Acctg-Exam 2-Ch 8

Front 1

general ledger cycle

Back 1

handles miscellaneous transactions, adjusting entries, closing entries, correcting entries, reversing entries, preparation of financial reports

Front 2

accounting manual

Back 2

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

Front 3

standard accounting entries

Back 3

enumeration of thes suggested journal entries for transactions in which the firm might engage (repetitive transactions)

Front 4

chart of accounts

Back 4

list of all accounts used by an entity and the numbers used to code the accounts

Front 5

coding scheme

Back 5

system of representing economic phenomena by a set of numbers of letters or other symbols

Front 6

document flowcharts

Back 6

depict input and output documents and indicate who creates the documents and who receives them

Front 7

good flowcharting techniques

Back 7

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

Front 8

template for examining accounting cycles (8)

Back 8

functions, departments, basic journal entries, control objectives, documents, mgmt reports and queries, files, flowcharts

Front 9

objective of the general ledger cycle

Back 9

publish the b/s, i/s, stmt of changes in s/e, and the cash flow stmt

Front 10

general ledger cycle functions

Back 10

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

Front 11

general ledger cycle-departments involved

Back 11

finance, treasury, controller, GL

Front 12

general ledger cycle-basic journal entries

Back 12

adjusting, closing, correcting, reversing

Front 13

general ledger cycle-control objectives

Back 13

transactions authorized by mgmt, all transactions accurately recorded, safeguard documents and reports
SERS-ish

Front 14

general ledger cycle-documents

Back 14

worksheet, trial balances, financial stmts, journal voucher-document in which a dept records a summary entry for its transactions

Front 15

general ledger cycle-mgmt reports and queries

Back 15

financial reports, monthly statements for mangagers in different divisions and depts, etc

Front 16

general ledger cycle-flowcharts

Back 16

maintenance of the GL, end-of-period procedures