Quiz 2: Accountants As Business Analysts

Business

Roles of an accountant in business The roles of an accountant in a business does not exhaust at the process of accounting in the books of a company, it goes beyond that. The accountant help the stakeholders, whether internal or external, make the better of their decisions by providing the financial information they need. The accountant performs all the financial functions, he may perform the basic tasks of collection of information, entry making, and generating the reports to be communicated to the final users of accounting, when it comes to the small businesses. The student, according to what his background is, is considered as having all the necessary knowledge of the roles of an accountant in a firm. The students know the accounting or finance operations for regulatory compliances, that is, to record or account for processes. The student knows how to complete the period-end accounts for tax returns. Financial reporting is the other role for the student for assuring the stakeholders. A student is told about the communication information to the management, and to manage the people for raising capital. So, it can be said that a student is told about every role of an accountant. A student may feel best prepared for the roles of managing, accounting for which a student gets extra attention at studies. A student may not feel comfortable at the practical handling of the company, for which not much of a attention is given to the student.

Role of accounting function in business: Accounting functions provide valuable financial information to both the internal and external stakeholders to ensure sound decision making. They mitigate the risks associated with the business by ensuring smooth and efficient functioning of the organization. • Option a is correct as accounting functions prepare financial statements at the end of every financial year to provide a true and correct view of the financial position of the firm and helps in financial planning and forecasting. • Option b is correct as accounting function adheres to the business laws and statutory procedures while performing the assigned tasks. • Option c is correct as accounting function helps in project management by providing the financial reports regarding the costs of the project, laborhours and various other expenses related to the project thereby easing the task of the project manager. • Option d is correct as accounting function helps in making the business processes and services effective and accurate by using the IT services Hence, all the above options are correct, thus the correct option is img .

Business process model and notation (BPMN) models It is presentation for specifying business processes in a model of business process graphically. Business process management initiative has developed it. It is used to support both the technical users and business users. In the question, the process of ordering a coffee from company S is given. The process starts with the customer selecting the coffee and ordering the coffee from the outlet of the company. The order is recorded and is fulfilled by the store to the customer. The customer is given the option to pay via cards, or cash, or by the gift cards of the company. The customer paid the company with the gift card. The payment is made and the receipt is generated. The BPMN model created to support the answer to the question is given below: img The above diagram explains the mix roles of the customer and company S in the process of purchasing of the coffee from the outlet of the company with the gift card of the company. The above process starts with the event where customer reviews the menu to order the coffee. The process goes on and it ends with the event where the payment is made with the gift card and receipt is generated by the company. The process can be explained by the starting event of reviewing the menu, and then the order is placed. After that, the order is delivered to the customer once it is prepared by the store. In the end, when the order has been delivered to the customer, the payment options are given to the customer, in which the payment can be made through cash, credit cards, or the gift cards that the customer gets from the company. The customer ends the process by paying the company for the order placed by him. The option that is chosen by the customer to pay to the company is by the gift card. The company generates the receipt and the receipt is given to the customer.