ACCTG 333 Exam 1 Perols Study Guide Review 2024

ACCTG 333 Exam 1 Perols Study Guide Review 2024 in the past accountants focused on: - ANS-stewardship/reporting functions, preparing financial reports, auditing now accountants take active roles in: - ANS-helping enterprises optimize business processes, achieving competitive advantage, maximizing shareholder value To prepare for their changing roles accountants must understand: - ANS-−the business and how it collects summarizes and communicates information −how the business delivers value to its customers −risks that the business faces and the internal controls in place to mitigate those risks −how an AIS collects, summarizes and reports business process information Business Process - ANS-a defined sequence of business activities that use resources to transform specific inputs into specific outputs to achieve a business goal. Business Analysis - ANS-the process of defining business process requirements and evaluating potential improvements. Business Model - ANS-a simple abstract representation of one or more business processes. Documentation - ANS-explains how business processes and business systems work; a tool for information transmission and communication Documentation includes: - ANS-−Business process models −Business rules −User manuals training manuals −Product specifications Continues...