REAprocess - 4-1REAEntitiesResourcesobjects that are (1)...

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Unformatted text preview: 4-1REAEntitiesResourcesobjects that are (1) scarce and have utility and (2) are under the control of an enterprise (Ijiri 1975 as quoted in McCarthy 1982 p. 562). Common examples of resources are cash, inventory, and fixed assets. EventsAgents4-2REAEntitiesResourcesEventsEconomic Exchange EventAn event in which a resource is either given up or takenIncrement economic event results in resource inflowDecrement economic event results in resource outflowincrease or decrease the quantity of a firms resourcesreflect changes in resources resulting from production, exchange, consumption and distribution Examples of economic events are sale, cash receipt, purchase, and raw material issueAgents4-3REAEntitiesResourcesEventsAgentsthose who participate in the events. one within the business unit who was responsible for the eventsecond, outside the business unit, with whom the event was performed. outside agent is often outside of the organization, such as a customer or vendorIdentifying the individuals responsible for each transaction helps control the economic resources....
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This note was uploaded on 09/27/2011 for the course 6K 180 taught by Professor Staff during the Spring '11 term at University of Iowa.

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REAprocess - 4-1REAEntitiesResourcesobjects that are (1)...

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