Reaping the benefits of IT
What do you mean by the term reaping the benefits of IT? Explain n brief?
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The impact of information technology or IT on the development of management accounting is difficult to overstate. The capability of computers to process big amounts of information signifies that routine reports can be generated rapidly and accurately.
In reality, certain reports might be generated on a daily or even real-time basis. This can be imperative to businesses operating in a highly competitive atmosphere that risk the loss of competitive benefit from making decisions mainly based on imprecise or out-of-date reports. IT has as well enabled information to be more broadly spread all through the business. Rousingly, via their personal computers, staff at all levels is capable to gain access to relevant reports and information to guide their actions and decisions.
Cost: The monetary value of resources employed or liabilities or sacrificed incurred to attain an objective, such as to obtain or make a good or to execute an activity or service.
Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.
1. HulaHug Corp., which manufactures hula hoops, currently has two product lines, the Roundabout and the Sassafras. HulaHug has total overhead of $124,478. HulaHug has identified the following information about its overhead activity pools and the two
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Outcome: The outcomes of a program activity as compared to its intended aims. Program outcomes might be computed in terms of service or product quality and quantity, customer satisfaction, and usefulness.
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