Accounting principles 9e willey kieso chapter 07

Chapter 7-4 Computerized accounting systems Manual accounting systems Example Advantages Sales journal Cash receipts journal Purchases journal Cash payments journal Effects of special jo

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Chapter 7-1

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Chapter

7-4

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

Basic Concepts

of Accounting Information Systems

Basic Concepts

of Accounting Information Systems

Subsidiary Ledgers

Subsidiary Ledgers Special Journals

Accounting Information Systems

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Chapter

7-5

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

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

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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.

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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

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Chapter

7-8

Choosing a software packageEntry-Level Software

 Common features and benefits:

 Easy data access and report preparation

 Audit trail

Enterprise Resource Planning Systems

Computerized Accounting Systems

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Manual Accounting Systems

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Chapter 7-10

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Chapter

7-11

Used to keep track of individual balances.

Two common subsidiary ledgers are:

1 Accounts receivable (customers’)

2 Accounts payable (creditors’)

SO 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.

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Relationship of general ledger and subsidiary ledgers

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Chapter

7-13

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

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Chapter 7-14

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Chapter

7-15

Special Journals

SO 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.

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Chapter

7-16

Each of the following is a subsidiary ledger except the:

a accounts receivable ledger.

b accounts payable ledger.

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Chapter

7-17

Sales Journal Illustration 7-6

Under a perpetual inventory system , one entry at selling price in Sales

Another entry at cost results in a debit to Cost of Goods Sold and a

credit to Merchandise Inventory.

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in the subsidiary ledger

POSTING THE SALES JOURNAL

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A division of labor results.

Advantages of Sales Journal

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Chapter

7-21

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

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Chapter

7-22

Cash sales of merchandise are recorded in the:

a cash payments journal.

b cash receipts journal.

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Chapter

7-23

Which of the following is not one of the credit

columns in the cash receipts journal:

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Chapter

7-26

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.

Review Question

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Chapter

7-27

record all disbursements of cash.

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

Cash Payments Journal

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

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Chapter

7-28

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

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Chapter

7-29

Cash payments of merchandise are recorded in

the:

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Chapter

7-30

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

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Chapter

7-31

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