Describe MIS and DSS and Differentiate Between Them

question 97

Essay

Describe MIS and DSS and differentiate between them.

Grasp the voucher system and its role in controlling cash payments and liabilities.

Understand the purpose and use of different financial documents, including vouchers and bank statements.

Appreciate the significance of cost-benefit analysis in implementing internal controls.

Understand the impact of inventory costing methods (FIFO, LIFO, Weighted Average) on financial statements.

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Definitions:

Quality of Work-Life

The degree to which employees enjoy job safety, satisfaction, and personal growth in their workplace, contributing to overall well-being.

Employee Engagement

A strong positive feeling about one’s job and the level of commitment one has toward the job.

Positive Emotions

A range of feelings that express satisfaction, joy, or contentment.

Leaders

Individuals who guide or direct groups towards achieving set goals by influencing their thoughts and behaviors.