I need answer for Q3 only I included Q2 because there is rel

I need answer for Q3 only I included Q2 because there is relation

question No. 2

1.Define in your own words the value system model of the REA ontology 2. Picture in your mind the cafeteria of your branch (let us call it \"SEUMyBranchCafteria\" like \"SEUDammamCafeteria\" ). Propose a value system level model for your cafeteria. You may either draw a value system level model similar to Exhibit 2-2 (see text book), or you may prepare a matrix as follows:

External Business Partner Resources Flowing From External Business Partner Resources Flowing to External Business Partner

Question No. 3

1. Define in your own words the value chain model of the REA ontology

2. Picturing in your mind the cafeteria of your branch (previous exercise) and assuming that the various activities that need to be performed in the conversion process are considered labor operations, draw a value chain level diagram for the cafeteria of your branch. N.B draw an extra table in which you specify examples for classes of resources.

Solution

question:2

1.The REA Enterprise Ontology: Value System and Value Chain Modeling

(a).Identify an enterprise\'s external business partners

(b)Identify the resources that are exchanged between an enterprise and its business partners

(C)Develop a value system level REA model for an enterprise

(d).Identify the business processes (transaction cycles) in an enterprise

(e).Identify the resource flows between an enterprise\'s internal business processes

(f).Identify the economic events that cause the resource flows between an enterprise\'s internal business processes

(g).Develop a value chain level REA model for an enterprise

question:3

solution 1:To develop a value system level REA model you must answer the question, “Who are the
enterprise’s external business partners?” To answer this question, focus on resource
flows and ask the question this way, “To whom does the enterprise give resources and from
whom does the enterprise receive resources”

Most enterprise resources fit into one of the following categories:
• Cash
• Inventory (raw materials, finished goods, merchandise, parts, and supplies)
• Labor
• Property, plant, and equipment
• Insurance
• Services (such as advertising or government services)
• Utilities