WRD_ch05 - 5 Accounting Systems 5-1 5-1 1 Click to edit...

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1 5-1 5-1 Accounting Systems 5
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2 5-2 5-2 Click to edit Master title style Click to edit Master text styles Second level Third level Fourth level » Fifth level 1 Define and describe an accounting system. 2 Journalize and post transactions in a manual accounting system that uses subsidiary ledgers and special journals. 3 Describe and give examples of other subsidiary ledgers and modified special journals. Accounting Systems After studying this chapter, you should be able to: 5-2
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3 5-3 5-3 4 Describe and illustrate the use of a computerized accounting system. 5 Describe the basic features of e- commerce. Accounting Systems (continued) 5-3
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4 5-4 5-4 Define and describe an accounting system. 1 5-4
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5 5-5 5-5 An accounting system is the methods and procedures for collecting, classifying, summarizing, and reporting a business’s financial and operating information. 1 Accounting System
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6 5-6 5-6 As a business grows and changes, accounting systems also change in the following three-step process: Step 1. Analyze user information needs. Step 2. Design the system to meet the user needs. Step 3. Implement the system. 1
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7 5-7 5-7 Accounting Systems Growth Process 1
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8 5-8 5-8 Once a system has been implemented, feedback , or input from the users of the information can be used to analyze and improve the system. 1 Feedback
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9 5-9 5-9 Internal controls are policies and procedures that protect assets from misuse, ensure that business information is accurate, and ensure that laws and regulations are being followed. 1 Internal Controls
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10 5-10 5-10 Processing methods are the means by which the system collects, summarizes, and reports accounting information. These methods may be either manual or computerized. 1 Processing Methods
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11 5-11 5-11 Journalize and post transactions in a manual accounting system that uses subsidiary ledgers and special journals. 2 5-11
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12 5-12 5-12 A large number of individual accounts with a common characteristic can be grouped together in a separate ledger called a subsidiary ledger . 2 Subsidiary Ledger
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13 5-13 5-13 The primary ledger, which contains all of the balance sheet and income statement accounts, is called a general ledger . 2 General Ledger
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