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15 Cards in this Set

  • Front
  • Back
eight accounting cycles
financing, facilities, general ledger, investments, production, payrool, expenditures, revenue
internal accounting cycles
general ledger and production cycles
general ledger cycle
deals with miscellaneous transactions and the preparation of financial reports (adjusting, closing entries)
revenue cycle
deals with selling goods and services to customers and collecting the money, can be divided into sales and cash receipts
expenditure cycle
deals with the purchase of goods and services and paying for them, can be divided into purchases and cash payments
payroll cycle
deals with the payment of wages and salries to employees of the firm
facilities cycle
deals with the acquisition of property, plant, and equipment
investments cycle
deals with buying stocks and bonds of other organizations
financing cycle
deals with obtaining money by borrowing funds or issuing stock
production cycle
deals with the production of finished goods inventory
accounting information system
subsystem of a firm that captures financial and other data to process them into financial statements and other reports
source document
document that captures transaction data, input and output, provide evidence of a transaction and give details
mgmt reports
statements or schedules produced by an ais to convey information to mgmt
questions asked by a manager and addressed to an ais
input documents
triggers transactions processing by some cycle