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Accounting Information Systems

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Title: PowerPoint Presentation Author: Susan Coomer Galbreath Last modified by: Administrator Created Date: 2/16/1998 1:55:56 AM Document presentation format – PowerPoint PPT presentation

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Title: Accounting Information Systems


1
Chapter 7
  • Accounting Information Systems

2
Conceptual Chapter Objectives
  • C1 Identify fundamental principles of accounting
    information systems
  • C2 Identify components of accounting information
    systems
  • C3 Explain the goals and uses of special
    journals
  • C4 Describe the use of controlling accounts and
    subsidiary ledgers
  • C5 Explain how technology-based information
    systems impact accounting

3
Analytical Chapter Objectives
  • A1 Compute segment return on assets and use it
    to evaluate segment performance

4
Procedural Chapter Objectives
  • P1 Journalize and post transactions using
    special journals
  • P2 Prepare and prove the accuracy of subsidiary
    ledgers
  • P3 Appendix 7-A Journalize and post
    transactions using special journals in a periodic
    inventory system.

5
Fundamental System Principles
C1
Control Principle Internal controls for
management to monitor the business.
Relevance Principle Provide relevant, timely and
pertinent information.
Flexibility Principle System needs to meet the
changing needs of company.
Compatibility Principle System must be compatible
with aims of the company.
Cost-Benefit Principle Benefits of the system
must outweigh the costs incurred.
6
Components of Accounting Systems
C2
Increasingly, source documents are electronic
files creating a paperless system.
7
Components of Accounting Systems
C2
Source Documents
Input
Keyboards Scanners Modems Bar-Code Reader
8
Components of Accounting Systems
C2
Source Documents
Input
Hardware Software Professional Judgment
Processor
9
Components of Accounting Systems
C2
Source Documents
Input
CD Hard Drive Tape Paper Document
Storage
Processor
10
Components of Accounting Systems
C2
Printer Monitor Telephone CD Tape Disk Electronic
File
Source Documents
Input
Output
Storage
Processor
11
C3
Now, lets look at how we use special journals in
accounting.
12
Special Journals in Accounting
C3
13
Subsidiary Ledgers
C4
Subsidiary ledgers are a listing of individual
accounts with common characteristics.
14
Accounts Receivable Ledger
C4
After all items are posted, the balance in the
accounts receivable controlling account is equal
to the sum of the balances in the accounts
receivable subsidiary ledger.
15
Sales Journal
P1
Each transaction yields a debit to Accounts
Receivable and a credit to Sales. Also, we need
to record the cost of the sale for the
transaction. This column total is posted monthly.
16
Sales Journal
P1
On January 1, Jim Carson purchased 600 of
merchandise on account from Barrys Bikes. The
cost of the bikes was 400. Record the entry in
the Sales Journal. (Assume the use of a perpetual
inventory system.)
17
Sales Journal
P1
Daily, each transaction is posted to the
appropriate accounts receivable subsidiary
account.
18
Sales Journal
P1
A ü in the posting reference column indicates the
transaction was posted to the subsidiary account.
19
Sales Journal
P1
Post the total to the General Ledger accounts.
20
Sales Journal
P1
Here is the Sales Journal after recording some
additional sales.
21
Sales Journal
P1
22
Sales Journal
P1
23
Proving the Ledgers
P2
The Accounts Receivable controlling account and
the subsidiary ledger are in balance.
24
Sales Taxes
P2
On January 4, Jeris Jewelry sold a necklace for
450 plus 8 sales tax on credit to Joan
Oakes. 450 .08 36 The cost of the
merchandise was 302.
25
Sales Tax
P2
Each transaction is posted daily to the
appropriate Accounts Receivable Ledger account.
Column totals are posted monthly.
26
Sales Returns and Allowances
P2
If a company has few sales returns, they may be
recorded in the General Journal.
A company with many sales returns may use a Sales
Returns and Allowances Journal.
27
Cash Receipts Journal
P2
  • Categories of Cash Receipts
  • Cash from cash sales
  • Cash from credit customers
  • Cash from other sources

28
Cash Receipts Journal
P2
CASH RECEIPTS JOURNAL
Page 1
Sales
Accts.
Accounts
Cash
Disc.
Rec.
Other
Date
Credited
Explanation
PR
Dr.
Dr.
Cr.
Sales Cr.
Accts. Cr.
May
7
Sales
Cash Sales
300


300
16
Jane Waters
Invoice 656
441
9
450
31
Interest Revenue
Bank Acct.
409
15
15
31
Total
756
9
450
300
15
(101)
(415)
(106)
(413)
(
)

29
Purchases Journal
P2
The Purchases Journal is used to record all
purchases on credit.
30
Purchases Journal
P2
31
Cash Disbursements Journal
P2
The Cash Disbursements Journal is used to record
all payments of cash.
32
Cash Disbursements Journal
P2
33
General Journal Transactions
P2
Adjusting Entries
Reversing Entries
Closing Entries
Other transactions not recorded in Special
Journals
34
Technology-Based Accounting Systems
C5
  • Hardware
  • Processing units
  • Hard Drives
  • RAM
  • Modems
  • CD-ROM Drives
  • Speakers
  • Monitors
  • Servers
  • Printers
  • Software
  • Programs with a series of commands directing
    operations of computer hardware such as data
    input, storage, processing, or output

35
Computer Technology in Accounting
C5
  • Integrated accounting programs automatically
    update related accounts, journals, and ledgers
    for a single transaction.

36
Data Processing in Accounting
C5
  • On-line processing enters and processes data
    immediately.
  • Batch processing accumulates information for a
    period of time and then processes all the data at
    one time (daily, weekly, or monthly).

37
Computer Networks in Accounting
C5
Server
Work Stations
Computer networks are links among computers
giving different users access to common databases
and programs.
38
Enterprise Resource Planning Software
C5
Enterprise resource planning software, such as
SAP or Oracle, links ordering, inventory,
production, purchasing, planning, tracking and
human resources for many of the worlds largest
companies.
39
Segment Return on Assets
A1
A good AIS collects financial data for a
companys various segments.
A segment is a part of a company that is
separately identified by its products, services,
or geographic market.
40
Segment Return on Assets
A1
This ratio reflects the profitability of the
segment.
41
End of Chapter 7
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