Chap 11 - Accounting Information Systems and Business Process Part II Flashcards
What are some objectives of human resource management?
- Hiring, training, and employing workers
- Maintaining employee earnings and records
- Complying with regulatory reporting requirements
- Reporting on payroll deductions
- Making timely and accurate payments to employees
- Providing an interface for personnel and payroll activities
What are HR source documents?
personnel action forms
time sheets
payroll deduction authorizations
tax withholding forms
What are some HR output (reports)?
Financial statement information Employee listings Paychecks Check registers Deduction reports Tax (regulatory) reports Payroll summaries
What is fixed asset management?
Its function is to manage the purchase, maintenance, valuation, and disposal of an organizations fixed assets
Inputs of FAM?
Purchase requisition, receiving reports, supplier invoices, construction work orders, repair and maintenance records, fixed asset change forms
Outputs of FAM?
financial statement information, fixed asset register, depreciation register, repair and maintenance reports, retired asset report
What is the production process?
Begins with raw materials and ends with the transfer of finished goods to warehouses.
Objectives of the production process?
Track purchases and sales of inventories Monitor and control manufacturing costs Control inventory Control and coordinate the production process Provide input for budgets
Source docs for production process.
Materials requisition form Bill of materials Master production schedule Production order Job time cards
Outputs (reports) for production process
Financial statement information Material price lists Periodic usage reports Inventory status reports Production cost reports Manufacturing status reports
What is the financing process?
It describes how a company acquires and uses such financial resources as cash, other liquid assets, and investments
Financing process objectives:
managing cash effectively
minimizing the cost of capital
investing for maximum returns
and projecting cash flows
What is Just In Time inventory system?
organization produces goods to fill an order rather than to fill inventory
What is Lean Manufacturing?
Making a commitment to eliminate waste throughout the organization (not just in production)
What are types of non-value-added waste?
Human potential Defects Motion Inventory Processing Transportation Waiting Overproduction
