+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Four basic activities performed by general ledger and reporting system (GLARS)
|
1. update GL (trial balance)2.post adj entries (arj trial balance)3. prepare finc stmts 4. produce managerial reports
|
|
Updating consists of posting journal entries that originate from
|
Accounting subsystems, treasurer
|
|
_______ updates all
|
Non-routine transactions such as the issuance or retirement of debt, the purchase or sale of investment securities or the acquisition of treasury stock
|
|
Journal voucher
|
Form used to document one or more journal entries such as those made to update the general ledger
|
|
The journal voucher file is a ___________ not an ________ to the posting process
|
By product, input
|
|
Adjusting entries originate from the
|
Controllers office
|
|
Adjusting entry categories
|
1. accruals2. deferrals3. estimates4. revaluations5. corrections
|
|
When preparing financial statements the steps are
|
1. prepare income statement2. balance sheet3. stmt of cash flows4.closing entries to revenue and expense accounts
|
|
Responsibility accounting
|
Reporting financial results on the basis of managerial responsibilities within an organization
|
|
Result of responsibility accounting
|
Set of correlated reports that break down the organization's overall performance by specific sub units
|
|
Many production service and admin departments are treated as
|
Cost centers
|
|
Sales departments are evalued as
|
Revenue centers
|
|
Flexible budget
|
The budgeted amounts vary in relation to some measure of organizational activity
|
|
XBRL
|
Extensible business reporting language-variant of XML specifically designed for use in communicating the content of financial data through tags like HTML
|
|
XBRL enables orgnaizations to publish info only once that can be sent to all external parties who can
|
Reformat the file as they wish
|
