Accounting information system

Accounting information system

To put himself through school, Zach operates an ice cream truck that travels through neighborhoods, ringing a bell to attract kids that want a cold ice cream treat. Zach’s inventory includes many ice cream products and he tracks which items are sold in each sale. He occasionally adds new items to his list of ice cream products for sale.  Zach only accepts cash for each sale. To identify the routes that generate the most sales, Zach summarizes sales by neighborhood but he only tracks neighborhoods with at least one sale.  Zach deposits the cash received in his bank account at the end of each day.

 

Would a shift toward real-time financial statements make the financial information more useful or less useful? More or less relevant?

Larry awoke to his alarm clock buzz. He got up and dressed for the day. Then, he ate a hearty breakfast of oatmeal, toast, orange juice, and coffee. He grabbed his books and prepared to leave for school. Before he left home, he checked the weather. If it looked like rain, he put on a jacket and took his umbrella, and he drove to school. If it looked sunny, he left his jacket and umbrella at home and walked to school. If he drove to school, he parked his car and walked to class. If he walked to school, he went straight to class

  1. Assume that block 1 is the start event that begins this process. From the problem description, what is the trigger for the start of the process?

 

  1. What is the name of the BPMN symbol that should replace block 1?

 

  1. What is the name of the BPMN symbol that should replace block 2?

 

  1. Which of the following is the best label for block 2?

 

  1. Assume that block 5 represents the “check weather” task. Then, block 6 represents where the process branches depending on weather. What kind of gateway should be used to replace block 6?

 

  1. Assume that block 7 represents a task labeled “put on jacket and take umbrella,” and block 8 represents a task labeled “drive to school.” Which of the following is the best label for block 9?

 

  1. Which of the following is the name of the BPMN symbol that should replace block 12 to show that the two sequence options merge?

 

  1. Which of the following describes the BPMN symbol that replaces block 12?

 

  1. Which of the following is the name of the BPMN symbol that should replace block 13?

 

 

  • A monumental change is emerging in accounting: the movement away from the decades-old method of periodic financial statement reporting and its lengthy closing process, and toward issuing financial statements on a real-time, updated basis … real-time financial reporting provides financial information on a daily basis. Current technology allows financial events to be identified, measured, recorded, and reported electronically, with no paper documentation (Source: “Real-Time Accounting,” The CPA Journal, April 2005).

Discuss the above statement explaining:

  • Would a shift toward real-time financial statements make the financial information more useful or less useful? More or less relevant? More or less reliable? 
  • In this regard, what is the potential role of the accountant?