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Accounting Information Systems

Accounting Information Systems. Chapter 7. Objective 1. Describe an effective accounting information system. Basic Features. Control Compatibility Flexibility Cost/benefit relationship. Objective 2. Understand both computerized and manual accounting systems.

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Accounting Information Systems

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  1. Accounting Information Systems Chapter 7

  2. Objective 1 Describe an effective accounting information system

  3. Basic Features • Control • Compatibility • Flexibility • Cost/benefit relationship

  4. Objective 2 Understand both computerized and manual accounting systems

  5. Computerized Accounting System • Hardware • Software

  6. Three Stages ofData Processing Input Processing Output

  7. INPUT OUTPUT DATA REPORTS Computerized Accounting System ACCOUNTING RECORDS Journals, Ledgers, Other records HARDWARE SOFTWARE PROCESSING

  8. Designing a System – Chart of Accounts

  9. E7-13 NumberAccount 101 Cash 102 Accounts receivable 103 Inventory 104 Supplies 105 Computer equipment 106 Accumulated depreciation 201 Accounts payable 221 Note payable, long-term 301 Jerry Mobile, capital 321 Jerry Mobile, withdrawals 401 Sales revenue 501 Cost of goods sold 521 Depreciation expense

  10. Processing Transactions – Manual System • Similar transactions are grouped together and recorded in special journals • Sales journal (all sales on account) • Purchases journal (all purchases on account) • Cash receipts journal • Cash disbursements journal • General journal

  11. Processing Transactions – Computerized System • Menu Driven • Menu organized by function or task • Posting is automatic • On-line processing • Batch processing

  12. MAIN Menu-Driven Accounting System Ledger Receivables Payables Inventory Payroll Reports Utilities Transactions COMPUTERIZED ACCOUNTING SYSTEM Posting AccountMaintenance Closing Use arrow keys to make choice Press <return> to access choice Press F7 <escape> to leave menu

  13. ERP Systems • “Enterprise Resource Planning Systems” • Integrates all departments and functions across a company into a single unified system

  14. Objective 3 Understand how spreadsheets are used in accounting

  15. Integrated Accounting Software: Spreadsheet • Computer program designed to perform computational tasks • Organized by cells, defined by a row and a column

  16. Labels Cell B4 Numbers Formulas Integrated Accounting Software: Spreadsheet

  17. E7-15 Annual Depreciation = Cost / Years of Life Annual Depreciation = B9/C8

  18. Objective 4 Use the sales journal, the cash receipts journal, and the accounts receivable ledger

  19. Special Journals • Accounting journals used to record one specific type of transaction • Save time • Save money

  20. Special Journals

  21. Sales Journal

  22. Cash Receipts Journal

  23. Subsidiary Ledger • Provides details on individual balances • Customers (accounts receivable) • Suppliers (accounts payable)

  24. Control Account • The general ledger account • Equals the sum of the individual account balances in a subsidiary ledger

  25. Controlling Account Subsidiary Accounts

  26. Objective 5 Use the purchase journal, the cash disbursements journal, and the accounts payable ledger

  27. Purchases Journal

  28. Cash Payments Journal

  29. Controlling Account Subsidiary Accounts

  30. General Journal • Used for transactions that do not fit into any of the special journals including adjusting and closing entries

  31. Balancing the Ledgers • At the end of the accounting period: • Total debits and credits of account balances in the general ledger are equal • Control account balances are equal to the sum of the appropriate subsidiary ledger accounts

  32. S7-6 Transactions: a. Cash sale of inventory b. Payment of rent c. Depreciation of computer equipment d. Purchases of inventory on account e. Collection of accounts receivable f. Expiration of prepaid insurance g. Sale on account CR CP J P CR J S

  33. S7-6 Transactions: h. Payment on account i. Cash purchase of inventory j. Collection of dividend revenue earned on an investment k. Prepayment of insurance l. Borrowing money on a long-term note payable m. Purchase of equipment on account n. Cost of goods sold along with a credit sale CP CP CR CP CR P S

  34. L E Wooten P7-34B (March 2) Mar 2 191 L E Wooten 2,350 1,390 Mar 2 S1 2,350 2,350

  35. Delwood Plaza P7-34B (March 3) 3/10, n/60 5,900 5,900 Mar 3 Delwood Mar 3 P1 5,900 5,900

  36. P7-34B (March 4) 3,410 1,820 3,410 Mar 4

  37. P7-34B (March 5) Mar 5 473 Furniture 1,080 1,080

  38. P7-34B (March 8) 3,410 1,820 3,410 Mar 4 Interest Revenue 120 120 8

  39. Cortez Co P7-34B (March 9) Mar 2 191 L E Wooten 2,350 1,390 9 192 Cortez Co 6,250 3,300 Mar 9 S1 6,250 6.250

  40. P7-34B (March 10) Mar 5 473 Furniture 1,080 1,080 10 474 Inventory 770 770

  41. L E Wooten P7-34B (March 12) 3,410 1,820 3,410 Mar 4 Interest Revenue 120 120 8 2,303 47 2,350 12 Wooten Mar 2 S1 2,350 2,350 -0- Mar 12 CR1 2,350

  42. End of Chapter 7

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