Why have accounting software packages been designed with separate transaction modules? Answer: : Since every organization does not necessarily use all of the transaction cycles in its operations, it is to the advantage of the organization to be able to "pick and choose" from among various software modules that track and record different transaction cycles. For example, a law firm would have no need to implement a production cycle module. Also, the nature of a transaction cycle varies across the broad spectrum of business organizations. Again, a law firm would have a revenue cycle, but it would not involve the purchase, receipt, and payment for products or merchandise; likewise a retail store chain may not sell any consulting services to its customers.
Provide three ways in which information technology can impact managers and three ways in which it can impact non-managerial workers. Answer: Potential IT impacts on managers include: 1 - IT may reduce the number of middle managers 2 - IT will provide managers with real-time or near real-time information, meaning that managers will have less time to make decisions. 3 - IT will increase the likelihood that managers will have to supervise geographically dispersed employees and teams. Potential IT impacts on non-managerial workers include: 1 - IT may eliminate jobs. 2 - IT may cause employees to experience a loss of identity 3 - IT can cause job stress and physical problems, such as repetitive stress injury.
Discuss the seven characteristics of useful information. Answer: The seven characteristics of useful information are: relevant, reliable, complete, timely, understandable, verifiable and accessible. These characteristics are qualities that information should possess to be useful in a business environment. Briefly stated, in order for information to be useful it must be: 1) relevant, meaning that it reduces uncertainty and adds to the decision-making process; 2) reliable information is information that is free from error, and is accurate in its nature; 3) complete information is information that does not omit any important data, facts, or aspects about events or activities; 4) information is timely when it is fully available to enable the decision-making process to proceed; 5) understandable information must be both in an intelligible and useful format; 6) information is considered verifiable if two people, acting independently of each other, produce the same inform
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