Transcription of THE ACCOUNTING INFORMATION SYSTEM - wiley.com
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THE ACCOUNTING INFORMATION SYSTEM - wiley.com
CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM OVERVIEW ACCOUNTING INFORMATION must be accumulated and summarized before it can be communicated and analysed. In this chapter, we will discuss the steps involved in the ACCOUNTING cycle. We will emphasize the subject of adjusting entries. Throughout an ACCOUNTING period, cash receipts and cash disbursements are recorded. At the end of the ACCOUNTING period, adjusting entries are required so that revenues and expenses are reflected on the accrual basis of ACCOUNTING . Adjusting entries are simply entries required to bring account balances up to date.
The Accounting Information System 3-3 TIP: An understanding of the following terms is important. (1) Event: a happening of consequence. An event generally is …
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