OBJECTIVES OF ACCOUNTING INFORMATION SYSTEMS

Matherial is prepared according to:

Paige Baltzan, Amy Phillips. Bussiness Driven Information Systems. 2008McGraw Hill Higher Education Online Learning. http://onlinelearning.uvcms.com/index.php?page=course-and-program-catalog

Main steps of accounting

• Identify and apply Generally Accepted Accounting Principles (GAAP).

• Apply the steps of the accounting cycle. • Post and analyze transactions using ledgers and

journals. • Demonstrate how to record adjusting entries for

prepaid expenses and unearned revenue. • Demonstrate understanding by completing an

adjusted trial balance.

Main steps of accounting

• Perform a bank reconciliation. • Explain the purpose of the sales journal and the

Accounts Receivable ledger and post entries to both.

• Record the costs associated with the acquisition of property, plant, and equipment.

• Explain the purpose of and prepare entries for the purchase order journal and accounts payable (A/P) ledger.

• Identify the fundamental principles of an accounting information system.

Basics for Accounting business

Recording business information

Financial statements

Accounting cycle

Asset Cash and Controls

Assets Sales and Receivables

Assets: Inventory Valuation

Assets: Inventory Valuation

Acquisition of Property, Plant and Equipment

Liabilities: Purchasing and Payables

Liabilities (atsakomybė už nuostolius)

Liabilities

Liabilities of employee and payroll accounting