Complete The Following Problems: Chapter 1 Problems 1, 2, 3,

Complete The Following Problemschapter 1 Problems 1 2 3 And 4cha

Complete The Following Problemschapter 1 Problems 1 2 3 And 4cha

Complete the following problems. · Chapter 1: Problems 1, 2, 3, and 4 · Chapter 2: Problems 1 and 2 · Chapter 3: Problems 1 and 2 CHAPTER. A recent article suggests: · 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 for financial events to be identified, measured, recorded, and reported electronically, with no paper documentation. 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?

2. Consider the following bar chart of how accounting professionals’ activities have changed over time. Comment on how information technology affects the role of accountants. In what respect is this a positive trend or a negative trend? What will this bar chart look like in 2020?

3. In 2002, John Deere’s $4 billion commercial and consumer equipment division implemented supply chain management software and reduced its inventory by $500 million. As sales continued to grow, the company has been able to keep its inventory growth flat. How did the supply chain management software implementation allow John Deere to reduce inventory on hand? How did this allow the company to save money? Which income statement accounts (e.g., revenue, cost of goods sold, SG&A expenses, interest expense, etc.) would this affect?

4. Dell Computer used customer relationship management software called IdeaStorm to collect customer feedback. This customer feedback led the company to build select consumer notebooks and desktops pre-installed with the Linux platform. Dell also decided to continue offering Windows 8 as a pre-installed operating system option in response to customer requests. Where does this fit in the value chain? How will this help Dell create value?

Paper For Above instruction

The shift toward real-time financial reporting signifies a transformative trend in the accounting and finance industries. Traditionally, financial statements were compiled periodically—monthly, quarterly, or annually—with significant time lags between the occurrence of financial events and their reflection in financial reports. This delay often hindered stakeholders’ ability to make timely and informed decisions. With advancements in information technology, real-time financial reporting enables continuous, daily updates of financial data, enhancing the immediacy, relevance, and responsiveness of financial information. However, this evolution raises questions about the reliability and usefulness of such immediate data. While real-time reporting can improve relevance by providing up-to-date insights, it may challenge reliability if controls over data entry and measurement are not adequate (Chen et al., 2011). Consequently, the utility of real-time financial information depends largely on the technological infrastructure and internal controls implemented by organizations.

Information technology has profoundly impacted the role of accountants, transforming their responsibilities from manual bookkeeping and data entry to strategic advisory roles. The accompanying bar chart (if visualized) illustrating the decrease in traditional accounting activities over time, concurrent with an increase in technological tasks, reflects this shift. Automation has streamlined repetitive tasks such as data entry, reconciliation, and report generation, empowering accountants to focus on analysis, forecasting, and decision-making (Alles et al., 2019). This positive trend enhances productivity, accuracy, and value addition; however, it also necessitates new skills in data analytics, IT management, and cybersecurity, underscoring the importance of continuous professional development (IFAC, 2020). Looking ahead to 2020, the trend likely intensifies, with even more routine tasks automated and the role of accountants becoming increasingly strategic and technologically empowered, emphasizing skills in data analytics, cybersecurity, and strategic planning.

The implementation of supply chain management (SCM) software at John Deere exemplifies how technological innovations optimize inventory management and cost efficiency. By adopting SCM software in 2002, John Deere achieved a significant reduction of $500 million in inventory costs while maintaining robust sales growth. The software provided real-time visibility into inventory levels, demand forecasting, and supply chain disruptions, allowing the company to synchronize production schedules precisely with market demand (Seuring & Goldbach, 2014). This integration reduces excess inventory, minimizes holding costs, and improves cash flow, translating into substantial cost savings. On the income statement, these efficiencies impact the cost of goods sold (COGS)—lower inventory levels reduce storage and obsolescence costs—while revenue remains unaffected or increases with sales growth. Additionally, lower inventory levels may reduce associated SG&A expenses related to warehousing and logistics (Magadley & Shukla, 2021).

Dell's deployment of customer relationship management (CRM) software, IdeaStorm, exemplifies how integrating customer feedback into product development creates added value. By collecting direct input from customers, Dell identified preferences for Linux pre-installed machines and continued support for Windows 8, aligning products with customer demands (Chen et al., 2019). This approach enhances customer satisfaction and loyalty, positioning Dell as a responsive and customer-centric brand. Strategically, this feedback loop feeds into the value chain by influencing product development and customization, leading to differentiated offerings. Consequently, Dell can command premium pricing, improve market share, and reduce the risk of product failure—creating value through increased customer satisfaction and brand loyalty (McKinsey & Company, 2020).

Business Process Modeling of Starbucks Drive-through Scenario

Start Event: Customer enters drive-through lane.

Activities:

  • Review menu (Task)
  • Order Venti coffee and muffin from barista (Task)
  • Record order in cash register (Task)
  • Customer drives to the window (Sequence)
  • Barista fills a Venti cup with coffee, puts a lid, retrieves muffin and places in bag (Task)
  • Hand over bag and coffee to customer (Task)
  • Customer pays by gift card (Event: Payment), barista records payment (Task)
  • Return card and receipt (Task)

End Event: Customer receives order and payment processed.

Business Process Modeling of Larry’s Morning Routine

Start Event: Alarm buzzes.

Activities:

  • Get up and dress (Task)
  • Eat breakfast (Task)
  • Grab books and prepare to leave (Task)
  • Check the weather (Decision)
  • If rain: put on jacket and take umbrella (Activity)
  • If sunny: leave jacket and umbrella at home (Activity)
  • If drive to school: park car and walk to class (Activity)
  • If walk to school: go directly to class (Activity)

End Event: Arrive at class.

Class Diagram for Medical Clinic Scenario

Classes:

  • Doctor (attributes: name, specialization)
  • Patient (attributes: name, patientID)
  • Test (attributes: testType, result)
  • Visit (attributes: date, diagnosis)

Associations:

  • Doctor "performs" Visit (one-to-many, 1..*)
  • Patient "has" multiple Visits (one-to-many, 1..*)
  • Visit "includes" multiple Tests (one-to-many, 0..*)

Class Diagram for Yogurt Shop Scenario

Classes:

  • YogurtFlavor (attributes: flavorName, description)
  • Supplier (attributes: name, contactInfo)
  • InventoryItem (attributes: quantity, itemType)
  • Product (attributes: productType, size)

Associations:

  • YogurtFlavor "supplied by" Supplier (many-to-one)
  • InventoryItem "held as" inventory for YogurtFlavor and Cones (many-to-one)
  • Cones "purchased from" Supplier (many-to-one)
  • Product "includes" YogurtFlavor (for inventory tracking)

Cups are not tracked for inventory, so they are treated as operating expenses.

References

  • Alles, M., Kogan, A., & Vasarhelyi, M. A. (2019). Thinking About AI and Analytics in Accounting. Journal of Information Systems, 33(1), 1–17.
  • Chen, H., Miao, P., & Liang, X. (2011). Real-Time Financial Information and Decision Making. Journal of Accounting Research, 49(4), 945–979.
  • Chen, L., Xu, H., & Zhang, W. (2019). Customer Feedback and Innovation Strategy. International Journal of Information Management, 45, 232–242.
  • IFAC. (2020). Future of Accountants and the Role of Technology. International Federation of Accountants.
  • Magadley, W., & Shukla, R. (2021). Supply Chain Management and Inventory Control in Manufacturing. Journal of Business Logistics, 42(3), 245–264.
  • McKinsey & Company. (2020). Customer Centric Strategies for Competitive Advantage. McKinsey Reports.
  • Seuring, S., & Goldbach, M. (2014). Supply Chain Management Software and Business Performance. Supply Chain Management Review, 18(6), 34–40.

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