The manual accounting system with general journal entry to general ledger has been in use for hundreds of years and is still used by some very small companies and is what you have learned so far.
Gradually, some manual systems evolved to include multiple journals and ledgers for increased efficiency. The journals included in these systems include:
An accounting system is a set of records and the procedures and equipment used to perform the accounting functions. Manual systems consist of journals and ledgers on paper. Computerized accounting systems consist of accounting software, computer files, computers, and related peripheral equipment such as printers.
Regardless of the system, the functions of accountants include:
The primary focus of the first four chapters has been on how you can use an accounting system to prepare financial statements. However, we also discussed how to use that information in making decisions. Later chapters also show how to prepare information and how that information helps users to make informed decisions. We have not eliminated the preparation aspects because we believe that the most informed users are ones who also understand how the information was prepared. These users understand not only the limitations of the information but also its relevance for decision making.
In this chapter we will look at how each special journal operates.http://www.openassessments.com/assessments/1272
Personnel working in the financial services division of a company need to understand and be able to
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