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Related Flashcards
Related Topics
Cards In This Set
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Transaction
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An agreement between two entities to exhange good or sevices or any other event that can be measured in economic terms by organization
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Transaction Process
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The process that begins with capturing transaction data and ends with an informational output such as a the financial statement
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Revenue Cycle
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Where goods and services are solds for cash or a future promise to receive cash
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Expenditure Cycle
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Where companies purchase inventory for resale or raw materials to use in producing products in exchange for cash or a future promise to pay cash
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Production Cycle
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Where raw materials are transformed into finished goods
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Human Resources/Payroll Cycle
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Where employees are hired, trained, compensated, evaluated, promoted and terminated
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Financing Cycle
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Where companies sell shares in the company to investors and borrow money and where investors are paid dividens and interest is paid on loans
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General Ledger and Reporting System
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Is sued to generate information for both management and external parties
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Data Processing Cycle
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Operations performed on data to generate meaningful and relevant information
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Source Documents
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Paper documents used to collect data about their business activities
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Turnaround Documents
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Records of company data sent to an external party and then returned to the system as input
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Source Data Automation
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Capture transaction data in machine-readable form at the time and place of their origin
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General Ledger
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Contains summary-level data for every asset, liability, equity, revenue, and expense account for the organization
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Subsidiary Ledger
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Records all the detailed data for any general ledger account that has many indiviual subaccounts
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Control Account
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General ledger account corresponding to a subsidiary ledger. Sum of all entries in the subsidiary ledger should be equal to the general ledger
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