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Accounting Systems

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by

Amanda Abraham

on 28 August 2015

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Transcript of Accounting Systems

Accounting Systems
Providing useful information
Record information in an appropriate place in the accounting system

Complex accounting process (covered in later chapters)

Controls to prevent and detect errors

Monitor effectiveness of the business (credit control)
Data Sources
Books of prime entry
All transactions are initially recorded in a book of prime entry


Sales day book -
Credit sales
Purchases day book -
Credit purchases
Sales returns day book -
Returns of goods sold on credit
Purchases returns day book -
Returns of goods bought on credit
Cash book -
All cash & bank transactions
Petty cash book -
All small cash transactions
The journal -
All other transactions
Types of business transactions
Sales
Purchases
Payments
Receipts
Discounts allowed
Discounts received
Receivables
Payables
Function of Data Sources
Information from data sources is used to initiate the measurement and recording of transactions

Vital to the financial accountant

Supporting documents
Ledger accounts
Sum totals of the day's transactions are recorded
in the accounting ledgers.

Double entry format (covered in later chapters)

Company's financial statements are generated from summary totals in ledgers

Separate accounts for sales, purchases, rent, insurance costs etc.
Books of prime entry
Petty cash float

Imprest system

* Exact amount of expenditure is reimbursed at intervals to maintain a fixed float.

Replenishment

Supporting receipts
Full transcript