, timely but incomplete information, or complete information, but too late? Give an example! Briefly describe the purpose of internal control and provide an example of an internal control application for that purpose!arrow_forwardTypes of decisions that managers make include all of the following except: a.choosing which products to sell b.designing performance evaluation systems c.setting tax rates d.hiring employees e.All of these are decisions that managers makearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L