I need an introduction just saying we are going to discuss chapters 5,6,and 7. I also need a paragraph for summarizing chapter 5 as well as 3 discussion questions to be answered.
CHAPTER 5- This chapter examines the sales and cash collection process. We use a comprehensive example to develop activity and structure models of the process. We show how the activity model in conjunction with business rules can be used to develop, implement, and monitor control activities. We show how the structure model can be used to develop a relational database to support information processing requirements. The chapter includes a comprehensive exercise in which students prepare UML class models and then develop the corresponding Microsoft Access database to prepare specific financial information. <~~ WRITE A PARAGRAPH ABOUT THIS!
WRITE A RESPONSE BELOW FOR THE FOLLOWING QUESTIONS:
1. The sales and collection process generates revenue, accounts receivable, and cash flow information for a firm’s financial statements. What other information do you think managers would like to collect?
2. What kinds of businesses collect cash before recording the corresponding sales? How would that different sequence affect internal control requirements?
3. Walmart uses a vendor-managed inventory process, where the inventory is owned and managed by the vendor until it is delivered from Walmart’s distribution center to the stores. What implications does this process have for Walmart’s purchases and payments process?
This assignment needs to be done in Microsoft Word!