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In this chapter, the learning objectives are: 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 7-1 CHAPTER ACCOUNTING INFORMATION SYSTEMS Accounting Principles, Eighth Edition Chapter 7-2 Study Objectives Study Objectives Identify the basic concepts of an accounting information system Describe the nature and purpose of a subsidiary ledger Explain how companies use special journals in journalizing Indicate how companies post a multicolumn journal Chapter 7-3 Accounting Information Systems Accounting Information Systems Basic BasicConcepts Concepts of ofAccounting Accounting Information Information Systems Systems Computerized accounting systems Manual accounting systems Chapter 7-4 Subsidiary Subsidiary Ledgers Ledgers Example Advantages Special Special Journals Journals Sales journal Cash receipts journal Purchases journal Cash payments journal Effects of special journals on general journal Basic Concepts of AIS Basic Concepts of AIS The accounting information system (AIS) collects and processes transaction data and communicates financial information to decision makers Includes: All steps in the accounting cycle Documents that provide evidence of transactions Manual or computerized accounting system Chapter 7-5 LO 1 Identify the basic concepts of an accounting information system Basic Concepts of AIS Basic Concepts of AIS Cost Effectiveness Benefits must outweigh the costs Illustration 71 Principles of an efficient and effective AIS Useful Output Flexibility The system should be sufficiently flexible to meet the resulting changes in the demands made upon it Chapter 7-6 LO 1 Identify the basic concepts of an accounting information system Basic Concepts of AIS Basic Concepts of AIS Computerized Accounting Systems Software programs (functions include sales, purchases, receivables, payables, cash receipts and disbursements, and payroll) Generate financial statements Advantages: Typically enter data only once Many human errors are eliminated More timely information Chapter 7-7 LO 1 Identify the basic concepts of an accounting information system Basic Concepts of AIS Basic Concepts of AIS Computerized Accounting Systems Choosing a software package EntryLevel Software Common features and benefits: Easy data access and report preparation Audit trail Enterprise Resource Planning Systems Chapter 7-8 LO 1 Identify the basic concepts of an accounting information system Basic Concepts of AIS Basic Concepts of AIS Manual Accounting Systems Perform each step in the accounting cycle by hand Satisfactory in a company with a low volume of transactions Must understand manual accounting systems to understand computerized accounting systems Chapter 7-9 LO 1 Identify the basic concepts of an accounting information system Subsidiary Ledgers Subsidiary Ledgers Used to keep track of individual balances Two common subsidiary ledgers are: Accounts receivable (customers’) Accounts payable (creditors’) Each general ledger control account balance must equal the composite balance of the individual accounts in the related subsidiary ledger Chapter 7-10 LO 2 Describe the nature and purpose of a subsidiary ledger Special Journals Special Journals Sales Journal Illustration 76 Under a perpetual inventory system, one entry at selling price in Sales Journal results in a debit to Accounts Receivable and a credit to Sales Another entry at cost results in a debit to Cost of Goods Sold and a credit to Merchandise Inventory Chapter 7-15 LO 3 Explain how companies use special journals in journalizing Special Journals Special Journals Illustration 77 POSTING THE SALES JOURNAL Companies make daily postings from the sales journal to the individual accounts receivable in the subsidiary ledger. Chapter 7-16 LO 3 Explain how companies use special journals in journalizing Special Journals Special Journals Illustration 77 POSTING THE SALES JOURNAL Posting to the general ledger is done monthly Chapter 7-17 LO 3 Explain how companies use special journals in journalizing Special Journals Special Journals Advantages of Sales Journal Oneline entry for each sales transaction saves time. Only totals, rather than individual entries, are posted to the general ledger A division of labor results Chapter 7-18 LO 3 Explain how companies use special journals in journalizing Special Journals Special Journals Cash Receipts Journal Illustration 79 In the cash receipts journal, companies record all receipts of cash. The posting of the cash receipts journal is similar to the posting of the sale journal. See complete Illustration 79 in the text Chapter 7-19 LO 3 Explain how companies use special journals in journalizing Special Journals Special Journals Review Question Cash sales of merchandise are recorded in the: a cash payments journal b cash receipts journal c general journal d sales journal Chapter 7-20 LO 3 Explain how companies use special journals in journalizing Special Journals Special Journals Review Question Which of the following is not one of the credit columns in the cash receipts journal: a Other accounts b Accounts payable c Accounts receivable d Sales Chapter 7-21 LO 3 Explain how companies use special journals in journalizing Special Journals Special Journals Illustration 713 Purchases Journal Daily postings are made from the purchases journal to the accounts payable subsidiary ledger Chapter 7-22 LO 4 Indicate how companies post a multicolumn journal Special Journals Special Journals Illustration 713 Purchases Journal At the end of the accounting period, the company posts totals to the general ledger Chapter 7-23 LO 4 Indicate how companies post a multicolumn journal Special Journals Special Journals Review Question All of the following are advantages of using subsidiary ledgers except they: a show transactions affecting one customer or one creditor in a single account b free the general ledger of excessive details c eliminate errors in individual accounts d make possible a division of labor Chapter 7-24 LO 3 Explain how companies use special journals in journalizing Special Journals Special Journals Cash Payments Journal Illustration 716 In a cash payments (cash disbursements) journal, companies record all disbursements of cash The procedures for posting the cash payments journal are similar to those for other journals Chapter 7-25 LO 4 Indicate how companies post a multicolumn journal Special Journals Special Journals Review Question Credit purchases of equipment or supplies other than merchandise are recorded in the: a cash payments journal b cash receipts journal c general journal d purchases journal Chapter 7-26 LO 4 Indicate how companies post a multicolumn journal Special Journals Special Journals Review Question Cash payments of merchandise are recorded in the: a cash payments journal b cash receipts journal c general journal d purchases journal Chapter 7-27 LO 4 Indicate how companies post a multicolumn journal Special Journals Special Journals Effects of Special Journals on the General Journal Special journals substantially reduce the number of entries that companies make in the general journal. Only transactions that cannot be entered in a special journal are recorded in the general journal Also, correcting, adjusting, and closing entries are made in the general journal Chapter 7-28 LO 4 Indicate how companies post a multicolumn journal Copyright Copyright “Copyright © 2008 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make backup copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.” Chapter 7-29 ... Indicate how companies post a multicolumn journal Chapter 7-3 Accounting? ?Information? ?Systems Accounting? ?Information? ?Systems Basic BasicConcepts Concepts of ofAccounting Accounting Information Information Systems Systems Computerized accounting. . .CHAPTER? ? ACCOUNTING INFORMATION SYSTEMS Accounting? ?Principles, Eighth Edition Chapter 7-2 Study Objectives Study Objectives Identify the basic concepts of an? ?accounting? ?information? ?... Enterprise Resource Planning? ?Systems Chapter 7-8 LO 1 Identify the basic concepts of an? ?accounting? ?information? ?system Basic Concepts of AIS Basic Concepts of AIS Manual? ?Accounting? ?Systems Perform each step in the? ?accounting? ?cycle by hand