valuation for external reporting pu

valuation for external reporting purposes. The twin objectives of quality and cost reduction have been a holy
grail for manufacturing industries. The last few decades have observed a number of methodologies, such as
material requirements planning (MRP), manufacturing resource planning (MRP II), Just in Time (JIT), Robotics
and Six Sigma, which attempted to achieve these objectives. The conversion cycle is most visible in
manufacturing organizations; however, the service industry has also benefited from conversion cycle concepts
and theories. The conversion cycle interfaces with different functions and departments in the organization, such
as purchasing, marketing and finance. Earlier efforts for quality and cost management focused on connecting
different departments and streamlining internal operations of organizations.
Al-Hantawi (2001) has specified that the most important characteristics which makes the accounting information
systems as effective and efficient, are the accuracy and speed of processing financial data into accounting
information, therefore providing management with the necessary accounting information on time; in order to
perform functions like planning, control, evaluation, speed and accuracy in retrieving stored overall and
descriptive information when it is needed; adequate flexibility; general acceptance of workers; simplicity, and to
be associated with other information systems in the entity