Larson 16cV1 Appendidi.pdf M fundamental Accounting Princip x | + C/Users/mmgou/OneDrive/Desktop/Larson 16ceV1 Appendixll.pdf A Read aloud Appendix Accounting information Systems The arrows illustrate the exchange of information. Notice that each subsystem is both a user and a provider of information. ACCOUNTING INFORMATION SYSTEMS An accounting information system (AIS) is a computer software package that collects and processes raw financial data into timely, accurate, relevant and cost-effective information to meet the purposes of internal and external users. The primary components within an AIS are Accounts Payable, Accounts Receivable, and Payroll. Specialized modules, such as Property. Plant, and Equipment, are often added depending on the needs of the business Echibit All2 illustrates these components within the AIS. Other components of an AIS include people, data (inputs), software (accounting programs), hardware computers and reports (output) Structure of an AIS How the ALS is structured depends on the requirements of the users. A bank will have different needs than a restaurant or a steel manufacturer; however, the basic structure is similar for any AIS The surnals and the accounts in the general ledger form the foundation of the process that produces user reports. The petical ledger system represents primary data and is set up to gather financial information posted in the accounting system. As the book of original entry, the journal serves as a check to the entries posted in the general ledger accounts. The accounting components used for operating and financial controls are developed based on the journal and general ledger systems. For example, the component used for accounts receivable control is related to sales and cash receipts Exhibit All shows the basic structural relationships. The sale of inventory (11 decreases inventory (re- quiring purchases to replenish stockland (2) when on credit, create accounts receivable and initiates the billing proces. Accounts receivable in collected cash receipts) and inventory purchase an account need to e all of these answers are incorrect A company has 10 employees who earned a total of $30,000 in January ($3,000 each). CPP taxes are 4.95% paid by employees and 4.95% paid by the employer. Income tax withholdings amount to $4.500 The employee El rate is 1.83% of the total and the employer El contribution is 1.4 times the employee portion. The gross pay of the 10 employees during January is Select one a $33,209 O b. $33,113 OC. $30,000 d. $29.190 e. $28,230 Sud ENG 8:26 PM 8/31/2020 TS Larson 16cV1 Appendidi.pdf M fundamental Accounting Princip x | + C/Users/mmgou/OneDrive/Desktop/Larson 16ceV1 Appendixll.pdf A Read aloud Appendix Accounting information Systems The arrows illustrate the exchange of information. Notice that each subsystem is both a user and a provider of information. ACCOUNTING INFORMATION SYSTEMS An accounting information system (AIS) is a computer software package that collects and processes raw financial data into timely, accurate, relevant and cost-effective information to meet the purposes of internal and external users. The primary components within an AIS are Accounts Payable, Accounts Receivable, and Payroll. Specialized modules, such as Property. Plant, and Equipment, are often added depending on the needs of the business Echibit All2 illustrates these components within the AIS. Other components of an AIS include people, data (inputs), software (accounting programs), hardware computers and reports (output) Structure of an AIS How the ALS is structured depends on the requirements of the users. A bank will have different needs than a restaurant or a steel manufacturer; however, the basic structure is similar for any AIS The surnals and the accounts in the general ledger form the foundation of the process that produces user reports. The petical ledger system represents primary data and is set up to gather financial information posted in the accounting system. As the book of original entry, the journal serves as a check to the entries posted in the general ledger accounts. The accounting components used for operating and financial controls are developed based on the journal and general ledger systems. For example, the component used for accounts receivable control is related to sales and cash receipts Exhibit All shows the basic structural relationships. The sale of inventory (11 decreases inventory (re- quiring purchases to replenish stockland (2) when on credit, create accounts receivable and initiates the billing proces. Accounts receivable in collected cash receipts) and inventory purchase an account need to e all of these answers are incorrect A company has 10 employees who earned a total of $30,000 in January ($3,000 each). CPP taxes are 4.95% paid by employees and 4.95% paid by the employer. Income tax withholdings amount to $4.500 The employee El rate is 1.83% of the total and the employer El contribution is 1.4 times the employee portion. The gross pay of the 10 employees during January is Select one a $33,209 O b. $33,113 OC. $30,000 d. $29.190 e. $28,230 Sud ENG 8:26 PM 8/31/2020 TS
