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Accounting Information Systems > business processes 2 > Flashcards

business processes 2 Flashcards

1
Q

what are the 2 main functions of the HR management process?

A
  • personnel function = hire, train and employ appropriately qualified employees
  • payroll processing information systems = process payroll activities and reporting
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2
Q

what are the HR management activities/objectives?

A
  • hiring, training and employing workers
  • complying with regulatory reporting requirements
  • making timely and accurate payments to employees
  • reporting on payroll deductions
  • maintaining employee earnings records
  • providing an interface for personnel and payroll activities
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3
Q

what is involved in the hiring process?

A

match skills with needs of the organisation

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4
Q

what is involved in the training process?

A
  • current skills
  • desired skills
  • training programme
  • employee training records
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5
Q

what is involved in the assigning process?

A

organise and direct work
- identify activities
- identify employees
- matching

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6
Q

what is involved in the compensating process?

A
  • methods of compensation
  • methods of payment
  • overtime
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7
Q

what is involved in the evaluating process?

A
  • recognise and reward performance
  • help with hiring, firing, promoting
  • CPD
  • identify training needs
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8
Q

what is involved in the terminating process?

A
  • downsizing / rightsizing
  • less frequent if rest is done properly!
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9
Q

what are the HRM inputs?

A
  • personnel action forms (documents hiring or changes in employee status)
  • time sheets (tracks hours worked)
  • payroll deductions authorisations (authorisation to deduct certain amounts)
  • tax withholding forms (authorisation to withhold appropriate tax amounts)
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10
Q

what are the HRM outputs?

A
  • financial statement information
  • employee listings (current employees, may contain employee-specific information)
  • pay checks (final documents; subject to strict internal controls)
  • cheque registers (used to make journal entries for salary and payroll tax expenses)
  • payroll summaries (used to analyse expenses, including benefits)
  • tax reports (government required information, income tax, social security tax, unemployment tax)
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11
Q

examples of fixed assets?

A

machines, warehouses, plants, etc.

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12
Q

what are the two main functions of fixed asset management process?

A
  • fixed asset management function (long term assets and purchase, maintenance, valuation, disposal)
  • enterprise asset management system (automate management of assets)
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13
Q

what are the fixed asset management activities?

A

what do we do when we have a new fixed asset?
- tracking purchases or fixed assets
- recording fixed asset maintenance
- allocating fixed asset costs (recording depreciation)
- valuing fixed assets
- tracking disposal of fixed assets

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14
Q

what are the inputs for fixed asset management?

A
  • purchase requisition, and then purchase order (requires approval by management)
  • supplier invoice (sent when asset is shipped)
  • receiving report (identified receipt of fixed asset)
  • construction work order (if asset is built by company)
  • repair and maintenance form (notification to update expense and asset accounts)
  • fixed asset change form ( transfer of fixed asset; locations, sale, trade, or retirement)
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15
Q

what are the outputs for fixed asset management?

A
  • financial statement information
  • fixed asset register (identification numbers, location)
  • depreciation register (depreciation expense, accumulated depreciation)
  • repair and maintenance reports (current period expenses, historical expenses)
  • report on retired assets (disposal of fixed assets)
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16
Q

what is the process of the production process?

A
  • begins with the use of raw materials
  • ends with the transfer of finished goods to warehouse
17
Q

what are the primary objectives of the production process?

A
  • converting raw materials to finished goods efficiently
  • collecting and reporting of information
18
Q

what is involved in production process activities?

A
  • track purchases
  • control inventory
  • control and coordinate the production process
  • monitor and control manufacturing costs
  • provide input for budgets
19
Q

explain the concept of lean production

A
  • eliminate waste throughout the organisation
  • focus on reduction of non-value-added waste
20
Q

how to eliminate waste?

A

just-in-time inventory system

21
Q

what is a just-in-time inventory system?

A
  • a make-to-order inventory system
  • attempts to minimise inventory at all levels

dependent upon AIS:
- timely and accurate processing of information
- ensure continuous workflow by providing adequate raw materials

22
Q

what is involved in product design?

A

meeting customer requirements while minimising production costs

23
Q

what is involved in cost accounting?

A
  • to provide information for planning, controlling, and evaluating the performance
  • to provide accurate cost data about products (job order costing, process costing)
24
Q

what is involved in planning and scheduling?

A

production plan efficient enough to meet existing orders and anticipate short-term demand without creating excess finished goods inventories

25
Q

what is involved in production operations?

A

collect data about:
- raw materials used
- labour hours expensed
- machine operations performed costs incurred

26
Q

what are the production process inputs?

A
  • master production schedule (displays quantities of goods needed to meet sales demands)
  • bill of materials (identified types and quantities of parts needed)
  • material requisition form (request to acquire materials from storeroom or warehouse)
  • production order
  • job time card (identified the distribution of labour costs to specific jobs or production orders)
27
Q

what is involved in the production order?

A
  • authorises the manufacture of goods
  • incorporates data from sales projections and inventory levels
  • dictates the production schedule
28
Q

what are the production process outputs?

A
  • financial statement information (details the costs and pricing)
  • materials price list (prices charged for raw materials)
  • periodic usage report (provides information on use of raw materials)
  • inventory reconciliation report (reconciles physical inventory with book balances)
  • inventory status report (allows managers to monitor inventory levels)
  • production cost report
  • manufacturing status report (provides information about the status of various jobs)
29
Q

what is included in the production cost report?

A
  • details the actual costs for production items
  • production operation, cost element, and/or separate jobs
30
Q

what is the process for the finance process?

A

where the money is coming from and how it is spent?
- deals with how a company acquires and uses financial information
- cash, and other liquid assets, investments

31
Q

how is finance acquired?

A
  • sales of goods and services
  • borrowing cash or selling ownership shares
32
Q

what are finance process activities?

A
  • effective cash management (lockbox systems and electronic funds transfer)
  • cost of capital optimisation
  • earn maximum return on investments
  • project cash flows
33
Q

explain the financing system

A

provide the capital resources an organisation needs to fund all aspects of its business
- have cash on hand when needed
- no idle cash

34
Q

what are the main uses of cash?

A
  • acquisition/payment
  • HR process
35
Q

what are the financing process inputs?

A
  • remittance advices
  • deposit slips
  • bank statements
36
Q

what are remittance advices?

A

accompanies a customer’s payment on account

37
Q

what are deposit slips?

A

documents account deposits

38
Q

what are bank statements?

A

used to reconcile company balance with bank balance

39
Q

what are the financing process outputs?

A
  • financial statement information
  • cash budget
  • investment reports
  • debt and interest reports
  • financial ratios
  • financial planning model reports

Accounting Information Systems (4 decks)

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