Providing the information for decision making is the primary objective of which system

The correct option is B). “Provide useful or important information to decision-makers”

A) No, the first or core objective of accounting (OA) is not to implement strong internal controls. Yes, this can be OA but not primary because strong internal controls are the further stage of accounting processes.

B) Yes, delivering useful information to the decision-makers of the entity is the core and primary OA because if accounting information provided by accounting is relevant or useful then it will be considered a strong base of accounting.

C) Preparation of a financial statement (FS) is an important but not primary objective of accounting because FS is made by the entities at the end of the year. Thus, Fs can not be the first OA.

D) Ensuring profitability is an OA but not primary because profitability is also the objective that comes after many objectives. Profits will be generated if the primary things or objectives will be archived.

Management information systems can help you make valid decisions by providing accurate and up-to-date information and performing analytic functions. You have to make sure the management information system you choose can work with the information formats available in your company and has the features you need. Suitable management information systems can structure the basic data available from your company operations and records into reports to present you with guidance for your decisions.

Information from Company Operations

When you base your decisions on data available from management information systems, they reflect information that comes from the operations of your company. Management information systems take data generated by the working level and organize it into useful formats. Management information systems typically contain sales figures, expenses, investments and workforce data. If you need to know how much profit your company has made each year for the past five years to make a decision, management information systems can provide accurate reports giving you that information.

Capability to Run Scenarios

The capability to run scenarios is a key decision-making tool. Some management information systems have this feature built in, while others can provide the information required for running scenarios on other applications, such as spreadsheets. Your decision is influenced by what happens if you decide a certain way. What-if scenarios show you how different variables change when you make a decision.

You can enter reduced staff levels or increased promotion budgets and see what happens to revenue, expenses and profit for different levels of cuts or increases. Management information systems systems play a critical role in making realistic scenarios possible.

Projections to Assist in Decision Making

Any decisions you make result in changes in the projected company results and may require modifications to your business strategy and overall goals. Management information systems either have trend analysis built in or can provide information that lets you carry out such an analysis. Typical business strategies include projections for all fundamental operating results.

A trend analysis allows you to show what these results would be in the current situation and how they will change once you have implemented the decisions you have taken. The new values form the basis of your strategic approach going forward.

Implementation and Evaluation

While you make your decisions with specific goals in mind and have the documentation from management information systems and trend analysis to support your expectations, you have to track company results to make sure they develop as planned. Management information systems give you the data you need to determine whether your decisions have had the desired effect, or whether you have to take corrective action to reach your goals. If specific results are not on track, you can use management information systems to evaluate the situation and decide to take additional measures if necessary.

Internal managerial accounting systems are deployed to provide information that management can use to make good decisions. Manufacturing plants use these systems to help in costing and managing the manufacturing process. Hospitals implement systems to assist them in insurance billing and other in-house requirements. Internal managerial accounting systems vary with the industry they are deployed, allowing for functionalities and reports specific to that industry.

Decisions

  1. The main objective of an internal managerial accounting system is to provide information to managers so they can make sound decisions. The goal is not to comply with outside demands, such as those of bankers, but rather to capture valuable data that can be used to manage and control a business better. Since the internal needs of firms vary, so do their accounting systems -- what is good for one business may not work for another. Usually such systems are complex, gathering lots of details, depending on management requirements. For example, a manager may want to know the amount of materials a certain manufacturing process utilizes, and a good managerial accounting system should give him this information.

Planning

  1. Managers use the accounting system for budgeting and other planning functions. Budget numbers are saved and reports can be created and compared with figures that reflect actual revenues and expenses. Many budget-specific accounting software programs allow for creating "what-if" scenarios that can be very complex. Quite a few business owners make plans based on gut feelings, and using a managerial accounting system can help them in focusing on specific costs and possibilities. For example, a business needs to acquire an expensive machine, and a management financial system may help the business in timing the purchase when cash flows are planned to be the highest, avoiding debt.

Efficiencies

  1. Another goal of a managerial accounting system is to make work flows and processes more efficient and effective. Since most managerial systems are industry specific or customized for the business, they help in speeding up common daily processes, including paying the bills. The name of a vendor can be saved along with its address and other information, so that when you pay a bill, you can reuse this information, saving lots of time. This is the same situation if you have a system that caters to your receivable needs, where you can create invoices fast because most of the data has already been captured.

Other Objectives

  1. Internal managerial accounting systems centralize lots of data, organizing and creating a structure where information is easy to find. For example, if you're interested in learning more details about inventory, you go to that area, not to fixed assets or budget modules. Management systems should be fast and flexible enough to cater to the needs of a business, including the ability to generate useful reports, such as trend analysis or other special reports. To be effective, management systems should be easy to use, requiring minimal training time. The more complicated an internal managerial accounting system is, the less effective it will be.

What is the main objective of the decision

Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.

What is the primary objective of an information system?

In particular, the objective of an information system is to provide the appropriate outputs to the members of the organization. An organization is an example of an artificial system: it is a formal social unit devoted to the attainment of specific goals.

What is decision

1. A decision support system (DSS) is a computer-based information system that supports business or organizational decision-making activities, typically resulting in ranking, sorting, or choosing from among alternatives.

Which system information is stored for decision

Decision Support System (DSS) The DSS is a management-level, interactive computer-based information system that helps managers to make decisions. The Decision Support System specifically gives middle managers the information necessary to make informed, intelligent decisions.