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Accounting Information Systems, 15th Edition Marshall B Romney Solution Manual
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Accounting Information Systems, 15th Edition Marshall B Romney Solution Manual
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Accounting Information Systems 15th Edition Marshall B. Romney Professor Emeritus, Brigham Young University Paul John Steinbart Professor Emeritus, Arizona State University Scott L. Summers Brigham Young University David A. Wood Brigham Young University Instructor’s Solutions Manual This work is protected by United States copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. Dissemination or sale of any part of this work (including on the World Wide Web) will destroy the integrity of the work and is not permitted. The work and materials from it should never be made available to students except by instructors using the accompanying text in their classes. All recipients of this work are expected to abide by these restrictions and to honor the intended pedagogical purposes and the needs of other instructors who rely on these materials. Copyright © 2021 by Pearson Education, Inc. or its affiliates. All Rights Reserved. Manufactured in the United States of America. This publication is protected by copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise. For information regarding permissions, request forms, and the appropriate contacts within the Pearson Education Global Rights and Permissions department, please visit www.pearsoned.com/permissions/ . PEARSON, ALWAYS LEARNING, and REVEL are exclusive trademarks owned by Pearson Education, Inc. or its affiliates in the U.S. and/or other countries. Unless otherwise indicated herein, any third -party trademarks, logos, or icons that may appear in this work are the property of their respective owners, and any references to third -party trademarks, logos, icons, or other trade dre ss are for demonstrative or descriptive purposes only. Such references are not intended to imply any sponsorship, endorsement, authorization, or promotion of Pearson’s products by the owners of such marks, or any relationship between the owner and Pearson Education, Inc., or its affiliates, authors, licensees, or distributors. 1-1 Copyright (c) 2021 Pearson Education, Inc. CHAPTER 1 ACCOUNTING INFORMATION SYSTEMS: AN OVERVIEW SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 1.1 The value of information is the difference between the benefits realized from using that information and the costs of producing it. Would you, or any organization, ever produce information if its expected costs exceeded its benefits? If so, provide some examples. If not, why? Most organizations produce information only if its value exceeds its cost . However, t here are two situati ons where information may be produced even if its cost exceed s its value . a. It is often difficult to estimate accurately the value of information and the cost of producing it. Therefore, organizations may produce information that they expect will produce benefits in excess of its costs, only to be disappointed after the fact . b. Production of the information may be mandated by either a government agency or a private organization . Examples include the tax reports required by the IRS and disclosure requirem ents for financial reporting. 1.2 Can the characteristics of useful information listed in Table 1 -1 be met simultaneously? Or does achieving one mean sacrificing another? Several of the criteria in Table 1.1 can be met simultaneously . For example, more timely information is also likely to be more relevant . Verifiable information is likely to be more accurate . However, achieving one objective may require sacrificing another . For example, ensuring that information is more complete may reduce its timeliness . Similarly, increased verifiability and accuracy may reduce its timeliness . The decision maker must decide which trade -offs are warranted in each situation.The benefits of buying summaries with Stuvia:
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