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ACCT110 Ch 7

Accounting Information Systems

TermDefinition
Accounting information systems People, records, and methods that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers.
Accounts payable ledger Subsidiary ledger listing individual creditor(supplier) accounts.
Accounts receivable ledger Subsidiary ledger listing individual customer accounts.
Batch processing Accumulating source documents for a period of time and then processing them all at once such as once a day, week, or month.
Cash disbursements journal Special journal normally used to record all payments of cash; also called cash payments journal.
Cash receipts journal Special journal normally used to record all receipts of cash.
Check register Another name for a cash disbursements journal when the journal has a column for check numbers.
Columnar journal Journal with more than one column.
Compatibility principle Information system principle that prescribes an accounting system to conform with a company’s activities, personnel, and structure.
Components of accounting systems Five basic components of accounting systems are source documents, input devices, information processors, information storage, and output devices.
Computer network Linkage giving different users and different computers access to common databases and programs.
Control principle Information system principle that prescribes an accounting system to aid managers in controlling and monitoring business activities.
Controlling account General ledger account, the balance of which (after posting) equals the sum of the balances in its related subsidiary ledger.
Cost-benefit principle General ledger account, the balance of which (after posting) equals the sum of the balances in its related subsidiary ledger.
Enterprise resource planning (ERP) software Programs that manage a company’s vital operations, which range from order taking to production to accounting.
Flexibility principle Information system principle that prescribes an accounting system be able to adapt to changes in the company, its operations, and needs of decision makers.
General journal All-purpose journal for recording the debits and credits of transactions and events.
Information processor Component of an accounting system that interprets, transforms, and summarizes information for use in analysis and reporting.
Information storage Component of an accounting system that keeps data in a form accessible to information processors.
Input device Means of capturing information from source documents that enables its transfer to information processors.
Internal controls All policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies.
Online processing Approach to inputting data from source documents as soon as the information is available.
Output devices Means by which information is taken out of the accounting system and made available for use.
Purchases journal Journal normally used to record all purchases on credit.
Relevance principle Information system principle prescribing that its reports be useful, understandable, timely, and pertinent for decision making.
Created by: slk