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After completing this chapter you should be able to: Identify the principles and components of accounting information systems, explain the goals and uses of special journals, describe the use of controlling accounts and subsidiary ledgers.
Chapter Accounting Information Systems PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W Caldwell, D.B.A., CMA Jon A Booker, Ph.D., CPA, CIA Cynthia J Rooney, Ph.D., CPA Winston Kwok, Ph.D., CPA McGrawHill/Irwin Copyright © 2011 by The McGrawHill Companies, Inc. All rights reserved 7 2 C1 Fundamental System Principles Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decisions makers 7 3 C1 Components of Accounting Systems Increasingly, source documents are electronic files creating a “paperless” system •Keyboards •Scanners •Modems •Bar-Code Reader •Hardware •Software •Professional Judgment 7 4 C1 Components of Accounting Systems •Printer •Monitor •Projectors •Web communications •CD/DVD •Hard Drive •Tape •Paper Document 7 5 C2 Special Journals in Accounting 7 6 C3 Subsidiary Ledgers Characteristic Controlling Account Subsidiary Ledger Amounts due from customers Accounts Receivable Accounts Receivable Ledger Amounts owed to creditors Accounts Payable Accounts Payable Ledger Subsidiary ledgers are a listing of individual accounts with common characteristics 7 7 C3 Accounts Receivable Ledger After After all all items items are are posted, posted, the the balance balance in in the the accounts accounts receivable receivable controlling controlling account account is is equal equal to to the the sum sum of of the the balances balances in in the the accounts accounts receivable receivable subsidiary subsidiary ledger ledger 7 8 P1 Sales Journal 7 9 P2 Proving the Ledgers A schedule of accounts receivable lists each customer and the balance owed The balance of the Accounts Receivable controlling account in the general ledger should equal the accounts in the accounts receivable subsidiary ledger 7 10 P1 Sales Taxes Governmental agencies often require sellers to collect sales taxes from customers and to periodically send these taxes to the appropriate agency 7 12 P1 Cash Receipts Types 1.Cash from credit customers 2.Cash from cash sales 3.Cash from other sources 7 13 P1 Footing, Crossfooting, and Posting 7 14 P1 7 15 P2 Proving the Ledger A schedule of accounts payable lists each supplier and the balance owed to them The balance of the Accounts Payable controlling account in the general ledger should equal the accounts in the accounts payable subsidiary ledger 7 16 P1 7 17 P1 General Journal Transactions Adjusting Adjusting Entries Entries Closing Closing Entries Entries Purchase Purchase Returns Returns & & Allowances Allowances Sales Sales Returns Returns & & Allowances Allowances 7 18 Computer Technology in Accounting Off-the-Shelf Software Familiar accounting programs such as Peachtree® and QuickBooks® are designed to be user friendly and menu driven Integrated Software Actions taken in one part of the system automatically affect related parts For instance, when a credit sale is entered, several parts of the system are automatically updated 7 19 Data Processing in Accounting Online 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) 7 20 Computer Networks in Accounting Server Work Stations Computer networks are links among computers giving different users access to common databases and programs 7 21 Enterprise Resource Planning Software (ERP) Programs Programs that that manage manage and and integrate integrate aa company company’s ’s vital vital operations operations 7 22 A1 Segment Return on Assets A good AIS collects financial data for a company’s various segments Companies Reporting Operations by Segments A segment is a part of a company that is separately identified by its products, services, or geographic market *Total exceeds 100% because companies can report more than one segment 7 23 A1 Segment Return on Assets 7 24 P3 Appendix 7A: Special Journals under a Periodic System 7 25 P3 Appendix 7A: Special Journals under a Periodic System 7 26 END OF CHAPTER ... Computer Technology in Accounting Off-the-Shelf Software Familiar accounting programs such as Peachtree® and QuickBooks® are designed to be user friendly and menu driven Integrated Software Actions... Components of Accounting Systems Increasingly, source documents are electronic files creating a “paperless” system •Keyboards •Scanners •Modems •Bar-Code Reader •Hardware •Software •Professional... Judgment 7 4 C1 Components of Accounting Systems •Printer •Monitor •Projectors •Web communications •CD/DVD •Hard Drive •Tape •Paper Document 7 5 C2 Special Journals in Accounting 7 6 C3 Subsidiary