CheckPoint Chart of Accounts

CheckPoint Chart of Accounts - or eliminate business risk,...

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What is the purpose of the chart of accounts? The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. This chart is a list of all the accounts used by a company showing the identifying number assigned to each account. The purpose of a chart of account is to secure a fixed structuring of the accounts created in the bookkeeping. The typical chart of accounts is structured that the day-to-day earning and losses, then Asset Accounts, and then Liability accounts. Each account has its own name and number which makes it easier to work with in the daily work with the accounting. Why are internal controls and audit trails important in a computerized accounting system? Internal control is an integrated system of people,. Processes, and procedures that minimize
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Unformatted text preview: or eliminate business risk, protects assets, facilitate reliable accounting, and promote efficient operations. In a computerized accounting system if changes are made to company records an audit trail records all entries and changes related to the companys date, including actions by specific users so it can be traced back to the person that made the changes to assure honesty and accuracy. With an audit trail in place, just the knowledge of it being there will deter employees from being dishonest and if they are dishonest it can be traced back to a specific employee because each employee has their own code and when using the system is logged into it with their code....
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This note was uploaded on 06/20/2010 for the course ACC 250 Accounting taught by Professor Several during the Spring '10 term at University of Phoenix.

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