Question

(please type the answers) (accounting 640)

Explain what you have learned about business, making decisions, processes, financial tools, etc. and how each will help you to make better decisions in the future. Be specific with your details. Explain the process you used to research, calculate and complete the analyses (indicate all sources used). What did you struggle with the most as you worked on this case? What particular things do you personally need to work on in order to overcoming some of your struggles or weaknesses?

Answer 1

For a flourishing business, information is the key. You have to be aware of everything going on in your business at all levels and also about the outside environment - what are the latest trends in the world, what is the most demanded product and what are the laws and regulations of the place in which business is being conducted. Using the complete information received from all sources, the managers have to make decisions within the minimum time so as to avail the maximum benefits. The managers at all levels can use various information systems to assist them in making informed decisions. Some of these information systems are Transaction Processing System, Decision Support system, Accounting Information system and many more. These systems helps to integrate the results at all level and provide comprehensive reports for the managers to make decisions. The managers can also use various tools such as budgeting tools, internal control tools, CVP Analysis, Ratios etc to monitor the growth of the business. Also, the managers should keep in mind that each business process is conducted in the organization to achieve the business objective. Each business process is also accompanied with internal control system so as to prevent fraud in the organization and to ensure that each business process is being performed effeciently and effectively.