ACCT 307 Lecture Notes - Lecture 8: Decision Support System, Sales Process Engineering, Financial Statement
Document Summary
Business process: definition, collection of activities, creates value for organization, ais collects and reports data related to processes, economic event, impacts financial statements, business event, does not impact financial statements. Ais and business processes: three basic ais functions are carried out in business processes, capturing and processing data, storing and organizing the data for decisions (decision support system, providing controls to safeguard resources (including data) The sales process: process, begins with customer order, ends with collection of cash, primary objectives of sales process, process sales in a timely and efficient manner, collect cash in a timely and efficient manner. Accounts receivable personnel should not have access to cash (including checks) Partial organization chart for units involved in revenue cycle. Sales order: takes customer orders, authorizes credit for existing customers in good standing, checks inventory availability. Shipping: packs the order, ships the order.
