week 5 - acc5130_Ch12_Fal10_Part2_3slides

Week 5- - Accounting Systems Design and Control Chapter 12 Production Cycle(Part 2 Ms Pam J Schmidt PhD Candidate Dept of Accounting School of

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9/29/2010 1 Accounting Systems: Design and Control Chapter 12 – Production Cycle (Part 2) Ms. Pam J. Schmidt PhD Candidate Dept. of Accounting School of Business Administration Decisions to make in Production Cycle 1. What mix of products should be produced? 2. How should products be priced ? 3. How should resources be allocated? 4. How should costs be managed and performance evaluated? These decisions require cost data well beyond that required for external financial statements. Figure 12-2: Production Cycle - Level 0 DFD
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9/29/2010 2 Production Cycle: Threats and Controls AIS should provide controls to meet these objectives : 1. All transactions are properly authorized . 2. All recorded transactions are valid . 3. All valid and authorized transactions are recorded . 4. All transactions are recorded accurately . 5. Assets are safeguarded from loss or theft. 6. Business activities are performed efficiently and effectively . 7. The company is in compliance with all applicable laws and regulations. 8. All disclosures are full and fair. Controls for the Production Cycle
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This note was uploaded on 01/28/2011 for the course ACC 5130 taught by Professor Schmidt during the Fall '10 term at Wayne State University.

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Week 5- - Accounting Systems Design and Control Chapter 12 Production Cycle(Part 2 Ms Pam J Schmidt PhD Candidate Dept of Accounting School of

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