Acctg Exam 2-Ch 6

Front 1

eight accounting cycles

Back 1

FFGIPPER
financing, facilities, general ledger, investments, production, payrool, expenditures, revenue

Front 2

internal accounting cycles

Back 2

general ledger and production cycles

Front 3

general ledger cycle

Back 3

deals with miscellaneous transactions and the preparation of financial reports (adjusting, closing entries)

Front 4

revenue cycle

Back 4

deals with selling goods and services to customers and collecting the money, can be divided into sales and cash receipts

Front 5

expenditure cycle

Back 5

deals with the purchase of goods and services and paying for them, can be divided into purchases and cash payments

Front 6

payroll cycle

Back 6

deals with the payment of wages and salries to employees of the firm

Front 7

facilities cycle

Back 7

deals with the acquisition of property, plant, and equipment

Front 8

investments cycle

Back 8

deals with buying stocks and bonds of other organizations

Front 9

financing cycle

Back 9

deals with obtaining money by borrowing funds or issuing stock

Front 10

production cycle

Back 10

deals with the production of finished goods inventory

Front 11

accounting information system

Back 11

subsystem of a firm that captures financial and other data to process them into financial statements and other reports

Front 12

source document

Back 12

document that captures transaction data, input and output, provide evidence of a transaction and give details

Front 13

mgmt reports

Back 13

statements or schedules produced by an ais to convey information to mgmt

Front 14

queries

Back 14

questions asked by a manager and addressed to an ais

Front 15

input documents

Back 15

triggers transactions processing by some cycle