week 5 - acc5130_Ch12_Fal10_Part2_post

week 5 - acc5130_Ch12_Fal10_Part2_post - Accounting...

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Unformatted text preview: 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? 1. How should products be priced ? 1. How should resources be allocated? 1. 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 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 . 1. All transactions are recorded accurately . 2. Assets are safeguarded from loss or theft. 3. Business activities are performed efficiently and effectively . 1. The company is in compliance with all applicable laws and regulations. 2. All disclosures are full and fair. Controls for the Production Cycle Where are the greatest risks?...
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week 5 - acc5130_Ch12_Fal10_Part2_post - Accounting...

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