Accounting Information Systems
Overall Accounting System 1. Journal Ledger 2. Cost Accounting 3. Other Accounting Functions 4. Financial Reports 5. Accounts Payable/ Accounts Receivable
1. Journal Ledger Main difference between journal and ledger is that; the business transactions are at first recorded in the journal and then these transactions are permanently posted in the ledger.
2. Cost Accounting Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.
3. Other Accounting Functions • Collection and storage of the financial information • Data gathering and financial information management • Results are verified by External Accountant • Proper Accounting of taxes
4. Financial Reports A financial report, sometimes called a financial statement, is a document prepared by a company giving its overall financial position. Most jurisdictions compel at least larger companies to publish such information annually. This is for the benefit of both the company's shareholders and creditors.
5. Accounts Payable/ Accounts Receivable Accounts Payable (A/P) refers to the money that the company owes to others, usually because of purchased goods or services on credit from a vendor or supplier. Accounts Receivable (A/R) refers to the money that others owe to the company and are amounts the company has a right to collect because it sold goods or services on credit to a customer.
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