AIS and Business Processes (Part 1)

AIS and Business Processes (Part 1) - ACCT 404 Accounting...

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1 Janice H. Fergusson, CPA Lecturer ACCT 404 Accounting Information Systems ACCT 404 Accounting Information Systems
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2 AIS and Business Processes (Part 1) AIS and Business Processes (Part 1) What’s Inside: Business Process Fundamentals Two Core Business Processes Businesses-Without-Boundaries What’s Inside: Business Process Fundamentals Two Core Business Processes Businesses-Without-Boundaries
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Business Process Fundamentals The accounting cycle starts with Analysis of a transaction from a source document A source document records a business activity such as the purchase or sale of goods can be a piece of paper or in electronic form
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The Accounting Cycle Transaction Adjusting Entries Trial Balance Financial Statements Closing Process Unadjusted Trial Balance 4
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Journals A chronological record of business events by account May be a general journal or a special journal General journal - any type of accounting transaction to be recorded Special journal - captures specific types of transactions
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Special Journals for AISs Sales Journal Record of credit sales transactions Purchases Journal Record of credit purchase transactions Cash Receipts Journal Record of transactions involving receipts of cash Cash Disbursements Journal Record of transactions involving disbursements of cash
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Ledgers General ledger (sometimes referred to as T-accounts) Detailed monetary information about an organization’s Assets Liabilities Owners’ Equity Revenues Expenses Subsidiary Ledger Detailed records pertaining to particular account in GL Chart of Accounts Provides organizational structure for the general ledger
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Trial Balances Three end of period trial balances: Unadjusted trial balance after all entries have been posted Adjusted trial balance after adjustments have been recorded and posted Postclosing trial balance after closing entries have been recorded and posted
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This note was uploaded on 11/05/2011 for the course ACCT 404 taught by Professor Tuttle during the Fall '11 term at South Carolina.

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AIS and Business Processes (Part 1) - ACCT 404 Accounting...

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