Quản trị Kinh doanh - Chapter 7: Accounting information systems

Accounting Information SystemsChapter 7PowerPoint Editor: Beth Kane, MBA, CPACopyright @ 2015 McGraw Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.. 07-C1: Fundamental System Principles 2Fundamental System PrinciplesC1Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decisions makers. 3Components of Accounting SystemsC1KeyboardsScannersModemsBar-Code ReaderHardwareSoftwareProfessional JudgmentIncreasingly, source documents are electronic files creating a “paperless” system.4Components of Accounting SystemsC1CD/DVDHard DriveTapePaper DocumentPrinterMonitorProjectorsWeb communications5NEED-TO-KNOWMatch each of the numbered descriptions with the principle, component, or descriptor that it best reflects.Indicate your answer by entering the letter A through J in the blank provided.A.Control principleB.Relevance principleC.Compatibility principleD.Flexibility principleE.Cost-benefit principleF.Source documentsG.Input devicesH.Information processorsI.Information storageJ.Output devices1.Means to take information out of an accounting system and make it available to users.2.Keeps data in a form accessible to information processors.3.Systems that interpret, transform, and summarize information for use.4.Capture information from source documents and enable its transfer to information processing.5.Information for entries that can be in either paper or electronic form.6.Prescribes that benefits from an activity in a system outweigh the costs.7.Prescribes that a system be adaptable to changes in the company, environment, and user needs.8.Prescribes that a system conform with a company’s activities, personnel, and structure.9.Prescribes that a system report useful, understandable, timely, and pertinent information.10.JIHGFEDCBAPrescribes that a system have internal controls.C16 07-C2: Special Journals in Accounting 7Special Journals in AccountingC28 07-C3: Subsidiary Ledgers 9Subsidiary LedgersSubsidiary ledgers are a listing of individual accounts with common characteristics.CharacteristicControllingAccountSubsidiary LedgerAmounts due from customers Accounts ReceivableAccounts ReceivableLedgerAmounts owed to creditorsAccountsPayableAccounts PayableLedgerC310Accounts Receivable LedgerAfter 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.C311NEED-TO-KNOWMatch each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answerby entering the letter A through J in the blank provided.A. General journalD. Accounts receivable ledgerG. Sales journalB. Special journalE. Accounts payable ledgerH. Cash receipts journalC. Subsidiary ledgerF. Controlling accountI. Purchases journalJ. Cash disbursements journal1.Used to record all cash payments.2.Used to record all credit purchases.3.Used to record all receipts of cash.4.Used to record sales of inventory on credit.5.Account that is said to control a specific subsidiary ledger.6.Stores transaction data of individual suppliers.7.Stores transaction data of individual customers.8.Contains detailed information on a specific account from the general ledger.9.Used to record and post transactions of similar type.10.JIHGFEDCBAAll-purpose journal in which we can record any transaction.C2/C312 07-P1: Sales Journal 13Sales JournalP114Sales TaxesP1Governmental agencies often require sellers to collect sales taxes from customers and to periodically send these taxes to the appropriate agency. 15Sales Returns and AllowancesIf 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.P116NEED-TO-KNOWPrepare headings for a sales journal and then record the following sales transactions.July 7Sold merchandise costing $400 to J. Dahl for $600, terms 2/10, n/30, invoice no. 704. 12Sold merchandise costing $100 to R. Lim for $150, terms n/30, invoice no. 705.The Sales Journal is used to record all sales on account; every transaction results in a Debit to Accounts Receivable and a Credit to Sales.DateAccount debitedInvoiceNumberTermsJul 7J. Dahl7042/10, n/30Jul 12R. Lim705n/30Accounts Receivable Dr.Sales Cr.Cost of Goods Sold Dr.Inventory Cr.600400SALES JOURNAL150100P117P1Cash Receipts TypesCash from credit customersCash from cash salesCash from other sources18Footing, Crossfooting, and PostingP1 19NEED-TO-KNOWPrepare headings for a cash receipts journal and then record the following cash receipts transactions.July 1The company borrowed $5,000 cash by signing a note payable to the bank.2C.Ming, the owner, contributed $1,000 cash to the company.11The company sold merchandise costing $100 to Mulan for $400 cash.29The company received $950 cash from Chan in payment of a July 7 purchase (where the company soldmerchandise costing $700 on credit to Chan for $1,000, subject to a $50 sales discount if paid by end ofmonth).Cash Receipts JournalDateAccount creditedExplanationCash Dr.Sales Discount Dr.Accounts Receivable Cr.Sales Cr.Other AccountsCof GS Dr. Inventory Cr.July 1Notes payableNote to bank5,0005,0002Ming, CapitalContribution1,0001,00011SalesCash sale40040010029ChanInvoice, July 7950501,000The Cash Receipts Journal is used to record all cash receipts; every transaction that includes a debit to Cash.P120P121NEED-TO-KNOWPrepare headings for a purchases journal and then journalize the following purchases transactions.July 1Purchased $1,000 of merchandise on credit from Kim, Inc., terms n/60.4Purchased $200 of store supplies from Chi Company on credit, terms n/30.7Purchased $600 of office supplies on credit from Min Company, terms n/30.DateAccountDate of InvoiceTermsPRAccounts Payable Cr.Inventory Dr.Office Supplies Dr.Other Accounts Dr.July 1Kim, Inc.7/1n/601,0001,0004Store Supplies/Chi. Co.7/4n/302002007Min Company7/7n/30600600Purchases JournalThe Purchases Journal is used to record all purchases on account; every transaction that includes a credit to Accounts Payable.P122P123General Journal TransactionsPurchase of plant assets by Note PayablePurchase Returns & AllowancesReceipt of a Note ReceivableP1Sales Returns & Allowances24NEED-TO-KNOWPrepare headings for a cash disbursements journal and then journalize the following cash payments transactions.July 5Issued Check No. 910 to Kam Corp. to buy store supplies for $500.13Issued Check No. 911 for $4,000 to pay off a note payable to China Bank.24Issued Check No. 912 to Lim to pay the amount due from a July 16 purchase, less the discount(it purchased merchandise for $1,000 on credit from Lim, terms 2/10, n/30).29Paid salary of $700 to B.Tung by issuing Check No. 913.DateCk. No.PayeeAccount DebitedPRCash Cr.Inventory Cr.Other Accounts Dr.Accounts Payable Dr.July 5910Kam Corp.Store Supplies50050013911China BankNotes Payable4,0004,00024912LimLim980201,00029913B. TungSalaries Expense700700Cash Disbursements JournalThe Cash Disbursements Journal is used to record all cash payments; every transaction that includes a credit to Cash.P125 07-P2: Proving the Ledgers 26Proving the LedgersP2The balance of the Accounts Receivable controlling account in the general ledger should equal the accounts in the accounts receivable subsidiary ledger.A schedule of accounts receivable lists each customer and the balance owed. 27Proving the LedgerP2The balance of the Accounts Payable controlling account in the general ledger should equal the accounts in the accounts payable subsidiary ledger.A schedule of accounts payable lists each supplier and the balance owed to them. 28Computer Technology in AccountingOff-the-Shelf SoftwareFamiliar accounting programs such as Peachtree® and QuickBooks® are designed to be user friendly and menu driven.Integrated SoftwareActions 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.29Data Processing in AccountingOnline 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).30Computer Networks in AccountingComputer networks are links among computers giving different users access to common databases and programs.ServerWork Stations31Enterprise Resource Planning Software (ERP)Programs that manage and integrate a company’s vital operations. 32Cloud ComputingCloud computing is the delivery of computing as a service rather than a product. Cloud computing uses applications via the Web instead of installing them on one's own computer.Cloud ComputingCell PhoneLaptopComputerTablet33Global ViewSystems Principles and ComponentsBoth U.S. GAAP and IFRS aim for high-quality financial reporting. That aim implies that sound information system principles and components are applied worldwide. However, while system principles and components are fundamentally similar across the globe, culture and other realities often mean different emphases are placed on the mix of system controls.Special JournalsAccounting systems for recording sales, purchases, cash receipts, and cash disbursements are similar worldwide. Although the exact structure of special journals is unique to each company, the basic structure is identical. Companies desire to apply accounting in an efficient manner. Accordingly, systems that employ special journals are applied worldwide.34 07-A1: Segment Return on Assets 35A good AIS collects financial data for a company’s various segments. Segment Return on AssetsA segment is a part of a company that is separately identified by its products, services, or geographic market. A1Companies Reporting Operations by Segments*Total exceeds 100% because companies can report more than one segment.36Segment Return on AssetsSegment return on assets=Segment operating incomeSegment average assetsA1Callaway Golf Company reports that it operates in two business segments: (1) golf clubs and (2) golf balls. The golf club segment shows a higher return on assets.37End of Chapter 738