AUE2602 topic 3 summary

The Accounting system - series/collection of tasks and records - by means of which transactions are processed to create ...

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The Accounting system - series/collection of tasks and records - by means of which transactions are processed to create financial records - major elements of an accounting system: - people who carry out - procedures (write out invoice, calculate a price, enter invoices etc) - paper (order forms, ledgers, lists etc) Five business cycles of accounting system

Finance and Investment Cycle

Revenue and Receipts cycle

The Accounting System Payroll and Personnel Cycle

Acquisitions and Payments cycle

Inventory and Production cycle Financial Statements - financial records relate to the business cycles - financial records are summarized in financial statements