Accounting Information System

You have recently been appointed as production accountant for a small manufacturing company that produces leather accessories and has recently been asked to explain the need for the following

1. the regular production of a master production schedule,

2. the RFID tagging of materials, components and completed production,

3. the use of passwords to control access to the management system responsible for generating production orders, and

4. the documentation of all spoiled production and scrapped materials and components.

The management of fixed assets can be divided into three stages

1. the acquisition stage

2. the retention stage, and

3. the disposal stage.

Required

Briefly describe the main purpose of each stage and the internal controls you would expect to find in a medium-sized retail company.

Solution:

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