Accounting principles 8th weygars kieso kimmel chapter 07

Chapter 7-4 Basic Concepts of Accounting Information Systems Basic Concepts of Accounting Information Systems Subsidiary Ledgers Subsidiary Ledgers Special Journals Special Journals Co

Trang 1

Chapter 7-1

Trang 2

Chapter

7-2

CHAPTER 7

ACCOUNTING INFORMATION

SYSTEMS

Accounting Principles, Eighth Edition

Trang 4

Chapter

7-4

Basic Concepts

of Accounting Information Systems

Basic Concepts

of Accounting Information Systems

Subsidiary Ledgers

Special Journals

Computerized accounting systems Manual accounting systems

Example Advantages

Sales journal Cash receipts journal

Purchases journal Cash payments journal

Effects of special journals on

general journal

Accounting Information Systems Accounting Information Systems

Trang 5

Chapter

7-5

The accounting information system (AIS) collects and processes transaction data and communicates financial information to decision makers

Includes:

All steps in the accounting cycle.

Documents that provide evidence of transactions Manual or computerized accounting system.

Basic Concepts of AIS

LO 1 Identify the basic concepts of an accounting information system.

Trang 6

Chapter

7-6

Cost Effectiveness - Benefits must outweigh the costs.

Flexibility - The system should

be sufficiently flexible to meet the resulting changes in the demands made upon it.

Useful Output

Illustration 7-1

Principles of an

efficient and

effective AIS.

Trang 7

Chapter

7-7

Software programs (functions include sales, purchases, receivables, payables, cash receipts and disbursements, and payroll).

Generate financial statements.

Advantages:

 Typically enter data only once.

 Many human errors are eliminated.

 More timely information.

Computerized Accounting Systems

Trang 8

Chapter

7-8

Choosing a software package Entry-Level Software

 Common features and benefits:

 Easy data access and report preparation

 Audit trail

Enterprise Resource Planning Systems

Computerized Accounting Systems

Trang 9

Manual Accounting Systems

Trang 10

Chapter

7-10

Used to keep track of individual balances

Two common subsidiary ledgers are:

1. Accounts receivable (customers’)

2. Accounts payable (creditors’)

LO 2 Describe the nature and purpose of a subsidiary ledger.

Each general ledger control account balance must

equal the composite balance of the individual accounts

in the related subsidiary ledger.

Trang 11

Relationship of general ledger and subsidiary ledgers

Trang 12

Chapter

7-12

1 Show in a single account transactions affecting

one customer or one creditor.

2 Free the general ledger of excessive details

3 Help locate errors in individual accounts

4 Make possible a division of labor.

Advantages of Subsidiary Ledgers

Trang 13

Chapter

7-13

LO 3 Explain how companies use special journals in journalizing.

Used to record similar types of transactions.

If a transaction cannot be recorded in a special journal,

the company records it in the general journal.

Trang 14

Chapter

7-14

Each of the following is a subsidiary ledger

except the:

a accounts receivable ledger

b accounts payable ledger

Trang 15

Chapter

7-15

credit to Merchandise Inventory.

Trang 16

in the subsidiary ledger

POSTING THE SALES JOURNAL

Trang 18

A division of labor results.

Advantages of Sales Journal

Trang 19

Chapter

7-19

In the cash receipts journal, companies record all receipts of cash The posting of the cash receipts journal is similar to the posting of the sale journal See complete Illustration 7-9 in the text.

Cash Receipts Journal

Trang 20

Chapter

7-20

Cash sales of merchandise are recorded in the:

a cash payments journal

b cash receipts journal

Trang 21

Chapter

7-21

Which of the following is not one of the credit

columns in the cash receipts journal:

Trang 24

Chapter

7-24

All of the following are advantages of using

subsidiary ledgers except they:

a show transactions affecting one customer or

one creditor in a single account

b free the general ledger of excessive details

c eliminate errors in individual accounts

d make possible a division of labor

Trang 25

Chapter

7-25

In a cash payments (cash disbursements) journal, companies

record all disbursements of cash.

The procedures for posting the cash payments journal are similar to those for other journals.

Cash Payments Journal

LO 4 Indicate how companies post a multi-column journal.

Trang 26

Chapter

7-26

Credit purchases of equipment or supplies other than merchandise are recorded in the:

Trang 27

Chapter

7-27

Cash payments of merchandise are recorded in

the:

Trang 28

Chapter

7-28

Special journals substantially reduce the number of entries that companies make in the general journal

Only transactions that cannot be entered in a special journal are recorded in the general

Trang 29

Chapter

7-29

in Section 117 of the 1976 United States Copyright Act

without the express written permission of the copyright owner

is unlawful Request for further information should be

addressed to the Permissions Department, John Wiley & Sons, Inc The purchaser may make back-up copies for his/her own use only and not for distribution or resale The Publisher

assumes no responsibility for errors, omissions, or damages,

caused by the use of these programs or from the use of the information contained herein.”

Copyright

Định dạng
Số trang	29
Dung lượng	2,13 MB