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ACCT110 Ch 7 CAP

CAP for Ch 7

QuestionAnswer
Identify the principles and components of accounting information systems. Accounting information systems are governed by 5 fundamental principles: control, relevance, compatibility, flexibility, and cost-benefit. The 5 basic components are source docs, input devices, info processors, info storage and output devices.
Explain the goals and uses of special journals. Used for recording transactions of similar type, each meant to cover one kind of transaction. 4 most common special journals: sales, cash receipts, purchases & cash disbursements. They're efficient and cost-effective tools in journalizing & posting.
Describe the use of controlling accounts and subsidiary ledgers. GL keeps controlling accts such as A/R & A/P; details on individual accts making up the controlling acct are kept in subsidiary ledgers (e.g. a/r ledger). Balance in controlling acct must = sum of its subsidiary acct balances after posting is complete.
Compute segment ROA and use it to evaluate segment performance. A business segment is a part of a company that is separately identified by its products or services or by the geographic market it serves. Analysis of a company's segments is aided by segment ROA (segment operating income divided by segment avg assets).
Journalize transactions using special journals. Each special journal is devoted to similar kinds of transactions. Transactions are journalized on one line of a special journal, with columns devoted to specific accts, dates, names, PR's, explanations & other necessary info.
Post transactions using special journals. Indv'l accts in Other Accts column posted their GL accts on daily basis. Indv'l amts in column whose total isn't posted to controlling acct @ EOM are posted daily to their GL accts. Total amts for all columns except Other Accts column posted @ EOM to GL.
Prepare and prove accuracy of subsidiary ledgers. Acct balances in GL and its SL's are test after posting complete. 1. prep trial balance of GL to confirm dr. = cr. & prep schedule to confirm controlling acct balance = SL's balance.
Created by: slk