Assess Your Understanding of Accounting Information Systems Design Principles

Components and Principles of Accounting Information Systems Design

• Manual accounting system procedures involve examining source documents, journalizing, posting, preparing trial balance, adjusting entries, and completing financial statements.
• Computerized accounting system procedures involve examining source documents, encoding, automatic posting to general and subsidiary ledgers, automatic trial balance production, encoding of adjusting entries, and automatic creation of financial statements.
• Design of accounting reports should evaluate operating performance and position, pinpoint problems and opportunities, and evaluate alternative courses of action.
• Accounting reports should be relevant, complete, concise, accurate, timely, and presented logically at the least possible cost.
• Design of procedures should be consistent with company policies, consider the organization structure, accomplish objectives efficiently and economically, provide necessary management and internal control requirements, be interrelated with other company procedures, and be flexible to accommodate workload variations.
• Classification and coding of accounts should have an adequate number of accounts, contain only one kind of data, indicate the nature and purpose of accounts, facilitate report preparation, and consider control of operation and accountability.
• Design of ledgers should consider the chart of accounts.
• Journals provide a chronological record of transactions, and special journals include sales, cash receipts, purchase, and cash disbursement journals.
• The voucher system controls purchases and cash disbursements, and elements include vouchers, voucher register, and check register.
• The general journal is used for transactions that cannot be recorded in any other special journal.
• Business forms should be properly identified, serially numbered, carry necessary instructions, logically arrange data, facilitate data recording, provide for necessary signatures, and consider internal control requirements.
• Principles of accounting information systems design should consider efficiency, effectiveness, internal control, flexibility, relevance, completeness, accuracy, timeliness, and cost.

Components and Principles of Accounting Information Systems Design

• Manual accounting system procedures involve examining source documents, journalizing, posting, preparing trial balance, adjusting entries, and completing financial statements.
• Computerized accounting system procedures involve examining source documents, encoding, automatic posting to general and subsidiary ledgers, automatic trial balance production, encoding of adjusting entries, and automatic creation of financial statements.
• Design of accounting reports should evaluate operating performance and position, pinpoint problems and opportunities, and evaluate alternative courses of action.
• Accounting reports should be relevant, complete, concise, accurate, timely, and presented logically at the least possible cost.
• Design of procedures should be consistent with company policies, consider the organization structure, accomplish objectives efficiently and economically, provide necessary management and internal control requirements, be interrelated with other company procedures, and be flexible to accommodate workload variations.
• Classification and coding of accounts should have an adequate number of accounts, contain only one kind of data, indicate the nature and purpose of accounts, facilitate report preparation, and consider control of operation and accountability.
• Design of ledgers should consider the chart of accounts.
• Journals provide a chronological record of transactions, and special journals include sales, cash receipts, purchase, and cash disbursement journals.
• The voucher system controls purchases and cash disbursements, and elements include vouchers, voucher register, and check register.
• The general journal is used for transactions that cannot be recorded in any other special journal.
• Business forms should be properly identified, serially numbered, carry necessary instructions, logically arrange data, facilitate data recording, provide for necessary signatures, and consider internal control requirements.
• Principles of accounting information systems design should consider efficiency, effectiveness, internal control, flexibility, relevance, completeness, accuracy, timeliness, and cost.

Components and Principles of Accounting Information Systems Design

• Manual accounting system procedures involve examining source documents, journalizing, posting, preparing trial balance, adjusting entries, and completing financial statements.
• Computerized accounting system procedures involve examining source documents, encoding, automatic posting to general and subsidiary ledgers, automatic trial balance production, encoding of adjusting entries, and automatic creation of financial statements.
• Design of accounting reports should evaluate operating performance and position, pinpoint problems and opportunities, and evaluate alternative courses of action.
• Accounting reports should be relevant, complete, concise, accurate, timely, and presented logically at the least possible cost.
• Design of procedures should be consistent with company policies, consider the organization structure, accomplish objectives efficiently and economically, provide necessary management and internal control requirements, be interrelated with other company procedures, and be flexible to accommodate workload variations.
• Classification and coding of accounts should have an adequate number of accounts, contain only one kind of data, indicate the nature and purpose of accounts, facilitate report preparation, and consider control of operation and accountability.
• Design of ledgers should consider the chart of accounts.
• Journals provide a chronological record of transactions, and special journals include sales, cash receipts, purchase, and cash disbursement journals.
• The voucher system controls purchases and cash disbursements, and elements include vouchers, voucher register, and check register.
• The general journal is used for transactions that cannot be recorded in any other special journal.
• Business forms should be properly identified, serially numbered, carry necessary instructions, logically arrange data, facilitate data recording, provide for necessary signatures, and consider internal control requirements.
• Principles of accounting information systems design should consider efficiency, effectiveness, internal control, flexibility, relevance, completeness, accuracy, timeliness, and cost.

Test your knowledge on the components and principles of accounting information systems design in this informative quiz. From manual accounting procedures to computerized systems, ledger design to business forms, this quiz covers the essential elements of designing effective and efficient accounting systems. Whether you're a student studying accounting, or a professional in the field, this quiz will help you assess your understanding of the principles that guide accounting information systems design.