The Accounting Information System
Learning Objectives
Understand basic accounting terminology.
Explain double-entry rules.
Identify steps in the accounting cycle.
Record transactions in journals, post to ledger accounts, and prepare a trial balance.
Explain the reasons for preparing adjusting entries.
Prepare financial statement from the adjusted trial balance.
Prepare closing entries.
Explain how to adjust inventory accounts at year-end.
Accounting Information System
Accounting Information System
Basic terminology
Debits and credits
Basic equation
Financial statements and ownership structure
The Accounting Cycle
Identification and recording
Journalizing
Posting
Trial balance
Adjusting entries
Adjusted trial balance
Preparing financial statements
Closing
Post-closing trial balance
Reversing entries
Financial statements for merchandisers
Accounting Information System
An Accounting Information System (AIS)
Collects and processes transaction data and
Disseminates the information to interested parties.
Accounting Information System
Helps management answer such questions as:
How much and what kind of debt is outstanding?
Were sales higher this period than last?
What assets do we have?
What were our cash inflows and outflows?
Did we make a profit last period?
Basic Terminology
Event
Posting
Trial Balance
Adjusting Entries
Financial Statements
Closing Entries
Journal
Transaction
Account
Real Account
Nominal Account
Ledger
Tuesday, May 19, 2009
Accounting System Information
Subscribe to:
Post Comments (Atom)
0 comments on "Accounting System Information"
Subscribe in a Reader
Post a Comment