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16 Cards in this Set

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  • Back
general ledger cycle
handles miscellaneous transactions, adjusting entries, closing entries, correcting entries, reversing entries, preparation of financial reports
accounting manual
book that indicates how the acctg system is set up and provides the basic instructions on how it operates, states the company's policies with respect to financial reporting issues, supplies the firm's standard acctg entries, chart of accounts, and its coding scheme
standard accounting entries
enumeration of thes suggested journal entries for transactions in which the firm might engage (repetitive transactions)
chart of accounts
list of all accounts used by an entity and the numbers used to code the accounts
coding scheme
system of representing economic phenomena by a set of numbers of letters or other symbols
document flowcharts
depict input and output documents and indicate who creates the documents and who receives them
good flowcharting techniques
show the different depts and entities involved in the process, show the source of each document, denote the preparation of each document with a process symbol, indicate the disposition of each document, provide written comments when necessary
template for examining accounting cycles (8)
functions, departments, basic journal entries, control objectives, documents, mgmt reports and queries, files, flowcharts
objective of the general ledger cycle
publish the b/s, i/s, stmt of changes in s/e, and the cash flow stmt
general ledger cycle functions
handles all recording activities that are not hte responsibility of any other cycles (ad, clo, cor, rev), maintains the GL, prepares and distributes the financial stmts
general ledger cycle-departments involved
finance, treasury, controller, GL
general ledger cycle-basic journal entries
adjusting, closing, correcting, reversing
general ledger cycle-control objectives
transactions authorized by mgmt, all transactions accurately recorded, safeguard documents and reports
SERS-ish
general ledger cycle-documents
worksheet, trial balances, financial stmts, journal voucher-document in which a dept records a summary entry for its transactions
general ledger cycle-mgmt reports and queries
financial reports, monthly statements for mangagers in different divisions and depts, etc
general ledger cycle-flowcharts
maintenance of the GL, end-of-period procedures