C5 - 1 Learning Objectives 1.Basic Accounting Systems 2.Internal Control 3.Manual Accounting Systems –The revenue and collection cycle –The purchase and.

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Presentation transcript:

C5 - 1 Learning Objectives 1.Basic Accounting Systems 2.Internal Control 3.Manual Accounting Systems –The revenue and collection cycle –The purchase and payment cycle 4.Adapting Manual Accounting Systems Chapter 5 Accounting Systems and Internal Controls

C5 - 2 Basic accounting system A accounting system covers three-step process: 1.Analysis 2.Design 3.Implement

C5 - 3 Basic accounting system A accounting system covers three-step process: 1.Analysis –To identify who use the accounting information –To determine how to provide the accounting information 2.Design 3.Implement

C5 - 4 Basic accounting system A accounting system covers three-step process: 1.Analysis 2.Design A chart of accounts Journal Ledger Financial statements 3.Implement

C5 - 5 Basic accounting system A accounting system covers three-step process: 1.Analysis 2.Design 3.Implement –Recording and reporting Feedback P.181 the accounting system

C5 - 6 The concept of internal control Internal controls are the policies and procedures that protect assets form misuse, ensure that business information is accurate, and ensure that laws and regulation are being followed

C5 - 7 The concept of internal control Businesses use internal controls to guide their operations and prevent abuses of their systems. What the manage should do in a business control? “Control are a part of your everyday life” –To give an example in your life.

C5 - 8 The objectives of internal control 1.Asset are safeguarded and used for business purposes. 2.Business information is accurate. 3.Employees comply with laws and regulations

C5 - 9 The elements of internal control 1.The control environment 2.Risk assessment 3.Control procedures 4.Monitoring 5.Information and communication

C The elements of internal control 1.The control environment Management philosophy Operating style Organizational structure Personnel policies

C The elements of internal control 2. Risk assessment Changes in customer requirements Competitors Regulatory changes Interest changes

C The elements of internal control 3.Control procedures 1.Competent personnel, rotating duties, and mandatory vacations A case on p Separating responsibilities for related operations 3.Separating operations, custody of assets, and accounting 4.Proofs and security measures Cash receipts Case on page 185

C The elements of internal control 4.Monitoring Internal control External control Exhibit 3 indicators of internal control problems

C The elements of internal control 5.Information and communication Communicate with internals and externals Case on page 186

C Business on stage Accounting systems and profit measurement Questions: What we have learned from the case study?

C Manual accounting systems 1.General ledgers (AT & T) 1.Accounts receivable 2.Accounts payable 2.Subsidiary ledgers 3.General journals –Two-column journal 4.Special journals –Two column or multicolumn journal –Revenue; cash receipts; purchase; cash payments

C Cash Accts. Payable General Ledger Accts. Receivable Supplies General Ledger and Subsidiary Ledgers

C Cash Accts. Payable General Ledger Accounts Receivable Subsidiary Ledger A BCD Customer Accounts Accts. Receivable Supplies General Ledger and Subsidiary Ledgers

C Cash General Ledger and Subsidiary Ledgers Supplies Accts. Payable General Ledger Accounts Receivable Subsidiary Ledger A BCD Customer Accounts Accts. Receivable Accounts Payable Subsidiary Ledger A BCD Creditor Accounts

C SELLING BUYING Special Journals

C Rendering of services on account SELLING Revenue Journal Revenue Journal recorded in BUYING Special Journals

C Rendering of services on account SELLING Revenue Journal Revenue Journal Cash Receipts Journal Receipt of cash from any source recorded in BUYING Special Journals

C Rendering of services on account SELLING Revenue Journal Revenue Journal Cash Receipts Journal Purchases Journal Receipt of cash from any source Purchase of items on account recorded in BUYING Special Journals

C Special Journals Rendering of services on account SELLING Revenue Journal Revenue Journal Cash Receipts Journal Cash Receipts Journal Purchases Journal Purchases Journal Cash Payments Journal Cash Payments Journal Receipt of cash from any source Purchase of items on account Payment of cash for any purpose recorded in BUYING

C p. 190 Review a general journal Two-column formats

C /2615MyMusicClub.com 2,200 3/6616RapZone.com 1,750 3/18617Web Cantina2,650 3/27618MyMusicClub.com 3,000 Totals9,600 Revenue Journal Invoice PostAccts. Rec. – Debit Date No.Account Debited Ref.Fees Earned – Credit Page 35 p. 190 The Revenue Journal All sales on account are recorded in this journal. Each sales invoice is listed in numerical order. This journal is often referred to as an invoice register.

C Accounts Receivable Subsidiary Ledger DateItemP.R. DebitCreditBalance MyMusicClub.com Each debit is posted to the accounts receivable subsidiary ledger. Posting to the Subsidiary Ledger Revenue Journal Invoice PostAccts. Rec. – Debit Date No.Account Debited Ref.Fees Earned – Credit Page 35 2,200 3/2615 MyMusicClub.com 2,200 1,750 3/6616 RapZone.com 1,750 2,650 3/18617 Web Cantina2,650 3,000 3/27618 MyMusicClub.com 3,000 Totals9,600

C Accounts Receivable Subsidiary Ledger DateItemP.R. DebitCreditBalance MyMusicClub.com 3/2R35 2,2002,200 Each debit is posted to the accounts receivable subsidiary ledger. Posting to the Subsidiary Ledger Revenue Journal Invoice PostAccts. Rec. – Debit Date No.Account Debited Ref.Fees Earned – Credit Page 35 2,200 3/2615 MyMusicClub.com  2,200 1,750 3/6616 RapZone.com 1,750 2,650 3/18617 Web Cantina2,650 3,000 3/27618 MyMusicClub.com 3,000 Totals9,600

C Accounts Receivable Subsidiary Ledger DateItemP.R. DebitCreditBalance MyMusicClub.com 3/1R352,2002,200 3/27R353,0005,200 Each debit is posted to the accounts receivable subsidiary ledger. Posting to the Subsidiary Ledger Revenue Journal Invoice PostAccts. Rec. – Debit Date No.Account Debited Ref.Fees Earned – Credit Page 35     2,200 3/2615 MyMusicClub.com 2,200 1,750 3/6616 RapZone.com 1,750 2,650 3/18617 Web Cantina2,650 3,000 3/27618 MyMusicClub.com 3,000 Totals9,600

C General Ledger DateItemP.R. DebitCreditBalance  Account: Accounts Receivable No. 12 3/1Bal 3,400 The total is posted to Accounts Receivable AND to Fees Earned. Posting to the General Ledger Revenue Journal Invoice PostAccts. Rec. – Debit Date No.Account Debited Ref.Fees Earned – Credit Page 35     3/2615 MyMusicClub.com 2,200 3/6616 RapZone.com 1,750 3/18617 Web Cantina2,650 3/27618 MyMusicClub.com 3,000 9,600 Totals9,600

C General Ledger DateItemP.R. DebitCreditBalance  Account: Accounts Receivable No. 12 The total is posted to Accounts Receivable AND to Fees Earned. Posting to the General Ledger Revenue Journal Invoice PostAccts. Rec. – Debit Date No.Account Debited Ref.Fees Earned – Credit Page 35     3/1Bal 3,400 9,600 3/31R359,60013,000 3/2615 MyMusicClub.com 2,200 3/6616 RapZone.com 1,750 3/18617 Web Cantina2,650 3/27618 MyMusicClub.com 3,000 9,600 Totals9,600 (12) (41)

C /1 Rent Revenue /19 Web Cantina3,4003,400 3/28 MyMusicClub.com2,2002,200 3/30 RapZone.com 1,7501,750 Totals4007,3507,750 Cash Receipts Journal OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.CreditCreditDebit Page 14 p. 193 The Cash Receipts Journal All cash received from any source is recorded in this journal. The total Cash Debit column equals the total of the two credit columns.

C /1 Rent Revenue ,400 3/19 Web Cantina3,4003,400 2,200 3/28 MyMusicClub.com2,2002,200 1,750 3/30 RapZone.com 1,7501,750 Totals4007,3507,750 Accounts Receivable Subsidiary Ledger DateItemP.R. DebitCreditBalance Web Cantina Each Accounts Receivable credit is posted to the accounts receivable subsidiary ledger. Cash Receipts Journal OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.CreditCreditDebit Page 14 Posting to the Subsidiary Ledger 3/1Bal 3,400 3/27R352,6506,050 

C Accounts Receivable Subsidiary Ledger DateItemP.R. DebitCreditBalance Web Cantina Each Accounts Receivable credit is posted to the accounts receivable subsidiary ledger. Cash Receipts Journal OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.CreditCreditDebit Page 14  Posting to the Subsidiary Ledger 3/1Bal 3,400 3/18R352,6506,050 3,400 3/19CR143,4002,650  3/1 Rent Revenue ,400 3/19 Web Cantina3,4003,400 2,200 3/28 MyMusicClub.com2,2002,200 1,750 3/30 RapZone.com 1,7501,750 Totals4007,3507,750

C The three highlighted items are posted to the general ledger. Cash Receipts Journal OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.CreditCreditDebit Page 14     Posting to the General Ledger 400 3/1 Rent Revenue /19 Web Cantina3,4003,400 3/28 MyMusicClub.com2,2002,200 3/30 RapZone.com 1,7501,750 7,3507,750 Totals4007,3507,750 ( ) General Ledger DateItemP.R. DebitCreditBalance  Account: Accounts Receivable No. 12 3/1Bal 3,400 3/31R359,60013,000

C The three highlighted items are posted to the general ledger. Cash Receipts Journal OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.CreditCreditDebit Page 14     Posting to the General Ledger 400 3/1 Rent Revenue /19 Web Cantina3,4003,400 3/28 MyMusicClub.com2,2002,200 3/30 RapZone.com 1,7501,750 7,3507,750 Totals4007,3507,750 ( )(12)(11) General Ledger DateItemP.R. DebitCreditBalance  Account: Accounts Receivable No. 12 3/1Bal 3,400 3/31R359,60013,000 7,350 3/31CR147,3505,650

C General Ledger Accounts Receivable Control Account DateItemP.R. DebitCreditBalance Account: Accounts ReceivableNo. 12 3/1Bal. 3,400 3/31R359,60013,000 5,650 3/31CR147,3505,650  If the accounts receivable account in the general ledger only shows summary totals, where are the individual customer balances? p. 193

C MyMusicClub.com DateItemP.R. DebitCreditBalance RapZone.com 3/6 R35 1,7501, /30CR141,7500 DateItemP.R. DebitCreditBalance Web Cantina DateItemP.R. DebitCreditBalance 3/2R352,200 2,200 3/27R353,000 5,200 3,000 3/28CR142,2003,000 3/1Bal. 3,400 3/18R352,6506,050 2,650 3/19CR143,4002,650  General Ledger Accounts Receivable Control Account DateItemP.R. DebitCreditBalance Account: Accounts ReceivableNo. 12 3/1Bal. 3,400 3/31R359,60013,000 5,650 3/31CR147,3505,650  Accounts Receivable Subsidiary Ledger p. 193

C MyMusicClub.com DateItemP.R. DebitCreditBalance RapZone.com 3/6 R35 1,7501, /30CR141,7500 DateItemP.R. DebitCreditBalance Web Cantina DateItemP.R. DebitCreditBalance 3/2R352,200 2,200 3/27R353,000 5,200 3,000 3/28CR142,2003,000 3/1Bal. 3,400 3/18R352,6506,050 2,650 3/19CR143,4002,650  General Ledger Accounts Receivable Control Account DateItemP.R. DebitCreditBalance Account: Accounts ReceivableNo. 12 3/1Bal. 3,400 3/31R359,60013,000 5,650 3/31CR147,3505,650  Accounts Receivable Subsidiary Ledger

C /3Howard Supplies /7Donnelly Supplies /12Jewett Bus. Syst.2,800Office Equip. 2,800 3/19Donnelly Supplies1,4501,450 3/27Howard Supplies Totals6,2303,4302,800 Purchases Journal Accts.Other PostPayableSuppliesAccountsPost DateAccount CreditedRef.CreditDebitDebitRef.Amount Page 11 p. 194 The Purchases Journal All purchases on account are recorded in this journal. The total credits to Accounts Payable equals the total of the two debit columns.

C Purchases Journal Accts.Other PostPayableSuppliesAccountsPost DateAccount CreditedRef.CreditDebitDebitRef.Amount Page 11 Accounts Payable Subsidiary Ledger DateItemP.R. DebitCreditBalance Howard Supplies Each credit is posted to the accounts payable subsidiary ledger. Posting to the Subsidiary Ledger 600 3/3Howard Supplies /7Donnelly Supplies ,800 3/12Jewett Bus. Syst.2,800Office Equip. 2,800 1,450 3/19Donnelly Supplies1,4501, /27Howard Supplies Totals6,2303,4302,800

C Purchases Journal Accts.Other PostPayableSuppliesAccountsPost DateAccount CreditedRef.CreditDebitDebitRef.Amount Page 11 Accounts Payable Subsidiary Ledger DateItemP.R. DebitCreditBalance Howard Supplies Each credit is posted to the accounts payable subsidiary ledger. Posting to the Subsidiary Ledger 600 3/3P /3Howard Supplies  /7Donnelly Supplies ,800 3/12Jewett Bus. Syst.2,800Office Equip. 2,800 1,450 3/19Donnelly Supplies1,4501, /27Howard Supplies Totals6,2303,4302,800

C Purchases Journal Accts.Other PostPayableSuppliesAccountsPost DateAccount CreditedRef.CreditDebitDebitRef.Amount Page 11      Accounts Payable Subsidiary Ledger DateItemP.R. DebitCreditBalance Howard Supplies Each credit is posted to the accounts payable subsidiary ledger. Posting to the Subsidiary Ledger 3/3P /27P119601, /3Howard Supplies /7Donnelly Supplies ,800 3/12Jewett Bus. Syst.2,800Office Equip. 2,800 1,450 3/19Donnelly Supp.1,4501, /27Howard Supplies Totals6,2303,4302,800

C DateItemP.R. DebitCreditBalance Account: Accounts PayableNo. 21 General Ledger 3/1Bal. 1,230  The highlighted items are posted to the general ledger. Posting to the General Ledger Purchases Journal Accts.Other PostPayableSuppliesAccountsPost DateAccount CreditedRef.CreditDebitDebitRef.Amount Page 11      3/3Howard Supplies /7Donnelly Supplies ,800 3/12Jewett Bus. Syst.2,800Office Equip. 2,800 3/19Donnelly Supp.1,4501,450 3/27Howard Supplies ,2303,430 Totals6,2303,4302,800 DateItemP.R. DebitCreditBalance 

C DateItemP.R. DebitCreditBalance Account: Accounts PayableNo. 21 General Ledger 3/1Bal. 1,230 6,230 3/31P116,2307,460  The highlighted items are posted to the general ledger. Posting to the General Ledger Purchases Journal Accts.Other PostPayableSuppliesAccountsPost DateAccount CreditedRef.CreditDebitDebitRef.Amount Page 11      3/3Howard Supplies /7Donnelly Supplies ,800 3/12Jewett Bus. Syst.2,800Office Equip. 182,800 3/19Donnelly Supp.1,4501,450 3/27Howard Supplies ,2303,430 Totals6,2303,4302,800 ( 21)(14)( ) DateItemP.R. DebitCreditBalance 

C /2150Rent Expense1,600 1,600 3/15151Grayco Supplies1,2301,230 3/21152Jewett Bus. Syst.2,8002,800 3/22153Donnelly Supp /30154Utilities Expense1,0501,050 3/31155Howard Supplies Totals2,6505,0507,700 Cash Payments Journal OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.DebitDebitCredit Page 7 p.196 The Cash Payments Journal All cash payments are recorded in this journal. Every check is listed in numerical order. This journal is often referred to as a check register.

C /2150Rent Expense1,600 1,600 1,230 3/15151Grayco Supplies1,2301,230 2,800 3/21152Jewett Bus. Syst.2,8002, /22153Donnelly Supp /30154Utilities Expense1,0501, /31155Howard Supplies Totals2,6505,0507,700 Cash Payments Journal OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.DebitDebitCredit Page 7 Accounts Payable Subsidiary Ledger DateItemP.R. DebitCreditBalance  Grayco Supplies 3/1Bal. 1,230 Each Accounts Payable debit is posted to the accounts payable subsidiary ledger. Posting to the Subsidiary Ledger

C /2150Rent Expense1,600 1,600 1,230 3/15151Grayco Supplies1,2301,230 2,800 3/21152Jewett Bus. Syst.2,8002, /22153Donnelly Supp /30154Utilities Expense1,0501, /31155Howard Supplies Totals2,6505,0507,700 Cash Payments Journal OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.DebitDebitCredit Page 7  Accounts Payable Subsidiary Ledger DateItemP.R. DebitCreditBalance  Grayco Supplies 3/1Bal. 1,230 1,230 3/15CP71,2300 Each Accounts Payable debit is posted to the accounts payable subsidiary ledger. Posting to the Subsidiary Ledger

C Cash Payments Journal OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.DebitDebitCredit Page 7      1,600 3/2150Rent Expense1,600 1,600 3/15151Grayco Supplies1,2301,230 3/21152Jewett Bus. Syst.2,8002,800 3/22153Donnelly Supp ,050 3/30154Utilities Expense1,0501,050 3/31155Howard Supplies ,0507,700 Totals2,6505,0507,700 ( ) DateItemP.R. DebitCreditBalance Account: Accounts PayableNo. 21 General Ledger 3/1Bal. 1,230 3/31P116,2307,460  Posting to the General Ledger The highlighted items are posted to the general ledger.

C Cash Payments Journal OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.DebitDebitCredit Page 7      1,600 3/2150Rent Expense521,600 1,600 3/15151Grayco Supplies1,2301,230 3/21152Jewett Bus. Syst.2,8002,800 3/22153Donnelly Supp ,050 3/30154Utilities Expense541,0501,050 3/31155Howard Supplies ,0507,700 Totals2,6505,0507,700 ( )(21)(11) DateItemP.R. DebitCreditBalance Account: Accounts PayableNo. 21 General Ledger 3/1Bal. 1,230 3/31P116,2307,460 5,050 3/31CP75,0502,410  The highlighted items are posted to the general ledger. Posting to the General Ledger

C Adapting manual accounting systems 1.Additional subsidiary ledgers Equipment Supply 2.Modified special journal –Revenue journal with Sales Taxes Payable column. –Other business

C HOME WORK READING: 1.Illustrative problem 2.Self- examination questions 3.Multiple choice Writing: 1.Exercise: 2.Problem : 5-5A Discussion: Activity 5-1

C This is the the end of Chapter 5.