FACTOID # 100: The United States puts 0.7 % of its population in Prison - a vastly higher percentage than any other nation.
 
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Encyclopedia > Accounting information system

An accounting information system (also called accounting cycle) is the system of records a business keeps to maintain its accounting system. This includes the purchase, sales and nominal ledgers and cash books of the business. While this was previously a paper-based process, most modern businesses now use computerized accounting systems. External links Yahoo! Finance Aggregates some really good business articles Categories: | | | ... Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... The general ledger, sometimes known as the nominal ledger, is the main accounting record of a business which uses double-entry bookkeeping. ... Accounting software is computer software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll and trial balance. ...


Steps in accounting cycle:

  1. Creating journal entries for transactions
  2. Creating general ledger
  3. Creating trial balance
  4. Making adjusting entries
  5. Creating adjusted trial balance
  6. Preparing financial statements
  7. Closing temporary accounts

Adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. ... Financial statements (or financial reports) are a record of a business financial flows and levels. ...

External links

  • The Information Systems Audit and Control Association (ISACA) issues certifications for information systems auditors.

  Results from FactBites:
 
Accounting software - Wikipedia, the free encyclopedia (594 words)
Accounting software is computer software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll and trial balance.
Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting.
In addition to general accounting functions, the software may include integrated or add-on management information systems, and may be oriented towards one or more markets, for example with integrated or add-on project accounting modules.
  More results at FactBites »


 

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