Journalize Transactions -- After collecting and analyzing the information obtained in the first step, the information is entered in the general journal, which is called the book of original entry. Journalizing transactions may be done continually, but this step can de done in a batch at the end of the day if data from similar transactions are being sorted and collected... Showed first 250 characters
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Journalizing transactions may be done continually, but this step can de done in a batch at the end of the day if data from similar transactions are being sorted and collected.
3. Post to General Ledgers --The general journal entries are posted to the general ledger, which is organized by account... Showed next 250 characters
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Accounting Information Systems provide efficient delivery of information needed to perform necessary accounting work and to assist in delivery of accurate and informative data to users, especially those who are not familiar with the accounting and financial reporting areas itself...
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There are several steps of the accounting cycle that are completed throughout the reporting period as a transaction occurs. First you identify the transaction or other event...
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Transactions are one type of business event. Transactions may or may not necessitate an accounting entry to occur. Examples of transactions that do not require an accounting entry are placing an order with a vendor, hiring an employee, or changing an interest rate...
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Accounting Regulatory Bodies
The first regulatory body is the Financial Accounting Standards Board or FASB for short. “The mission of the FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information” (Financial Accounting Standards Board, n...
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Financial reporting now concerns all listed companies in the EU. By the year 2005 all of them will be reporting according to the International Accounting Standards that are uniform throughout the EU...