Warren_23e__AISE_IM_Ch05 - chapter 5 Accounting Systems _...

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chapter 5 Accounting Systems ______________________________________________ OPENING COMMENTS Chapter 5 introduces new concepts and new forms. The new concepts relate to accounting system design, computerized accounting, e-commerce, and subsidiary ledgers. The new forms introduced are the special journals for a service business: revenue journal, cash receipts journal, purchases journal, and cash payments journal. The transactions that will be recorded in special journals are the same as those that were covered in Chapters 1–4; only the journal format has changed. But beware—students frequently get lost in the barrage of new forms. In this chapter, it is especially obvious that there is no substitute for practice. Students need the opportunity to try recording and posting transactions in a setting where they can ask questions. Group learning activities are very effective. After studying the chapter, your students should be able to: 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. 4. Describe and illustrate the use of a computerized accounting system. 5. Describe the basic features of e-commerce. STUDENT FAQS Why do we need to know how to design a manual accounting system if most accounting systems are computerized? 65 This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher.
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66 Chapter 5 Accounting Systems This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher. How can you be assured that a current balance in subsidiary ledger accounts is correct in a manual system when the control account entries are not posted until the end of the month? What is the advantage of using special journals in a computerized accounting system? In e-commerce, what are the advantages of making accounting entries on someone else’s server instead of your own server? Why do we need both subsidiary ledgers and the general ledger? Doesn’t the use of subsidiary ledgers result in more work and recording transactions twice? Why can’t all purchases (cash and on account) be recorded in the purchases journal? Why can’t all revenue (cash and on account) be recorded in the revenue journal? Why can’t you wait until the end of the month to post to the control accounts as well as the subsidiary ledgers? IN-CLASS AND HOMEWORK ASSIGNMENT CHART
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This note was uploaded on 09/25/2010 for the course FEUI ACCT01 taught by Professor Prof.steve during the Spring '10 term at Indonesian Computer University.

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Warren_23e__AISE_IM_Ch05 - chapter 5 Accounting Systems _...

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