July 25‚ 1999 Chapter 4. Computer-based Accounting Systems: Practice The previous two chapters attempted to identify the characteristics of "good" accounting systems by reviewing the normative and empirical literature. This chapter begins the right-hand branch of the four-chapter Requirements Determination process illustrated in the lower half of Figure 1.1: it surveys the present state of computer-based accounting practice; Chapter 5 reviews computer-based accounting systems theory. Opportunities
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record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger assists in organizing income statements and balance sheets. On the other hand‚ there are computerized programs such
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company profitable. This would include the money spent on supplies‚ or paying their employees to work. The conversion cycle which is also considered the production cycle is an account of all production in a business. It allocates the costs to the production and makes sure everything is accurately expensed. The financing cycle accounts for all stock‚ bonds‚ debts‚ and dividend transactions. Lastly‚ the fixed asset cycle is accounting for all fixed assets of the business. This will include purchasing‚ selling
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right-click the Finance & Accounting tab it’s links to the overview page of Finance and Accounting. Under the overview that is to the left of the web page discuss the systems that are currently functional. It includes general ledger‚ accounts payable‚ accounts receivable‚ order entry‚ procurement‚ sales/purchasing history‚ invoicing/shipping‚ payroll‚ financial reporting‚ EDI (San Jose only)‚ bar code reading (San Jose)‚ and EDSS (Executive Decision Support System (San Jose only). The background
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through both manual accounting information systems and computerised accounting information systems‚ and compare and consolidate your knowledge within both systems. You will be given structured instructions to set up a business‚ create your own Chart of Accounts‚ and prepare a set of transactions within a general journal. This forms the Business Information Introduction Phase. Based on the feedback from your tutors from this phase and supporting materials‚ demonstrations‚ instructions on computerised accounting
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CHAPTER 2 * Overview of Business Processes SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 2.1 Table 2-1 lists some of the documents used in the revenue‚ expenditure‚ and human resources cycle. What kinds of input or output documents or forms would you find in the production (or conversion) cycle? Students will not know the names of the documents but they should be able to identify the tasks about which information needs to be gathered. Here are some of those tasks:
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Basically‚ the operating entities each have their own Finance & Accounting Systems and they provide input that is consolidated at Corporate…San Jose. The basic components of each system are as follows: * General Ledger * Accounts Payable * Accounts Receivable * Order Entry * Procurement * Sales and Purchasing History * Invoicing and Shipping * Payroll * Financial Reporting * EDI* * Bar Code Reading* * EDSS (Executive Decision Support System)*
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through Internet searches‚ a business’ accessibility increases drastically. Small business owners benefit from computers by managing books with programs like QuickBooks‚ with which the company owner can manage payroll‚ inventory‚ accounts receivable‚ accounts payable‚ taxes‚ bills and much more. Computers facilitate inventory management and data storage • Computers facilitate and expedite the storage of information‚ such as product information‚ inventory‚ customer phone numbers‚ invoices or anything
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amount that should be reported as cash. 1. Checking account balance $929‚070; certificate of deposit $1‚417‚000; cash advance to subsidiary of $992‚770; utility deposit paid to gas company $198. 2. Checking account balance $503‚630; an overdraft in special checking account at same bank as normal checking account of $20‚900; cash held in a bond sinking fund $235‚120; petty cash fund $332; coins and currency on hand $1‚460. 3. Checking account balance $606‚360; postdated check from a customer $11
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information will be available through corporate Intranet and the Internet. Having the proper hardware and software integrating Riordan’s data into automated systems will make life easier for those involved with all the accounting cycles‚ especially accounts receivable. Who Needs Access To What Information Many different departments of Riordan will need access to different levels of the new system. The accounting clerk needs access to enter and edit billings‚ payments‚ and adjustments of credits/debits
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