...Accounting Cycle Paper Sharon Anderson ACC/421 Intermediate Financial Accounting 1 October 20, 2015 Terrice Watson Accounting Cycle Paper We live in a world where competition and technology is a critical element in the advancement of global marketing; in light of that, everything is moving in such a rapid pace. If you have any type of smart device you can do just about anything; online banking, shopping, and Skype (free communication calls via internet). More importantly, E-commerce is taking over the way shoppers purchase goods; the traditional brick and mortar buildings are becoming a thing of the past; that is to say, many people are enjoying the freedom of “virtual” shopping from their homes. This is all possible due too the invent of both computers and the Internet. That said, you could find a computer software application to assist you with doing just about anything. Many small businesses use apps like QuickBooks to help reconcile the books; Accounting is another word for doing this task, keeping the books. In other words, the primary goal of Accounting is to record, sort, retrieve, summarize, and store data in a useful format for both internal and external users; allowing them to make knowledgeable decisions. Accountants provide the users with data in the form reports and analysis; this data can be used by entities such as banks, creditors, and investors. Let’s discuss how the Accounting cycle or process is used within my organization. Accounting in its simplest...
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...Accounting Cycle Paper ACC/421 Accounting Cycle Paper In this paper I will outline the purpose of both accounting and financial reporting within an organization in general. I will also give a description of the people, processes, and systems that are a part of the accounting and financial reporting processes followed by a conclusion. Purpose of Accounting The purpose of accounting to gather and report on any financial information within the organization about things such as: the performance of the company, their financial position, and the cash flows of the company. With this information the company can then make business decisions about management of their business, investments to be made, or money they can lend. All of this information is known as the accounting records and accounting transactions and recorded as invoices for either suppliers or customers of the company. Once the financial information has been added to the accounting records it is all put together into financial statements to include the following: income statement, balance sheet, statement of cash flows, statement of retained earnings, and any disclosures. Purpose of Financial Reporting Documents, or the financial reports, are gathered in order to keep track of money going in or going out. Essentially, there is a record of how much money your business is making or losing. Anyone investing in the business has the right to know how their money is being used and can know this by looking at the financial...
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...Accounting Cycle Paper ACC421 June 3, 2013 Accounting Cycle Paper Although I work for a major corporation, Walgreens, I have nothing to do with the accounting department or the cycle. I will however use this paper to explain the accounting cycle as well as the people that would be involved within the cycle. Generally the people involved in the accounting cycle would be record-keepers, accounting clerks; financial managers as well as staff accountants all have a hand in the parts of the accounting cycles. Bookkeepers and accounting clerks are generally the ones that record the entries and prepare statements for financial managers and staff accountants to approve. The first step of the accounting cycle would be to identify and analyze the transaction and events that need to be accounted for. Even though the generally accepted accounting principles (GAAP) has guidelines there are no rules to what events or transaction a company is required to record. A company should record every sale or purchase no matter how big or small it is. Once these transactions or events have been analyzed, they are recorded in the next step which is journalizing the transactions. There are several different places these transactions are recorded. Some of these places are the general journal, cash receipts journal, cash disbursements journal, purchases journal, sales journal and other special journals depending on the company (Kieso, Weygandt, & Warfield, 2012). Then these transactions...
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...Accounting Cycle Paper Stacy Keyser University of Phoenix ACC/421 Cito Vanges January 9, 2012 Howard County Accounting Overview I work for the Howard County Health Department in the Fiscal Department as the Accounts Payable. I have been working for the health department for three years. The Health Department is divided up between the state and the county. What this means is that we have to provide financial documents to the state and the county. The reason that we have to report to the state and county with financial documents is because we get grants and core money for our programs that we have. The state and the county have two different codes that we use for them so that means that we have two different systems that we use. The system that we use for the State is called Fast Tracking System (FTS) and the system that we use for the county is called the SAP/ERP. The fast tracking system is for the state because this is the system that has all their codes in it and we also use it for our records. The SAP/ERP is what the county wants us to use so we can pay our bill. The county is the one that pays our bills out of the grant and core money. We have different codes for each department we have so the county knows who is spending the money and what they are spending it on. This system is brand new so we are all getting used to this new system. In the Fiscal Department we have the Accounts Receivable...
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...INDIVIDUAL ACCOUNTING CYCLE PAPER To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-1-individual-accounting-cycle-paper/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER Preparea 700- to 1,050-word paper explaining the overall accounting cycle at your organization. Include a description of the people, processes, and systems that are integral to the cycle Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 421 Week 1 Individual Accounting Cycle Paper in order to ace their studies. ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-1-individual-accounting-cycle-paper/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER Preparea 700- to 1,050-word paper explaining the overall accounting cycle at your organization. Include a description of the people, processes, and systems that are integral to the cycle Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 421 Week 1 Individual Accounting Cycle Paper in order to ace their studies. ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-1-individual-accounting-cycle-paper/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER Preparea 700- to 1,050-word paper explaining...
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...Syllabus School of Business ACC/340 Version 4 Accounting Information Systems I ACC/340 Schedule 10/10/2013 – 11/07/2013 Campus: Puerto Rico Campus Group ID: BA0913RE 3 Credits 36 Hours Copyright © 2009, 2007, 2005, 2004, 2003, 2001 by University of Phoenix. All rights reserved. Course Description This course is designed to provide accounting students with the proper mix of technical information and real-world applications. Areas of study include fundamental concepts and technologies (what computers can do for business), the Internet, intranets, electronic commerce, information systems development, basic project management principles, decision support systems, and the benefits of computer and human synergy. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Bagranoff, N. A., Simkin, M. G., & Strand, C. S. (2008). Core concepts of accounting information systems (10th ed.). New York...
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... |Accounting Information Systems I | Copyright © 2009, 2007, 2005, 2004, 2003, 2001 by University of Phoenix. All rights reserved. Course Description This course is designed to provide accounting students with the proper mix of technical information and real-world applications. Areas of study include fundamental concepts and technologies (what computers can do for business), the Internet, intranets, electronic commerce, information systems development, basic project management principles, decision support systems, and the benefits of computer and human synergy. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Bagranoff, N. A., Simkin, M. G., & Strand, C. S. (2008). Core concepts of accounting information...
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...Accounting Cycle Paper ACC/421 September 12, 2011 Accounting Cycle Paper The accounting cycle is very important to maintaining orderly transactions within an organization’s accounting records. Companies can simply not just give and receive money without recording the events that lead to the transaction otherwise they would be faced with a night mare when trying to reconcile their records. In my company the accounting cycle is used for accounting transactions that affect the comings and goings of money within the organization. This usually begins with a Source Document. Source Documents consist of a description of the accounting transaction, this can be a sales or purchase transaction. Sales transactions in my company are usually performed through the use of a Point of sale system. In a purchase transaction a cash receipt or invoice from the company providing the product or service. Source documents, whether from sales or purchase transactions serve as objective evidence that the transaction did occur and part of the audit trail. Being an early document in the accounting cycle, source documents provide the information required to analyze and classify the transaction in order to be journalized in the accounting system. The next step in the accounting cycle is to journalize the transactions. In my company this is usually the electronic journal maintained by the Point of sale system, or a purchase order created by a manager at the time a purchase is made. Sales transactions...
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...Accounting Cycle Description Paper Riordan Manufacture Inc. Accounting Process Team C Acc. /340 Cito Vanegas July 29, 2014 Introduction Riordan Manufacturing Inc. is a leader in their industry which is plastic injection molding. This company could not manually accounting due to the company's wide span corporation. Manually is very time consuming and it is tedious for the high production that Riordan does and services. Riordan Manufacture need to use computer software program to do all Riordan Manufacture accounting needs. This paper will explain how Riordan Manufacture accounting cycle can assist with the strengths and weakness of the internal controls of the cycles. Riordan Manufacture needs to make sure that their company moves forward and smoothly. The Five-accounting cycles The five-accounting cycles are revenue, expenditures, conversion financing, and fixed asset. Revenue is the first-accounting cycle which is the revenue, which includes sales and cash receipts. All sales that Riordan makes form the plastic products that are manufactured needs to be recorded in the accounting information systems. Expenditure is the second of the accounting cycle which includes the expenses of making the product such as material supplies, payroll, and cash disbursements. Conversion is the third-accounting cycle which includes, but not limited to all the plastic production costs to all goods and services that Riordan Manufacture supply. The conversion cycle takes information from...
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...Accounting Cycle ACC/421 July 26, 2011 Jana Howie Accounting Cycle Accounting cycle is “the name given to the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements” (Investopedia, 2011). The basic eight steps of the accounting cycle will be explained and described in this paper. Identifying and Recording These first steps are associated with one another and are done during the month while transactions happen. Business transactions are sorted into debits and credits that will be entered into accounting records. These transactions are identified through an original source document i.e. invoice, time card, purchase order). Journalizing “A company records in accounts those transactions and events that affect its assets, liabilities, and equities” (Kieso, Weygandt, & Warfield, 2007, p. 69). Journals include sales, purchases, cash receipts, general and cash payment journals; these in which are kept in chronological order. Posting This occurs when transferring the journal entries to the ledger accounts. Ledgers are kept by account; these include T-account forms or balances. A “general ledger is usually monthly while subsidiary ledgers are usually done daily” (Kieso, Weygandt, & Warfield, 2007, p. 68). Trial Balance A calculation that verifies the total of debits is equal to the total of credits. An unbalanced trial balance...
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...ACC 421 Chapter 5 Wileyplus FOR MORE CLASSES VISIT www.acc421mart.com Keyser Beverage Company reported the following items in the most recent year. Q -2 Ames Company reported 2014 net income of $151,000. During 2014, accounts receivable increased by $13,000 and accounts payable increased by $9,500. Depreciation expense was $44,000. Prepare the cash flows from operating activities section of the statement of cash flows. Q -3 Martinez Corporation engaged in the following cash transactions during 2014. Q-4 The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: Q-5 E5-14 http://edugen.wiley.com/edugen/art2/common/pixel.gif The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2014 are as follows. Exercise 5-16 (Part Level Submission) A comparative balance sheet for Shabbona Corporation is presented below. Exercise 5-18 (Part Level Submission) The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below. IFRS Practice Question 3 Companies that use IFRS: Entry field with correct answer A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under IFRS, the land should be reported as: -------...
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...Overall Accounting Cycle Hannah Tran ACC/421 November 11, 2013 Overall Accounting Cycle Maintaining a set of accounting records is not optional, especially for large companies or whomever needs to go through financial audits. These accounting records are done through-out what it is called an accounting cycle. An accounting cycle is a set of procedures to record transactions and prepare financial statements (Kieso, Weygandt, & Warfield, 2012). This is also to ensure the accuracy and conformity of financial statements to GAAP. This set of procedures includes: (1) identifying and measuring transactions; (2) journalizing; (3) posting; (4) preparing an unadjusted trial balance; (5) making adjusting entries; (6) preparing an adjusted trial balance; (7) preparing financial statements; and (8) closing (Kieso, Weygandt, & Warfield, 2012) . This paper will summarize the overall accounting cycle for the inventory department at Sunrise Growers. Nowadays with the help of computerized accounting system, mathematical errors have been reduced tremendously when recording accounting transactions. In addition, computerized accounting system has minimized the workload and increased productivity. Although Sunrise Growers uses a computerized accounting system to record transactions, this paper will assume the accounting cycle done is manually. Identifying and Measuring transactions This step is to analyze the transactions and determine what to record. On October 10, Sunrise...
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...The System Development Lifecycle Paper Accounting Information Systems XACC/210 June 2, 2013 Melissa Stein The System Development Lifecycle Paper Introduction “A comprehensive IT strategy requires careful systems study and should prioritize the acquisition or development of various information systems, including operating and application systems, such as accounting information systems” (Bagranoff, Simkin, & Norman, 2010, p. 416). Through the system development life cycle, requirements will be identified prior to implementation. Challenges should also be identified as well as possible replacement of existing systems. Requirements Requirements needed for the accounting information system were determined by research and surveys. Federal and state law may also dictate requirements for AIS. Williams, Haka, Bettner, & Carcello (2008) states, “For example, income tax regulations require every business to have an accounting system that can measure the company’s taxable income and explain the nature and source of every item in the company’s income tax return” The study team and steering committee provided the data needed to be stored, manipulated, and retrieved by the system. “The team should try to identify and understand the organization’s goals for the system, perform a systems survey, and prepare one or more reports that describe its findings” (Bagranoff, Simkin, & Norman, 2010, p. 420). System users were questioned about what types of functions they...
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...Accounting Cycle Description Paper Team A ACC/340 Accounting Cycle Description Paper The payroll processing cycle is very time consuming and tedious when done manually. Therefore, the ‘Mom and Pop’s Grocery Store’ has elected to integrate its payroll with a computer software program. With this implementation the payroll process will be more efficient and effective. This paper will explain how the payroll processing cycle for ‘Mom and Pop’s Grocery Store’ integrates onto an enterprise-wide accounting information system. An enterprise-wide accounting information system “focuses on the business process of the organization as a whole” (Bagranoff, Simkin, & Stand, 2008, p. 7). Business process reengineering (BPR) is a total re-design of processes used by an organization that are no longer effective or efficient (Braganoff et al, 2008, p. 163). The ‘Mom and Pop’s Grocery Store’ will use BPR to update the old payroll process to the new enterprise-wide AIS system. The Accounting Information System (ASI) is a system that is put in place for a company to maintain its accounting system. The input devices commonly associated with AIS systems include: “standard personal computers or workstations running applications; scanning devices for standardized data entry; electronic communication devices for electronic data interchange (EDI) and e-commerce” (Business Glossary, p. 1, 2005, 2000, 1995, 1987). In addition, many financial systems come with Internet settings...
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...Report on Book Chapter Series in Chapter 3 Transaction Processing EAST WEST UNIVERSITY Course Title: Accounting Information System Course Code: ACT 430 Sec: 01 Submitted to Nikhil Chandra Shil Department of Business Administration East West University Submitted by Name | ID | Md. Saiful Islam | 2011-1-10-293 | Md. Sariful Islam | 2011-1-10-286 | Saad Abduallah | 2011-1-10-362 | Sakil Ahamed Dip MD.Khanzarul Islam | 2011-3-10-149 2011-1-10-428 | Date of Submission: 25th November, 2014 November 25, 2014 Nikhil Chandra Shil Bachelor of Business Administration East West University Subject: Submission of report on Accounting Information System in chapter 3. Dear Sir, We would like to take this opportunity to thank you for the guidance and support you have provided us during this course of this report. Without your help, this report would have been impossible to complete. To prepare the report we collected what we believe to be most relevant information to make our report as analytical and reliable as possible. We have concentrated our best effort to achieve the objectives of the report and hope that our endeavor will serve the purpose. The practical knowledge and experience gathered during report preparation will immeasurably help in our future professional life. We request you to excuse us for any mistake that may occur in the report despite...
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