MANAGEMENT INFORMATION SYSTEM. QUESTION 1 What is MIS? Explain different types of information system serving at different levels in organization. Give suitable example. ANSWER Management Information System provides information in the form of reports and displays to managers and many business professionals. For example, sales managers may use their network computers and web browser to get instantaneous displays about the sales results of their products. TYPES OF INFORMATION SYSTEMS IN
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communicating the operational results and status of an organization. Financial accounting information is conveyed by a business’s financial statements. The three most important are: income statement, balance sheet, and statement of cash flows. The need for financial statements is to provide accounting information to outside investors so they will have reliable information regarding the financial status of the organization. However, the information presented in financial statements is as important to
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activities of your business is maintaining accurate up-to-date financial records. Accounting records and reports help you run your business efficiently and profitably by keeping track of money earned and spent. Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non-monetary transactions. * Purpose and use of trial
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Financial Statements ACC 290 Mrs. Evans October 5, 2014 Assets, liabilities, expenses, and revenues are of interest to users of accounting information. This information is arranged in the format of four different financial statements, which form the backbone of financial accounting (Intro. to Financial Statements, 2010). Businesses and organizations simply cannot do business, make money, or grow without proper accounting and record keeping. This summarization will identify the four basic financial
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Formal communication networks are a flow of information and ideas through the command hierarchy of a business. On the other hand, informal communication networks also exist and ironically have become major sources of business communication. This happened with the advent of social media, increased reliance on technology and the inherent limitations of the formal communication networks. Within these communication networks are the actual flow of the ideas and information. Successful business is based
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“I love chocolate, and so I’m having fun making money”—Elise Macmillan (Evan Macmillan on right) 1 Accounting in Business A Look at This Chapter Accounting plays a crucial role in the information age. In this chapter, we discuss the importance of accounting to different types of organizations and describe its many users and uses. We explain that ethics are crucial to accounting. We also describe business transactions and how they are reflected in financial statements. A Look Ahead
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business. (Dwyer, 2013). Communicating information efficiently ensures the success of the business. Business do not have an independent existence, they interact with many groups to achieve their outcomes. (Allan, 2005). This interaction occurs through many different channels of communication and by many different methods. All organizations need to be aware of the communication patterns that may occur within their environment. Weather
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1. What are business processes? How are they related to information systems? Define business processes and describe their relationship to business performance. A business process is a logically related set of activities that define how specific business tasks are performed. Business processes are the ways in which organizations coordinate and organize work activities, information, and knowledge to produce their valuable products or services. How well a business performs depends on how
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people outside the organization or for those, who are not involved in the mundane administration of the company. Management accounting, provides accounting information to help managers make decisions to manage and enhance the business. In short, financial accounting is the process of sum-arising financial data, which is taken from an organization's accounting records and publishing it in the form of annual or quarterly reports, for the benefit of people outside the organization. Financial accountancy
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communication has been derived from Latin word “ communicare/communis’ that means to ‘share’ or ‘participate’ . Everybody knows that most of the time , through speech or writing or any other means like exchange of a common set of symbols , we are sharing information with other human beings. It is , therefore , first and foremost a social activity. Man as a social animal has to communicate. Communication is an exchange of facts , ideas , opinions or
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